Chapter 9

CHAPTER 9

Gang-hyeon entered the room to use as his office. Since all systems were already installed, he turned on the computer power and executed charts on the monitor. The stocks were Bitcoin and major Altcoins. The 4 monitor screens were soon occupied by dozens of charts. It was a screen that would look dizzy at a glance to ordinary people, but Gang-hyeon examined them step by step.

Even moving to the monitor, the black web is visible. All coins are connected.

Coin stocks were slightly different from stocks. Stocks were not all connected, but stocks were connected per sector. On the other hand, all coins were tied into one sector. Because Altcoins were derived from Bitcoin in the first place. Plus, Bitcoin held a weight of more than 50 percent of the market. In other words, if Bitcoin falls, other stocks have no choice but to be affected.

This black web is telling me that they are connected per stock. Moving together affected.

He found the answer to the black web that was hidden in the fog. What remained was directionality.

This time, I could confirm the directionality before the web appeared. Coins turn to a bearish market.

The bearish market that can be expected with the intensely shining blue light will be quite intense. Perhaps he had to leave open the possibility of an 'Ice Age' coming like the one that continued from 2017 to 2018. At the time, Bitcoin fell to the 3 million won range and completely disappeared from the memories of domestic investors.

I have to move.

Compared to Jeong Sang-woo's case, the bearish market of coins was highly likely to proceed quickly. He had to clear all spot Bitcoins he held and take another position.

Enter Short Position.

Short Position. It meant taking a position on the price of a specific stock falling. For example, if one enters a Bitcoin Short Position, one can obtain profit only if the price of Bitcoin falls. Conversely, if the price of Bitcoin rises, one suffers a loss.

Since Korean exchanges can't take shorts, I have to make an account with a foreign exchange.

Gang-hyeon, who made a decision, moved quickly.

Gwang-ho's gaze, who was continuing work, naturally headed to the office.

That guy, saying strange things. Suddenly went in and is quiet.

Do not trade Bitcoin. This was his precious side job. Although he wasn't doing long-term investment, he made decent profit with scalping. But do not do it for the time being? He couldn't understand.

The guy never argued about positions. Did he see something?

Recently Gang-hyeon changed a little. After finding 1,000 Bitcoins after divorce, he became somewhat bold. Setting up a Family Office was also a bit unexpected.

Speaking coldly, he was a guy who didn't stand out much in the trading department. To think he intends to trade directly.

People might change as money increases, but at least his friend Gang-hyeon wasn't such a guy.

I'll find out on this occasion.

He intended to watch how Bitcoin moves first.

If it really drops as the guy said, I just have to follow and enter.

Although he is more focused on the program side, Gwang-ho was also a body that was in a securities firm. Calculation on how to move was already finished in his head.

At that moment, Gang-hyeon's hands moved quickly. Since there were only two, the keyboard sound was heard even louder.

Unable to overcome curiosity, he got up from his seat and approached.

"What are you doing?"

"Making an account on BitFi."

"BitFi? What for making an account on an overseas exchange?"

"To take a short position."

"Do you really think it will drop?"

"Yeah. Look at the charts on the top left monitor, RSI is raising the price while already entered in the overbought section."

RSI, one of the chart indicators. If it indicates over 70, it means an overbought section and is a signal that it can fall anytime.

"You enter looking at just this one?"

"Not just that. The price is going up while volume based on monthly and weekly bars is decreasing. It's a pattern commonly seen in overheated stocks. Plus, historically, Bitcoin continued a downward pattern upon reaching the highest point after halving."

Bitcoin was not a coin created indefinitely. Maximum 21 million coins are issued. As this number increases, the difficulty to mine increases. This period when difficulty increases was called halving.

"Meaning history repeats?"

"It's a fractal structure commonly seen."

Fractal was a mathematical theory rather than a chart trading technique. Among traders, it meant a shape showing repetitive patterns for a certain period.

"Hm, certainly various factors are overlapping."

"Right. There is no need to bear the risk of trading in a structure where these patterns interlock."

"Then are you taking a short for hedging?"

If the price of Bitcoin falls, the value drops. If he held Bitcoin, which currently has a price in the late 170 million range, only as spot, Gang-hyeon's assets had no choice but to drop geometrically. But what if he holds spot and takes a short position? Even if the price falls, practically the number of Bitcoins increases, so loss could be reduced. This was called by the term Hedging. However, what Gang-hyeon thought was not that.

"The bearish market might get long. If I keep holding coins, funds will be tied up for a year. It wouldn't matter in the past, but not now."

It would be fortunate if this bearish market ended just with coins. But the light Gang-hyeon could see was telling him.

If this web of black light is true, there is a possibility of chain decline coming out on the AI side too. That means AI bubble.

The worst scenario was being drawn.

Bitcoin was running at an all-time high. As the captain ran, Altcoins underneath also ran at their own speeds and continued rising. In short, it meant a money feast was taking place. Naturally, rosy prospects poured into the coin community.

Stories of earning money poured from everywhere. News also poured that the world's top 3 asset management companies, Whiterock, Finder, and Union Street, are increasing the proportion of coins. But not everyone was talking about rosy prospects.

Those seeing shorts similar to Gang-hyeon also appeared. However, their voices were relatively small. The bull dominated the market, and the bear had no choice but to crouch. At such time, one post caught the eyes of coiners.

