Bitcoin had another wild drop today, and naturally, everyone and their dog are arguing what the cause may have been.
Was it the Fed? Was it traders selling BTC to cover margins? Was it people finding out that the asset wasn’t that uncorrelated to the market? At any rate, here’s Galaxy Digital’s Michael Novogratz’s take:
$btc was always a confidence game. All crypto is. And it appears global confidence in just about anything has evaporated. What brings it back to $btc.— Michael Novogratz (@novogratz) March 13, 2020