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'Big Short' Hero Michael Burry Deletes His Twitter Account After Posting Cryptic Market Prediction

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Thu, 2/02/2023 - 8:35
'Big Short' Hero Michael Burry Deletes His Twitter Account After Posting Cryptic Market Prediction
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The Hero of the "Big Short" movie, Michael Burry, decided to delete his Twitter account following a cryptic market prediction ahead of the Federal Open Market Committee (FOMC) meeting.

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Burry's tweet, which consisted of a single word, "Sell," has been shared ahead of an immediate reversal in both cryptocurrency and traditional markets after the Federal Reserve's announcement of a 0.25% interest rate hike.

Burry's tweet could have been a signal to investors to take profits, particularly in the overheated cryptocurrency market after the short-term reversal started in January, and to prepare for a potential market correction. His reputation as a hedge fund manager, who correctly predicted the 2008 housing crisis, added weight to his predictions, causing many investors to take notice.

Crypto's reaction to rate hike

Bitcoin, the world's largest cryptocurrency by market capitalization, saw an increase of over 3.5% in a matter of hours after the rate hike. Other major cryptocurrencies, such as Ethereum and Binance Coin, also saw significant gains.

Burry's decision to delete his Twitter account after posting his cryptic market prediction has caused speculation in the financial community. Some believe that he may have deleted his account to avoid excessive attention from bullish investors, while others believe that he may have simply lost interest in social media as he previously deleted his account and all of its contents numerous times in the past.

Some analysts consider the regulator's action as dovish, despite Jerome Powell's stance on not halting the rate hike cycle. Regardless of a series of constant 25 basis point hikes, the market is likely to remain bullish as long as no unfavorable macroeconomic data is released unexpectedly.

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