Andrew Kang, founder of Crypto Venture Firm Mechanims Capital, appears to be doubling the bet that Bitcoin will win the price in a long position of $200 million.
“Andrew Kang doubled his Bitcoin position,” Crypto Analytics company Arkham said in the X-Post on April 12th. The crypto address tied to Kang explained that he had placed a longer bet of another $100 million for $6.8 million on the expected profit or loss.
On April 9, Arkham pointed out that Kangi wallet had a leveraged bet on Bitcoin of $100 million after President Donald Trump posted on his true social platform on the same day as “This is the best time to buy!!! djt.”
sauce: Arkham
Just hours later, the Trump administration announced a 90-day hiatus on the global hiking tariff system. The tariffs, first announced on April 2, went into operation just a few hours ago and fought most of the financial markets.
Kang said on the X-Post on April 12 that the trade war surrender and “Trump throws” (the belief that the president works to clash with the stock market) were “the perfect combination for BTC to reverse multiple months’ downward trends.”
Kang pointed out that Trump’s April 9th social post of truth could be a sign of what is called “Trump put.” sauce: Andrew Kang
Meanwhile, Senate Democrats in a letter on April 11 asked the Securities and Exchange Commission to begin an insider trading and market manipulation investigation into Trump and his affiliates via the Post.
Bitcoin breakdown against tariff confusion
Bitcoin has seen a swing of more than 2% in the last 24 hours as the Trump administration has moved back and forth between tariff exemptions on Chinese electronic goods.
Related: NFT traders face prison for $13 million tax fraud on Cryptopunk profits
Bitcoin hit a 24-hour low of $83,197, wiped out most of the profit it earned before the weekend, but has since recovered to trade flats at around $85,000 after temporarily hitting the top of the past day at $85,315.
Trump posted on April 13th on Strut Social that “no tariffs “exceptions” have been announced,” but the collection of Chinese electronic devices has moved to a 20% “different tariffs “buckets.”
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