Trading firm of richest crypto billionaire reveals buying ‘a lot more’ Bitcoin below $30K By Cointelegraph

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Trading firm of richest crypto billionaire reveals buying ‘a lot more’ Bitcoin below $30K

Bitcoin’s (BTC) painful plunge below $30,000 on Tuesday turned into a so-called “buy the dip” opportunity for Alameda Research, a Hong Kong-based quantitative trading firm and liquidity solutions firm headed by FTX CEO and founder Sam Bankman-Fried.

Quantitative trader Sam Trabucco revealed late Tuesday that the company purchased during its latest price decline, adding that the company’s cautious strategy to go long surfaced out of at least three “recovery” catalysts: a potential end to the ongoing crypto FUD (China ban, Grayscale epic unlock, etc.), the stock market’s intraday recovery, and weaker long liquidations in the derivatives market.

Bitcoin’s recovery lagged the Wall Street indexes despite falling in tandem earlier this week. Source: TradingView