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 bfxdata.com, 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.
