Short squeeze alert for November 17: Two cryptocurrencies with potential to skyrocket
After BlackRock’s disclosure of the risks USDT and USDC can bring to Bitcoin (BTC), the BIS published a study about stablecoins. Majorly with a negative bias, this most recent study triggered bearish volatility in the cryptocurrency market. As expected, some cryptocurrencies more exposed to this asset class presented a worse performance. However, when bears dominate the overall sentiment, bulls usually see opportunity. In particular, a heavy-weighted amount of short over long positions could proportionate a short-squeeze opportunity for traders. With that in mind, Finbold retrieved long/short ratio data from CoinGlass on November 17. Notably, two cryptocurrencies among the index’s top 10 are showing a massive unbalance with high capitalized short positions. In order to filter the most relevant short- squeeze possibilities, Finbold also looked at the total volume of opened shorts in 12 and 24 hours, adjusted by each asset’s market cap and exchanged volume. Short squeeze aler...