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Bitcoin Shorts Retreat in Sign Selling Pressure Could Be Easing

Bloomberg business news
Bitcoin Plummets as Rival Currency Entices Users

Bearish investors in bitcoin have started to cover their short positions, suggesting selling pressure may be waning after concern over the cryptocurrency’s future wiped out some $38 billion in value in the past week.

Short positions on Bitfinex -- the world’s second-largest cryptocurrency exchange -- were at around 9,300 bitcoins ($59 million) on Monday, according to, which tracks data on the bourse. That’s about a third of the roughly 28,000 bitcoin shorted as of Nov. 7, before a surprise decision to cancel a technology upgrade that prompted some users to switch out of bitcoin in favor of rival bitcoin cash.