Chinese Miners Short BTC Markets to Hedge Against Falling Prices



Chinese Miners Short BTC Markets to Hedge Against Falling Prices

The price of bitcoin core (BTC) has dropped considerably over the past few months, significantly affecting individuals and organizations that mine the cryptocurrency. According to recent reports, many miners in China are now short selling bitcoins to hedge against falling digital asset prices.

Also Read: Markets Update: Cryptocurrencies Are Still Blood Red

Some Chinese Miners Are Short Selling BTC

Chinese Miners Short BTC Markets to Hedge Against Falling PricesDue to the recent low prices of many cryptocurrencies, mining has become less profitable. Back when digital asset prices were higher, miners would hold coins for longer periods of time, but one Chinese miner believes this is no longer the case. Earlier this week, miner Jin Xin told a Chinese-language news outlet that many of his fellow miners have been short selling BTC to hedge against bearish market conditions.

“If I mine 30 coins in the next month, while the price may continue to fall by another 10 percent according to the current trend, I shall place a short order on the exchange to…



Read Full Story : Bitcoin News

2018-12-07 01:30:14

You Might Be Interested In

LEAVE YOUR COMMENT

Your email address will not be published. Required fields are marked *