Bitcoin Trader Shorts Chainlink As Hedge Against Downside; Here’s Why

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Chainlink’s governance token LINK is emerging as a scapegoat asset for prominent Bitcoin traders. At least one of them has openly stated that he uses the decentralized finance cryptocurrency as a hedge against a potential Bitcoin drop. In simple words, if the price of Bitcoin tops out at levels above $13,000, then the trader may want to keep holding the top cryptocurrency while using other altcoins to cover the damage. The strategy finds its first insurance asset in LINK, the sixth-largest cryptocurrency by market cap up that is trading 560 percent upward into the running year. The pseudonymous trader said in his early Wednesday tweet that he is looking to open a high reward/risk short hedge against a likely Bitcoin top. Looking at $Link as a high R/R short hedge against a potential BTC top. I think if BTC drops down to low 13ks again then link will dumpster dive…

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