{"id":56566,"date":"2023-08-14T14:56:48","date_gmt":"2023-08-14T18:56:48","guid":{"rendered":"https:\/\/coinscreed.com\/staging\/?p=56566"},"modified":"2023-08-14T14:56:50","modified_gmt":"2023-08-14T18:56:50","slug":"michael-burrys-influence-on-bitcoin-price","status":"publish","type":"post","link":"https:\/\/coinscreed.com\/staging\/michael-burrys-influence-on-bitcoin-price\/","title":{"rendered":"Michael Burry’s Influence on Bitcoin Price"},"content":{"rendered":"\n

According to a filing, US investor Michael Burry placed a substantial wager on the decline of US stock prices.<\/a><\/p>\n\n\n\n

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Michael Burry's Influence on Bitcoin Price<\/figcaption><\/figure>\n\n\n\n

At a time when the crypto market is putting traders' patience to the test due to Bitcoin's protracted sideways movement, American investor Michael Burry recently predicted a bear run for the U.S. stock markets. <\/p>\n\n\n\n

Scion Asset Management, the firm associated with Burry, recently disclosed in a filing with the U.S. Securities and Exchanges Commission (SEC)\r\n \r\n \r\n \r\n <\/g>\r\n \r\n \r\n \r\n <\/clipPath>\r\n <\/defs><\/svg><\/span><\/a> that it placed wagers predicting a decline in major stock indices. <\/p>\n\n\n\n

In the meantime, it remains to be seen if such a decline could result in a bullish run for Bitcoin's price, comparable to the boost it received when the U.S. regional bank crisis broke out earlier in 2023.<\/p>\n\n\n\n

Previously, Coincreed reported that a sustained sideways movement for cryptocurrencies could result in a price increase. At the same time, optimism regarding the potential approval of Bitcoin ETF filings in the coming months continues to rise.<\/p>\n\n\n\n

Influence of Michael Burry's Actions on BTC<\/h2>\n\n\n\n

According to an SEC filing, Scion Asset Management<\/use><\/svg><\/span><\/a> opened a massive leveraged short position on the Nasdaq 100 and the crypto-correlated S&P 500. The filing reportedly revealed that the firm purchased calls on Invesco QQQ Trust Series 1 worth $740 million and calls on the S&P 500 worth $900 million, representing approximately 93% of Burry's total portfolio value. <\/p>\n\n\n\n

Consequently, a large wager on the decline of U.S. stock prices could result in crypto market gains, as traders may prefer BTC as a high-risk, high-reward investment.<\/p>\n\n\n\n

The 2008 recession precipitated the subprime mortgage crisis, which Michael Burry accurately predicted. According to respondents of the CME FedWatch <\/use><\/svg><\/span><\/a>Tool, the U.S. central bank, the Federal Reserve, may not increase the interest rate at the September FOMC meeting.<\/p>\n","protected":false},"excerpt":{"rendered":"

According to a filing, US investor Michael Burry placed a substantial wager on the decline of US stock prices. At a time when the crypto market is putting traders’ patience to the test due to Bitcoin’s protracted sideways movement, American investor Michael Burry recently predicted a bear run for the U.S. stock markets. Scion Asset […]<\/p>\n","protected":false},"author":53,"featured_media":56569,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21,83,32],"tags":[5371,5561,5805,15753],"class_list":["post-56566","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","category-bitcoin-news","category-crypto-exchange-news","tag-bitcoin-2","tag-btc-2","tag-crypto-market-2","tag-michael-burry-2"],"jetpack_featured_media_url":"https:\/\/coinscreed.com\/staging\/wp-content\/uploads\/2023\/08\/x.webp","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/56566","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/users\/53"}],"replies":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/comments?post=56566"}],"version-history":[{"count":0,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/56566\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media\/56569"}],"wp:attachment":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media?parent=56566"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/categories?post=56566"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/tags?post=56566"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}