RATE Group | Bets Against Bitcoin Grow Since Start of August
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Bets Against Bitcoin Grow Since Start of August

18 Aug Bets Against Bitcoin Grow Since Start of August

Posted at 03:02h in Bitcoin News by

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The number of investors betting that bitcoin (BTC), the leading cryptocurrency, will decline has been increasing during the month of August amid rising volatility in the digital token market and a steep sell-off.

MarketWatch, citing Bitfinex, the fourth-largest cryptocurrency exchange, reported the exchange has seen bets against bitcoin double since the start of the month. As of Aug. 15, the outstanding short interest on the exchange was at more than 36,000 BTC. On Aug. 1 it was at 18,000 BTC, reported MarketWatch. (See also: Crypto Market Caps Plummet on Bitcoin ETF Woes.)

Cryptocurrencies Dealing With Sell-Off

The increases in negative bets on bitcoin come amid a broad sell-off in cryptocurrencies in recent days. As concerns rise that entrepreneurs are cashing out their initial coin offerings and that some digital tokens including bitcoin may have become overvalued, nearly all of the largest cryptocurrencies fell earlier in the week. The declines in August come on…

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