Bitcoin Price: Data Reveals Bitcoin Could Be About To Become The New GameStop – Forbes

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Bitcoin has surged this week, climbing after Tesla TSLA chief executive Elon Musk gave the cryptocurrency a tacit endorsement.

Musk sent the bitcoin price sharply higher as a long-running battle between bullish retail traders organised via Reddit’s WallStreetBets forum and Wall Street hedge funds that have long been shorting GameStop shares reached its climax—with regulators and brokerages trying to calm frantic markets with heavy-handed restrictions.

Now, data has revealed hedge funds are short bitcoin to the tune of more than $1 billion, even as retail traders pile into bitcoin and other cryptocurrencies.

MORE FROM FORBESAfter Massive Bitcoin Price Boom, Here’s Why February Could Be Very Big For Bitcoin

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