The only difference is that rather than making a “big short” on mortgage bonds in the U.S. market, Mow is taking a “big long” on Bitcoin, with a hunch that the world’s leading cryptocurrency is about to demonstrate an “Omega candle” and soar through the roof.
Mow’s comparison of himself to Burry was made in relation to Mow’s confidence (which he believes to be firm knowledge) in a Bitcoin Omega candle coming to hit the market. He stressed this fact, adding that the arrival of this mega-sized green Bitcoin candle “is taking longer than expected.”
The advice Mow gives to himself and other believers in Bitcoin is the following: “If your core thesis is correct you just need to keep focused and wait.”
Today, however, a big green candle on an hourly chart helped Bitcoin to regain $58,000 briefly. BTC is currently changing hands at $56,832 again.
Financial commentator Jim Cramer, took to his X account to clarify what was going on. According to his tweet, the sell-off was focused mainly on everything related to AI technology, data centers and/or computing. But, he pointed out, it was also about selling the stocks of companies dealing with housing, oil and some companies working with infrastructure.
Nvidia (NASDAQ:NVDA) giant and leading producer of chips used for cryptocurrency mining and AI training received a subpoena from the U.S. Department of Justice.
This article was originally published on U.Today
Source: Cryptocurrency - investing.com
