Mechanism Capital founder doubles Bitcoin position with a $200M long

Andrew Kang, laminitis of the crypto task steadfast Mechanism Capital, has seemingly doubled down connected his stake that Bitcoin volition summation successful terms with a $200 cardinal agelong position, onchain information shows. 

“Andrew Kang conscionable doubled his Bitcoin position,” crypto analytics steadfast Arkham said successful an April 12 X post. It explained a crypto code tied to Kang made different $100 cardinal long bet connected Bitcoin (BTC) with an expected profit, oregon loss, of $6.8 million.

On April 9, Arkham noted that the Kang-tied wallet had enactment connected a $100 cardinal leverage-long stake connected Bitcoin aft US President Donald Trump posted to his Truth Social level earlier the aforesaid time that “THIS IS A GREAT TIME TO BUY!!! DJT.”

Source: Arkham

Just hours later, the Trump medication announced a 90-day pause connected its planetary hiked tariff regime, which sent crypto and stocks rallying. The tariffs, archetypal unveiled connected April 2, had gone unrecorded conscionable hours earlier and had tanked astir fiscal markets.

Kang said successful an April 12 X station that commercialized warfare capitulation and a “Trump put”  — the content that the president volition enactment to bump the banal marketplace — “are the cleanable operation for BTC to reverse a multi period downtrend.”

Kang noted Trump’s April 9 Truth Social station could beryllium a motion of the alleged “Trump put.” Source: Andrew Kang

Meanwhile, Senate Democrats called connected the Securities and Exchange Commission successful an April 11 letter to motorboat an insider trading and marketplace manipulation probe into Trump and his affiliates implicit the post, which they said “appears to person previewed his plans” to intermission the tariffs.

Bitcoin choppy connected tariff confusion

Bitcoin has seen an implicit 2% plaything implicit the past 24 hours arsenic the Trump medication went backmost and forth connected tariff exemptions for Chinese physics goods.

Related: NFT trader faces situation for $13M taxation fraud connected CryptoPunk profits

Bitcoin deed a 24-hour debased of $83,197, wiping astir of the gains it made earlier the weekend, but it has since recovered to commercialized level implicit the past time astatine astir $85,000 aft concisely hitting a apical of $85,315, CoinGecko data shows.

Trump posted to Truth Social connected April 13 that “there was nary tariff ‘exception’ announced connected Friday,” April 11, but that levies connected Chinese electronics are “moving to a antithetic Tariff ‘bucket’” of 20%.

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