.BernsteinBuzz says the gains in altcoins such as solana and LidoFinance this week have been driven by short covering. BernsteinGautam. willcanny99 reports.
Join the most important conversation in crypto and Web3 taking place in Austin, Texas, April 26-28.This year began at a time of peak bearish sentiment in crypto markets, but in the past 24 hours cryptocurrencies have gained, with some out-of-favor coins climbing more than 20%, Bernstein said in a research report Monday.
Shorting is a way of betting that a price will decline. An investor borrows a security and sells it in the hope that the price will drop. They then repurchase the security and return it to the lender. The borrower can then pocket the difference if they’re right, or fork out the difference if wrong. In the last 24 hours, forced buying by investors who had shorted the tokens – a so-called short squeeze – saw lido gain 21% and solana 24%, the note said. LDO is up 81% this year and SOL 67% while ether has gained 11% and bitcoin 5%, Bernstein said.
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