Bitcoin Investment Trust tumbles 41%, more than the drop in bitcoin itself
New York — Bitcoin’s worst three-day slide in more than a month is spilling over to the structured note that tracks its price. Shares in Bitcoin Investment Trust have tumbled 41% since Monday, more than double the drop in the crypto-currency. The publicly traded vehicle’s price exceeded the value of the bitcoin it holds by almost 100% three days ago; the gap now stands at 53%. Bitcion fell 2.6% to $15,782 as of 10.29am in New York. It’s still up 1,600% this year. The slide comes as investors bid up the price of other digital coins, such as bitcoin cash and ripple. There’s also been intense investor interest in small companies that have rebranded to focus on all things "crypto". The discrepancy in the price and net asset value at Bitcoin Investment Trust had attracted Citron Research, a short seller run by Andrew Left. He said the dislocation gave any savvy trader a chance to profit by betting that the gap will shrink, adding that it’s caused by investors scrambling to get access to ...
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