Trading firm of richest crypto billionaire reveals buying ‘a lot more’ Bitcoin below $30K
July 21, 2021. Summarized by summa-bot.
Compression ratio: 22.9%. 1 min read.
Alameda Research, headed by Sam Bankman-Fried, whose net worth lately reached $8bn, has upped its Bitcoin buying around its key psychological support of $30,000.
Quantitative trader Sam Trabucco revealed late Tuesday that the company purchased Bitcoin during its latest price decline, adding that the company’s cautious strategy to go long BTC/USD surfaced out of at least three “recovery” catalysts: a potential end to the ongoing crypto FUD (China ban, Grayscale epic unlock, etc. ), the stock market’s intraday recovery, and weaker long liquidations in the derivatives market.
“The Bitcoin price has been stable, and we have not seen any panic selling. ”
Speaking to Cointelegraph, the former Morgan Stanley executive said that Bitcoin continues to trade under the global risk-on influence, which may subject the cryptocurrency to further losses.
As for Alameda, Trabucco admitted that the company had realized downside risks in the Bitcoin market, but its latest accumulation spree has been focusing more on the cryptocurrency’s long-term outlook.