RATE Group | Short Positions Against Ethereum Reach Record Highs on Bitfinex
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Short Positions Against Ethereum Reach Record Highs on Bitfinex

12 Oct Short Positions Against Ethereum Reach Record Highs on Bitfinex

Posted at 22:09h in Ethereum News by

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The cryptocurrency markets posted some slight gains on Friday after seeing a massive selloff on Thursday that sent many altcoins down by more than 10% and pushed Bitcoin to its range support at $6,200.

At the time of writing, Bitcoin is trading up slightly on the 24-hour chart, with a current price of just over $6,300. Friday’s slight recovery has been led by XRP, which is up over 4% at a current price of $0.426, off its daily lows of $0.38.

Many people attributed the Thursday drop to a massive sell-off in global equities, disproving the notion that Bitcoin is a gold 2.0 that is immune from traditional retail market swings.

One analyst at Element Digital Asset Management, Thejas Nalval, disagrees with this notion, explaining to MarketWatch that:

“There’s a narrative that the crypto market was simply falling in lockstep with the equity markets, which are slowly entering into correction zones. We believe this move in cryptocurrencies had nothing to do with the stock market.”

He…

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