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27 July 2021

Trading firm of richest crypto billionaire reveals buying 'a lot more' Bitcoin below $30K

Trading firm of richest crypto billionaire reveals buying 'a lot more' Bitcoin below $30K


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The company's quantitative trader Sam Trabucco revealed late Tuesday that they purchased Bitcoin during its latest price decline, adding that their 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.), stock market's intraday recovery, and weaker long liquidations in the derivatives market.

Meanwhile, Naeem Aslam, the chief market analyst with Ava Trade Ltd, highlighted Bitcoin's resilience to recent bearish outlooks, with some earlier noting that a close below $30,000 would have the cryptocurrency move lower violently.

“In reality, that is not what we have seen," the executive told Bloomberg.

As for Alameda, Trabucco admitted that they had realized downside risks in the Bitcoin market, but their latest accumulation spree focuses more on the cryptocurrency's long-term outlook

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cointelegraph.com
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