Prominent ICO Filecoin (FIL) Dives 30% as Short Exposure Explodes
Yesterday, after years of waiting, Filecoin (FIL) finally launched, Funded by legendary venture capital companies like Sequoia Capital, Andreessen Horowitz, and Union Square Ventures, the project is a blockchain-based data storage and data recovery network. Short positions have been opened en-masse, driving the coin dramatically lower on futures exchanges such as Binance and FTX.
Related Reading: Here’s Why Ethereum’s DeFi Market May Be Near A Bottom Filecoin Crashes on Top Exchanges Filecoin has crashed dramatically since trading began yesterday on top exchanges such as Kraken, FTX, Binance, and many other exchanges. Brian "Ledger Status" Krogsgard recently noted that there are two billion FIL coins that will meet the market over time, making it illogical that the prices in the $30-100 region will last for Reading: 3 Bitcoin On-Chain Trends Show a Macro Bull Market Is Brewing Featured Image from Shutterstock Price tags: FILUSD, FILBTC, FILETH Charts from TradingView.com.
