Bitcoin surges to record high after Trump win, but short traders lose billions – National [Video]

Short sellers of cryptocurrency and blockchain-related stocks have suffered heavy losses since Nov. 6, after bitcoin surged to record highs, on optimism U.S. President-elect Donald Trump would implement a more favorable regulatory framework.

Crypto short trades looked set for a further hammering on Monday as most cryptocurrency-related stocks jumped in U.S. premarket trading. Among them, Coinbase was last up close to 16%, tracking the surge in bitcoin prices.

Traders who bet against MicroStrategy, one of bitcoin’s biggest corporate backers, lost more than $1.2 billion between Nov. 6 and Nov. 8, according to data analytics firm Ortex, and are down more than $6 billion so far this year.

Combined short-selling losses on crypto-exchange operator Coinbase Global, crypto miners Riot Platforms and MARA Holdings, and blockchain-farm operator Bitfarms were about $1.2 billion, as of the Nov. 8 close.