Trader Becomes A Cryptocurrency Billionaire Buying Bitcoin
Bitcoin investors pressed the panic button earlier this year, when the cryptocurrency saw as much as 50 percent of the market lost amidst fears of growing regulations within the community.
The unnamed trader, taking advantage of the Bitcoin collapse experienced over the first 2 months of 2018, purchased almost $400 million of the currency, apparently making a smart move, with the market now regaining momentum once again.
The founding partner of Tetras Capital Alex Sunnarborg told MarketWatch:
”Not sure who that big buyer was. But many have bought this dip and have added since the rebound and additional regulatory clarity in the US and Asia”.
The trader purchased about 41,000 bitcoins between 9 February and 12 and increased his balance from 55,000 to over 96,000 coins. Bitcoin’s price was trading between about $8,600 and $9,000 during that period.
From the start of 2018, the weeks after bitcoin reached an all-time high of $19,500, cryptocurrencies dropped down to lower marks. According to Fundstrat Global Advisors LLC’s Tom Lee, Bitcoin may be well off its mid-December peak of $19,511, but it will be touching new highs again by July.