Bets against bitcoin have doubled since the beginning of August, exchange says


In the midst of a bear market, volumes betting against bitcoin have doubled this month

Betting on bitcoin isn’t for everyone. However, according to data from a leading cryptocurrency exchange, interest in betting against the worlds biggest digital currency is growing.

Bitfinex, the fourth largest cryptocurrency exchange with 24-hour volume of $614.8 million, has seen the number of bets against bitcoin BTCUSD, +0.52% double since the beginning of August as bears sought to pounce on the declining value of virtual currencies.

The outstanding short interest on the Bitfinex exchange has risen from below 18,000 BTC on Aug. 1, to more than 36,000 BTC as at Aug. 15.

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