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21 June 2021

Dogecoin frenzy forces UK fund manager to offload $1.1 billion Bitcoin stash

Dogecoin frenzy forces UK fund manager to offload $1.1 billion Bitcoin stash


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Dogecoin frenzy forces UK fund manager to offload $1.1 billion Bitcoin stash.

United Kingdom-based fund manager Ruffer liquidated its $600M Bitcoin bet after growing nervous about the speculative frenzy in the cryptocurrency market, including huge rallies in meme-based tokens like Dogecoin (DOGE).

Guggenheim Partners' Chief Investment Officer Scott Minerd also called for a $400,000-$600,000 Bitcoin, believing that the cryptocurrency would be able to mousetrap gold's market in the long run.

The billionaire entrepreneur's U-turn on the token caused panic selling across the cryptocurrency market, hinting that loss-making traders attempted to cash out gains from still-profitable cryptocurrencies like Bitcoin.

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