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Cryptocurrency Market Drop Is Not Always Just Because Of Bitcoin - Analysis.
2021-09-09 | Eddy Morgan
“There is a realization that this is a promising technology, and no investor wants to miss the next Internet. This is the next Internet."Novogratz said investors were overwhelmed by emotion and the September 7 price drop was "a little bit of air from a hot air balloon." As his company Galaxy Digital plans to complete the acquisition of BitGo, the infrastructure provider for El Salvador's official bitcoin wallet, Novogratz also commented on the Chivo wallet's failed launch. The Chivo government wallet has experienced server capacity errors, but Novogratz believes the technical issues will be resolved over time. He said the real question is how the system will work in six or 12 weeks, adding that it is not easy to implement such large-scale projects. Novogratz's comments are in line with the views of several analysts who have pointed to traders with an excessively leveraged environment after the Bitcoin price crash. The largest cryptocurrency plummeted to $ 43,000 on September 7, liquidating over $ 3.54 billion in derivatives markets. At the time of publication, BTC hovers around $ 45,000.
