Bitcoin surge leads to billions in losses for short sellers after Trump victory
Short sellers in the cryptocurrency market have faced significant losses since November 6, following a surge in bitcoin prices. The cryptocurrency reached a record high above $82,000, driven by optimism over U.S. President-elect Donald Trump's regulatory plans. Traders betting against major crypto stocks, including MicroStrategy and Coinbase, lost over $1.2 billion in just a few days. Overall, short-selling losses in the crypto sector have exceeded $6 billion this year. The rise in bitcoin prices is linked to expectations of a more favorable regulatory environment under Trump, who has expressed support for digital assets during his campaign.