Posted By: Admin
On: September - 14 - 2017
Category: Entrepreneurship, Bitcoin, Finance
Merrill Lynch Poll: Wall Street traders call bitcoin the most crowded trade
Long positions in bitcoin are the most crowded type of trades among managing directors from Wall Street. 26% of respondents have expressed in favor of this asset.
According to the monthly Global Fund Manager survey of Merrill Lynch (Bank of America), the second most crowded trade is long positions in Nasdaq (22%), the third one is short positions in the US dollar (21%).
The survey was conducted within the period between 1 and 7 September. More than 200 fund managers took part in the survey, with total assets worth about $629 billion.
Earlier, the head of the US bank JP Morgan Chase James Dimon called bitcoin traders fools and promised immediately to fire employees for cryptocurrencies trading.
As of 14 September, bitcoin has fallen in price to $3,800, Ethereum has gone to $273. Cryptocurrency market is moving downside due to news from China, where rumors of a possible ban on cryptocurrency exchanges are growing.