Investors Lost Confidence in Bitcoin, Novogratz Says
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March 13, 2020

Well-known bitcoin (EXANTE: Bitcoin) supporter and Chief Executive of crypto investment firm Galaxy Digital Michael Novogratz says the recent bitcoin drop might be caused due to the loss of investors' confidence.

Novogratz says bitcoin was always "a confidence game."

Earlier bitcoin started the day with a negative dynamic, falling below the $4000 mark. At press time, the largest crypto by market cap is trading at $5114 (-16.25%).

Meanwhile, DeFi Project MakerDAO could experience an emergency shutdown after ethereum (ETH) loses 30%.

Antihype on money: Bitcoin Plunges amid Stock Markets Doomsday

As a result of the sharp decline in the price of the second-largest cryptocurrency by market cap, $4M of its stablecoin Dai are not backed by their underlying crypto asset. If MakerDAO eventually experiences a shutdown, 2,4 million ETHs might arrive on the market.

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