BTC, ETH, XRP Tumble as Wintermute Builds Heavy Short Positions
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Bitcoin fell to $75,500 after failing to stay above $77,000 over the weekend, dragging most large altcoins lower after stronger performance on Friday and Saturday. The unusual weekend volatility coincided with reports that market maker Wintermute went short on several fronts, suggesting market-maker shorting may have amplified downward pressure on crypto prices.
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Bitcoin’s price suddenly dipped to $75,500 after it failed to remain above $77,000 during the weekend. Most altcoins have followed suit, including the largest ones, which performed a lot better on Friday and Saturday.
This volatility, untypical for the weekend, came amid reports that one of the most prominent market makers, Wintermute, had gone short on a few fronts.
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