One of Bitcoin’s Biggest Champions Turns Bearish: DealBook Briefing
- 6 years ago
One of Bitcoin’s Biggest Champions Turns Bearish: DealBook Briefing
Bitcoin’s been heavily driven by retail investors,
but there’ll be some aggressive funds looking for the right opportunity to hammer this thing lower.”
Michael Jackson, Mangrove Capital Partners, courtesy of CNBC: “The vast majority of long term
holders of bitcoin are still way in the money and have shown no sign of cashing out.”
Where Bitcoin was on Sunday: $19,511
Where Bitcoin is this morning: $13,577
What Stephen Innes, the head of Asia-Pacific trading for Oannes, told Richard Frost and Eric Lam of Bloomberg:
“At the heart of the matter was a frenzied demand for coins with limited supply has now led to unsophisticated investors holding the bag at the top.”
What does a top look like?
“If it works out and it gets more established and it behaves more like a store of value
and it doesn’t move up and down 20 percent and there’s liquidity in it … you know, we’ll get to it.”
Michel Temer, the president of Brazil, said the government would oppose the sale of a controlling stake in aircraft maker Embraer.
• The bonuses that AT&T is paying employees because of the tax bill appear auspiciously timed: Under the current tax code,
they amount to a $70 million deduction for the expense, while the deduction would be $42 million under the new tax rates.
Bitcoin’s been heavily driven by retail investors,
but there’ll be some aggressive funds looking for the right opportunity to hammer this thing lower.”
Michael Jackson, Mangrove Capital Partners, courtesy of CNBC: “The vast majority of long term
holders of bitcoin are still way in the money and have shown no sign of cashing out.”
Where Bitcoin was on Sunday: $19,511
Where Bitcoin is this morning: $13,577
What Stephen Innes, the head of Asia-Pacific trading for Oannes, told Richard Frost and Eric Lam of Bloomberg:
“At the heart of the matter was a frenzied demand for coins with limited supply has now led to unsophisticated investors holding the bag at the top.”
What does a top look like?
“If it works out and it gets more established and it behaves more like a store of value
and it doesn’t move up and down 20 percent and there’s liquidity in it … you know, we’ll get to it.”
Michel Temer, the president of Brazil, said the government would oppose the sale of a controlling stake in aircraft maker Embraer.
• The bonuses that AT&T is paying employees because of the tax bill appear auspiciously timed: Under the current tax code,
they amount to a $70 million deduction for the expense, while the deduction would be $42 million under the new tax rates.