Money Bitcoin is the 'most crowded' investment in the world right now

11:58  13 september  2017
11:58  13 september  2017 Source:   CNBC

Bitcoin is sinking on a report China is going to shut down exchanges

  Bitcoin is sinking on a report China is going to shut down exchanges Bitcoin is down 5.68% at $US4,376 a coin following a Caixin report suggesting the China is going to shut down domestic exchanges. Two of China's largest bitcoin exchanges, Okcoin and Huobi, say they haven't received any such notices, according to a tweet from Bloomberg's Lulu Yilun Chen.Two of China's largest bitcoin exchanges, Okcoin and Huobi, say they haven't received any such notices, according to a tweet from Bloomberg's Lulu Yilun Chen.

Join the conversation. Add your thoughts about any Tweet with a Reply. Find a topic you’re passionate about, and jump right in. Learn the latest. Get instant insight into what people are talking about now . Get more of what you love.

Bitcoin is now considered the " most crowded trade," as measured by sentiment in the monthly Bank of America Merrill Lynch Fund Managers survey. The other two so-called crowded trades have done very well this year

A view of Bitcoin token. A split in the Bitcoin community is set to create a new incompatible version of the cryptocurrency.© Manuel Romano/NurPhoto via Getty Images A view of Bitcoin token. A split in the Bitcoin community is set to create a new incompatible version of the cryptocurrency. In a year that has seen digital currency prices go higher not by percentages but multiples, investors are starting to worry that things have gone a bit too far.

Bitcoin (BTC=-USS) is now considered the "most crowded trade," as measured by sentiment in the monthly global Bank of America Merrill Lynch Fund Managers survey. That means investors believe there are too many people on one side of the trade and it could be due for a reversal.

Bitcoin's price has surged about 330 percent this year, the beneficiary of a jump in interest for the cryptocurrency and a growing field of competitors, as well as a flight to alternative assets and, some fear, a speculative bubble.

Australia set for an explosion of Bitcoin ATMs

  Australia set for an explosion of Bitcoin ATMs A joint venture between two digital currency companies could see Bitcoin enter the mainstream.A joint venture between blockchain firm DigitalX and ATM provider Stargroup could see a "large-scale" rollout of machines that allow Australians to buy and sell Bitcoin.

Join the conversation. Add your thoughts about any Tweet with a Reply. Find a topic you’re passionate about, and jump right in. Learn the latest. Get instant insight into what people are talking about now . Get more of what you love.

Bitcoin is the ' most crowded ' investment in the world right now . CNBC.com. Insurance stocks lead the market higher as Irma downgraded to Tropical Storm.

The Merrill survey is one of the most followed and respected on Wall Street. Conducted during the week ending Sept. 7th, more than 200 global fund managers with more than $600 billion under management were surveyed.

Of course, a crowded trade doesn't have to mean it's nearing an end.

In the BofA survey, bitcoin supplanted the Nasdaq (.IXIC) and the short dollar trade as the most crowded. Bitcoin got 26 percent of the vote, edging out the Nasdaq, with 22 percent and the bet against the greenback, which took 21 percent of the vote.

The other two so-called crowded trades have done very well this year, with the Nasdaq surging just shy of 20 percent and the dollar (.DXY) tumbling nearly 10 percent against a basket of its global competitors.

In addition to worries over the bitcoin trade, fund managers also are backing away from U.S. stocks. The collective allocation to domestic equities fell to a net 28 percent underweight, which is the highest level since November 2007, shortly after the market hit its pre-financial crisis highs.

Investors also are beginning to fret about global growth, even as economists are upgrading their expectations. Just 25 percent expect a stronger global picture over the next 12 months, down from 62 percent at the beginning of 2017.

Bitcoin Falls as Chinese Exchange Says It Will Halt Trading .
Bitcoin fell for a fifth day, the longest losing streak in more than a year, after one of China’s largest online exchanges said it would stop handling trades by the end of the month amid a government crackdown on cryptocurrencies. BTC China will immediately stop accepting new account registrations on its BTCChina Exchange, Chief Executive Bobby Lee said Thursday in a tweet. The decision was made after “carefully considering” the Sept. 4 announcement by Chinese regulators that outlawed initial coin offerings, he said.

—   Share news in the SOC. Networks

Topical videos:

This is interesting!