Galaxy Digital CEO Mike Novogratz called a number of factors that, in his opinion, led to a decline BTC prices.
First of all, Novogratz emphasized that the congressional hearing on Libra was unlikely to have any effect on the price of BTC. He continued:
As with other goods and assets,their price is affected by many factors. Recently, several negative events have occurred on the market. One of them is the prohibition on distributing Gram tokens. Such news is very harmful to the entire cryptocurrency ecosystem.
In addition, Novogratz recommended to investorsrefrain from panic sales, and added that the recession in the market is temporary. He also compared Libra with the digital currency of China and emphasized that such currencies are very different from Bitcoin.
The digital yuan China is working on, and Libra are currencies and payment systems. Bitcoin is gold. Gold is not a threat to the US dollar, therefore, bitcoin is not a threat to fiat.
According to the materials www.fxstreet.com