Up until today, market sentiment has been all bull on the world’s most popular cryptocurrency, bitcoin. News of pending futures from Chicago by Christmas, price upticks, and all-time highs ignore bears altogether. Now from the Swiss comes a first set of bitcoin short notes designed to profit from price drops.
Bears Not Extinct
Bloomberg’s Quint reports, “New certificates could usher in more two-way price movement in what has largely been a one-way market so far,” referring to markets’ bull preference when it comes to bitcoin futures.
As has been widely reported, Chicago Merc (CME) will create a futures market for bitcoin before year’s end. However, bitcoiners are well aware that price fluctuations, though trending ever-upward, can rollercoaster to rather low-lows. And especially for the droves of newer investors bitcoin is bringing to market, cryptocurrencies are the ultimate scream machine…