COIN short-sellers were up +$576.5 in paper profits in November
Tech-heavy US Tech 100 has been battered in 2022 amid a deterioration of the macroeconomic backdrop.
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Many Nasdaq-listed stocks suffer as recession looms and central banks tighten their monetary policy.
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Traders cut their position as COIN shares rallied on better-than-expected results.
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The Nasdaq has a strong reverse relationship with the tightening of the Federal Reserve's monetary policy. Higher rates lower the value of tech stocks.