Bitcoin: Professional Traders Up Net Shorts At Year’s End
$BTCUSD, $CME, $CBOE
Trading in Bitcoin is volatile.
In November, Bitcoin fell almost 30% in 4 days from $7,888 to $5,555.
In September, it fell 40% from $4,979 to $2,972.
And ETF specialist asset manager focused on technology, said in his newsletter that investors had displayed “irrational behavior” with respect to Bitcoin, including speculators going on margin to invest in the digital currency.
“Historically, these signs have marked the Top, either cyclically or securely, for an asset class,” he said.
Still, he said the launch of a futures market for Bitcoin by CBOE and CME Group Inc last month potentially ushered in another era of financial innovation.
He went on to say that if blockchin technology, an open ledger that has underpinned Bitcoin, is as fundamental a breakthrough as the Internet was when it was 1st launched, then institutions will start investing significantly alongside civilian (retail) investors over the next 9 months.
Currently, Bitcoin is trading at: 14,993.7148, +1,597.21, or +11.92%, as of 4:11a GMT, the market is open.
This spike is likely due to Founders Fund, the Silicon Valley venture capital firm co-founded by Peter Theil, known for its early investment in Facebook (NASDAQ:FB), has stepping into cryptocurrencies with up to $20-M, according to a new report out Tuesday.
It is not clear when the transactions were made or whether the firm has now sold any of its Bitcoins, but the report said 1 of the funds began the investment as early as mid-2017.
The firm now reportedly saying it has made hundreds of millions of dollars for its investors.
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