Andrew Kang, founding father of the crypto enterprise agency Mechanism Capital, has seemingly doubled down on his wager that Bitcoin will achieve in worth with a $200 million lengthy place, onchain information reveals.
“Andrew Kang simply doubled his Bitcoin place,” crypto analytics agency Arkham said in an April 12 X put up. It defined a crypto handle tied to Kang made one other $100 million long bet on Bitcoin (BTC) with an anticipated revenue, or loss, of $6.8 million.
On April 9, Arkham noted that the Kang-tied pockets had placed on a $100 million leverage-long wager on Bitcoin after US President Donald Trump posted to his Fact Social platform earlier the identical day that “THIS IS A GREAT TIME TO BUY!!! DJT.”
Supply: Arkham
Simply hours later, the Trump administration introduced a 90-day pause on its international hiked tariff regime, which despatched crypto and shares rallying. The tariffs, first unveiled on April 2, had gone reside simply hours earlier and had tanked most monetary markets.
Kang said in an April 12 X put up that commerce warfare capitulation and a “Trump put” — the assumption that the president will work to bump the inventory market — “are the right mixture for BTC to reverse a multi month downtrend.”
Kang famous Trump’s April 9 Fact Social put up might be an indication of the so-called “Trump put.” Supply: Andrew Kang
In the meantime, Senate Democrats known as on the Securities and Alternate Fee in an April 11 letter to launch an insider trading and market manipulation probe into Trump and his associates over the put up, which they mentioned “seems to have previewed his plans” to pause the tariffs.
Bitcoin uneven on tariff confusion
Bitcoin has seen an over 2% swing over the previous 24 hours because the Trump administration went back and forth on tariff exemptions for Chinese language digital items.
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Bitcoin hit a 24-hour low of $83,197, wiping a lot of the positive aspects it made earlier than the weekend, however it has since recovered to commerce flat over the previous day at round $85,000 after briefly hitting a high of $85,315, CoinGecko data reveals.
Trump posted to Fact Social on April 13 that “there was no tariff ‘exception’ introduced on Friday,” April 11, however that levies on Chinese language electronics are “shifting to a distinct Tariff ‘bucket’” of 20%.
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