Andrew Kang of Mechanism Capital has reportedly doubled his wager that Bitcoin’s price will rise with a long position worth $200 million, according to onchain data.
“Andrew Kang just doubled his Bitcoin position,” Crypto analytics company Arkham said It was revealed in an April 12, X, post. This post explained how a crypto account tied to Kang earned another $100,000,000 long bet Bitcoin (BTCThe expected loss or profit is $6.8 Million.
Arkham, On April 9 noted The Kang-tied wallet placed a leveraged bet of $100 million on Bitcoin following the US President Donald Trump posted Truth Social, a platform he launched earlier in the day. “THIS IS A GREAT TIME TO BUY!!! DJT.”
Source: Arkham
Only hours after the Trump administration’s announcement, 90-day pause On its global raised tariff regime which has sent crypto and stocks soaring. Just hours before, the tariffs that were first announced on April 2 had been implemented and had impacted most financial markets.
Kang said In an April 12, X, post it was stated that the trade war had been capitulated and there would be a “Trump put” — the belief that the president will work to bump the stock market — “are the perfect combination for BTC to reverse a multi month downtrend.”
Kang pointed out that Trump’s Truth Social message of 9 April could be the sign of a so-called “Trump put.” Source: Andrew Kang
In an April 11, 2009 letter, Senate Democrats urged the Securities and Exchange Commission to take action. letter Launch an insider trading Market manipulation investigation against Trump and his associates for the post they claimed “appears to have previewed his plans” Stop the tariffs.
Bitcoins choppy due to tariff confusion
Bitcoin’s price has risen by over 2% in the last 24 hours, as Trump’s administration is threatening to ban the currency. went back and forth Tariff exemptions on Chinese electronics
Related: NFT trader faces prison for $13M tax fraud on CryptoPunk profits
Bitcoin reached a low of $83,197 in 24 hours, wiping out the gains made over the weekend. It has recovered and is currently trading at about $85,000. After briefly hitting an $85,315, CoinGecko data shows.
Trump posted Truth Social, April 13th. “there was no tariff ‘exception’ announced on Friday,” On April 11, levies are imposed on Chinese electronic products “moving to a different Tariff ‘bucket'” You can save 20%.
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Source: cointelegraph.com
