Cryptocurrencies: 11660
Markets: 61212
Market Cap: $1,145,985,186,118     
24h Vol: $80,439,815,584
NewsBTC 2022-07-01 16:52:26

Why Bitcoin Could Collapse Another 50%, Says Michael “Big Short” Burry



Former hedge fund manager Michael Burry made another bearish prediction for Bitcoin and traditional equities. Renowned for his short position which preceded the U.S. housing market crash, and one of the periods in recent economic history for the world, Burry believes more pain for BTC’s price is ahead. Related Reading | Shiba Inu (SHIB) Shines Green In Pool Of Crimson – Who’s Buying? Currently, Bitcoin is trading at $19,400 with an 8% loss in the past 7 days. The cryptocurrency was moving sideways around its 2017 all-time high levels, $20,000, but the market took yet another turn to the downside and might re-test its yearly lows near $17,000. This could be a fraction of future losses, according to Burry. The former hedge fund manager has been bearish on BTC seems the cryptocurrency was trading north of $60,000, in October 2021. Via his Twitter account, Burry asked his followers tips on how to short a cryptocurrency: Ok, I haven’t done this before, how do you short a cryptocurrency. Do you have to secure a borrow? Is there a short rebate? Can the position be squeezed and called in? In such volatile situations, I tend to think it’s best not to short (…). A short time after, BTC’s price reached its current all-time high which could have resulted in major profits for Burry, if he was able to open a short position. In that case, he might still wait on taking profits, according to its latest prediction, traditional equities and...


Videos
  • COIN vs TOKEN

  • Dash Coin Explained

  • A Step by Step Guide To Use and Utilize Cryptocurrency

  • The Metaverse to Replace the Real World