Michael Burry Launches A 'Big Short', Will Bitcoin Price Rally?

Also Read: Ethereum Shines As Staking Hits All Time High, ENS Fees Surges

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Earlier, CoinGape reported that a prolonged sideways movement for cryptocurrencies could mean a jump in value. At the same time, optimism continues to rise about a potential approval of Bitcoin ETF filing in the months to come.

Michael Burry & Bitcoin Price Impact

According to an SEC filing, Scion Asset Management opened a huge leveraged short position on the US stock indices Nasdaq 100 and the more crypto correlated S&P 500. The filing reportedly showed that the firm placed purchased $740 million worth of Invesco QQQ Trust Series 1 puts and $900 million worth of S&P 500 puts, both put together constituting about 93% of Burry’s total portfolio value. Hence, a big bet in favor of the fall in US stock values could translate into Crypto Market gains as traders might prefer BTC as a high risk and high reward investment.

Micheal Burry is famous for his prediction of the subprime mortgage crisis that led to the recession in 2008. On the other side, the U.S. central bank, the Federal Reserve, may not increase the interest rate in the September FOMC meeting, according to respondents of the CME FedWatch Tool.

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Also Read: Gold vs Silver vs Bitcoin: Robert Kiyosaki Weighs What’s Better At This Point

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