Bitcoin Shorts Retreat in Sign Selling Pressure Could Be Easing

Bearish investors in bitcoin have started to cover their short positions, suggesting selling pressure may be waning after concern over the cryptocurrency’s future wiped out some $38 billion in value in the past week.

Short positions on Bitfinex — the world’s second-largest cryptocurrency exchange — were at around 9,300 bitcoins ($59 million) on Monday, according to bfxdata.com, which tracks data on the bourse. That’s about a third of the roughly 28,000 bitcoin shorted as of Nov. 7, before a surprise decision to cancel a technology upgrade that prompted some users to switch out of bitcoin in favor of rival bitcoin cash.

The current short positions are the lowest since July, right before tensions soared ahead of a divisive split that resulted in the birth of bitcoin cash. Back then, the contracts dropped to a low of 6,000 bitcoins, before soaring to a record 43,000 bitcoins, according to bfxdata.com.

Meanwhile, traders betting on gains have increased their long positions to 23,000 bitcoins as of Monday, from 18,000 bitcoins a week ago. On Monday, the digital currency was down 2.7 percent in late Asian trading.

Comments

comments

Filed in: Mainstream Bitcoin Tags: ,

You might like:

Germany’s 2nd Largest Stock Exchange To Launch Zero-Fee Crypto Trading App Germany’s 2nd Largest Stock Exchange To Launch Zero-Fee Crypto Trading App
Bitcoin Mining To Use 0.5% Of World’s Energy By End Of 2018, Peer-Reviewed Research Shows Bitcoin Mining To Use 0.5% Of World’s Energy By End Of 2018, Peer-Reviewed Research Shows
JP Morgan Announces Prototype Blockchain Platform to Streamline Capital Markets Infrastructure JP Morgan Announces Prototype Blockchain Platform to Streamline Capital Markets Infrastructure
Cases Of Illegal Bitcoin And Cryptocurrency Mining: Chicken Farms And New York Cases Of Illegal Bitcoin And Cryptocurrency Mining: Chicken Farms And New York
Wall Street Journal Research Finds ‘Red Flags’ In 19% Of ICOs Wall Street Journal Research Finds ‘Red Flags’ In 19% Of ICOs
Bitcoin Price Fails To Accomplish Predicted Rally Following NYC Crypto Conference Bitcoin Price Fails To Accomplish Predicted Rally Following NYC Crypto Conference
Voting For Blockchain Industry Leaders Now Open on BlockShow’s Blockchain-Based Polling App Voting For Blockchain Industry Leaders Now Open on BlockShow’s Blockchain-Based Polling App
First New-York Based Crypto Trading Company Receives BitLicense First New-York Based Crypto Trading Company Receives BitLicense
© 2018 Virtual Mining Bitcoin News. All rights reserved. XHTML / CSS Valid.