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Investors Say Being Long Bitcoin Is Now the Most Crowded Trade
Chinese regulators aren’t the only ones getting nervous about the astronomical rally in bitcoin. Bullish bets on the cryptocurrency are now considered the most crowded trade in financial markets, according to fund managers surveyed by Bank of America Merrill Lynch. Twenty-six percent cited bitcoin, surpassing the 22 percent who considered the most overheated wager to be the long trade on the Nasdaq Composite Index. Shorting the dollar was third, at 21 percent.China plans to ban trading of bitcoin and other virtual currencies on domestic exchanges, Bloomberg News reported Monday. The ban will only apply to trading ... (full story)