The Korean whale, once hot, cleared coins. There were many opinions about the whale who had been asleep for a whopping 13 years clearing volume. Among them, ridicule was also mixed.

Most people ridiculed the owner. Naturally, it was from the thought that Bitcoin would rise more. But not long after, such public opinion changed.

Although a negative candle dropping 5,000 dollars in an instant was created, the community still believed it would rise.

Gang-hyeon looked at ‍‍‌‌⁠​​⁠‌​​‍​​‍​‌​⁠‍‌‍⁠⁠‌⁠‌‍‌‍‌‌‌‍⁠​‌​‌​‌‍‌‌‌⁠‍​​‌‍⁠‌‌⁠⁠the yield on the monitor.

Just one day after taking the position. Bitcoin showed a 5,000 dollar drop, and accordingly, Gang-hyeon's position closed in plus.

Calculating with current exchange rate, it's over ‍‍‌‌⁠​​⁠‌​​‍​​‍​‌​⁠‍‌‍⁠⁠‌⁠‌‍‌‍‌‌‌‍⁠​‌​‌​‌‍‌‌‌⁠‍​​‌‍⁠‌‌⁠⁠1.4 billion won.

Utilizing 2x leverage putting in 200 Bitcoins, the profit certainly rose quickly. Actually, he wanted to use higher leverage, but he couldn't.

I didn't know since it's my first coin futures. Didn't know they would limit leverage as margin increases.

Perhaps it was natural. If there is no leverage limit, the exchange could go bankrupt if things went wrong. To prevent such things, most major exchanges applied differential leverage. Since Gang-hyeon's margin was classified as the highest tier in the exchange too, he could utilize only minimum leverage.

Well, doesn't matter. Since I can gain profit even if it drops.

Although regretful, nothing changed. Bitcoin will fall. He had to respond while watching the situation for the time being. At that moment, a knock was heard.

‍‍‌‌⁠​​⁠‌​​‍​​‍​‌​⁠‍‌‍⁠⁠‌⁠‌‍‌‍‌‌‌‍⁠​‌​‌​‌‍‌‌‌⁠‍​​‌‍⁠‌‌⁠⁠

"Come in."

It was Gwang-ho who opened the door and entered. He stuck his head out and said to Gang-hyeon.

"CEO, all employees have arrived."

Since it was a public seat, he was polite with the title. No matter how close a friend, this was natural in the company.

"I'll go out now."

Getting up from his seat, he tidied up his appearance.

Nervous.

It's the day facing all employees for the first time. Since it's the day starting officially, being nervous was inevitable. Gang-hyeon, finished preparing, opened the door and came out. He saw five male and female employees gathered. They were personnel to take charge of Risk, Back Office, and Trading Assistance respectively. It was the moment Gang-hyeon, standing next to Gwang-ho, examined the faces of employees and tried to open his mouth.

At the alarm ringing through the entire quiet office, everyone's gaze gathered. The epicenter of the sound was Gwang-ho's seat. At the sound ringing from the speaker, Gwang-ho checked the monitor without panicking. Gang-hyeon also looked at the screen over Gwang-ho's shoulder.

Warning window on the monitor. Beyond that, what was visible was the Bitcoin chart.

"Gang-hyeon!"

In the urgent situation, Gwang-ho excluded titles without realizing. But that wasn't important right now.

"Let's do introductions later. Trading Team, please analyze charts on overall cryptocurrency including Bitcoin right now."

"Understood."

"Yes."

"Research Team, please gather information and send it to me."

"Yep!"

Gang-hyeon, giving orders quickly and concisely, headed to his office. Kim Seong-won, an employee of the Trading Team watching the appearance of such a representative, asked Gwang-ho.

"Department Head, does our company have a position entered in Bitcoin right now?"

"Right. We are holding a short position since yesterday."

"Short? Short on Bitcoin which is showing rising trend every day..."

One of the iron rules of trading is not to go against the market. No matter how excellent a trader, the psychology of people swept in madness cannot be analyzed. So unless a reversal signal comes out, one didn't go against the flow of the market. Gwang-ho turned the monitor and showed it to Kim Seong-won harboring doubts.

"It seems our CEO is a step above the market?"

"Yes?"

Surprise appeared on Kim Seong-won's face who looked at the monitor with a face asking what that meant.

Bitcoin was continuing to decline.

"For reference, the CEO took the position in the 126,000 dollar range."

"Whoa... then does that mean he is already seeing profit in the 7 percent range?"

Indeed a guy worthy of entering trading assistance. He finished calculation in an instant and calculated the yield backward.

"Bingo."

Answering, Gwang-ho's gaze headed to the CEO office. There was Gang-hyeon observing the monitor.

Since when did he become so good at trading?

He watched everything from the side. How Gang-hyeon looks at the market. And how he makes profit. Although still early, he had no choice but to admit that his trading ability rose remarkably compared to when he knew. At such time, what he had to do was.

"Now, everyone let's start work as the CEO said! Introductions later when the market calms down!"

"Yes!"

It was moving the subordinates. Ah right, before that.

Shall I grab some short too?

Seeing benefit from a friend at times like this. Gwang-ho's hands moved quickly.

(End of Chapter)

— Translated by Prime Works —