Home » Business » Watch the Big Money Do, Trading House of Richest Crypto Billionaire Bought Latest Bitcoin Dip – BTC Direct

Watch the Big Money Do, Trading House of Richest Crypto Billionaire Bought Latest Bitcoin Dip – BTC Direct

Alameda Research, the trading house of crypto billionaire Sam Bankman-Fried, has bought a lot more bitcoin around the important psychological level of $30,000. Bankman-Fried’s wealth is currently estimated at more than 6.7 billion euros. Bitcoin’s latest dip was an opportunity for the wealthy crypto billionaire’s firm to buy even more.

Sam Trabucco, a quant employed by Alameda, said last Tuesday that the company has bought more during the latest dip. With which the extra power stops in the long position, which was probably already of impressive proportions before that. Along with the positive words of Elon Musk from last night, these are finally the messages we as bitcoin hodlers are waiting for.

Have we reached the bottom?

Trabucco sees a number of factors contributing to his being positive about the near-term future of bitcoin. “The end of a number of FUD stories seems in sight, such as the Chinese ban and the expiration of the Grayscale lock-ups. In addition, the stock market is doing well again and there are fewer people trading with leverage,” said the Alameda quant.

All these points point in the same (somewhat vaguely) direction, according to Alameda. After years of experience in the market, we can say one thing for sure and that is that bitcoin is always capable of doing the unexpected. Predicting the price in the short term is practically impossible, especially since bitcoin is still a relatively small market.

We saw in May that one Tweet from Elon Musk is still able to halve the value of bitcoin. So always be careful with both positive and negative predictions regarding the price. The biggest price movements are still set in motion by developments that no one had foreseen. This is why most people choose to buy a bit of bitcoin at set times on a daily, weekly or monthly basis.

What will bitcoin do? Opinions are divided

That no one knows what the bitcoin price will do in the short term is also apparent from the opinion of various experts. Trabucco and his Alameda Research are positive and have bought more, but Jeffrey Wang of Amber Group says he is still wary. The former Morgan Stanley banker indicates that bitcoin is still tied to the traditional financial markets in terms of price. If they make a hit, he expects bitcoin to come along too.

Edward Moya of Americas at Oanda sees the same correlation between Bitcoin and Wall Street and is also cautious about making predictions. “If stocks in the United States go into panic mode, there’s a good chance that bitcoin as the flagship of the cryptocurrency market will follow suit,” Moya said.

Trabucco indicates that Alameda also sees these risks, but that it has mainly bought bitcoin with a long-term view. It’s interesting to see that it’s mostly the big boys who are currently buying and that retail seems to be waiting until we get back on the road up.

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