Top Macro Analyst Explains Why Bitcoin Has Crashed 17% Since $9,200

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Bitcoin hasn’t done well in the past two days; since hitting $9,200 on Saturday, the cryptocurrency has plunged as low as $7,600, more than 17% lower than the weekend high, in a move that has liquidated over $200 million worth of BitMEX long positions in the process. The move undoubtedly caught traders off guard, hence the massive amount of liquidations. But, there are some weighing in on what crashed Bitcoin. According to Raoul Pal — CEO of finance media startup Real Vision, former Europe hedge fund sales lead at Goldman Sachs, and a long-time Bitcoin adopter (since 2013) — BTC’s weakness may be related to hedge funds. He explained in a tweet published on Monday:Indeed, BTC’s volatility, per data from Skew, has spiked over the past few days as the market has trended lower, likely shifting allocations. While Pal sees weakness due to the hedge fund narrative, he did remark that Bitcoin’s drop is a “buying opportunity,” adding that the current situation in the fiat markets is “accelerating the need for a new financial system over time. We know where this is leading to – the digital revolution.”Although this move may partially be hedge funds deleveraging their portfolios, there are other potential catalysts sending Bitcoin lower, as shared by prominent crypto analyst Jacob Canfield.

All data is taken from the source: https://www.newsbtc.com/
Article Link: https://www.newsbtc.com/2020/03/10/top-macro-analyst-explains-bitcoin-crashed-17-percent-from-9200/

#bitcoin #cryptocurrencyfordummies #bitcoinsvprice #cryptocurrencynews #cryptocurrencyexchange #cryptonews #cryptoexchange

Top Macro Analyst Explains Why Bitcoin Has Crashed 17% Since $9,200: https://www.youtube.com/watch?v=aQi8BTtEQuo
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