Cryptocurrency trading sphere was sent into frenzy after news broke out about a trader who lost big time betting against a bitcoin. A contract of over 1million BTC ( About $119million) were liquidated as bitcoin rally nearly hit $10,000 mark. It is said to be the Okex biggest liquidation since its inception.
A twitter user who goes by the handle @BTCVIX who first broke the news gave some details of the event, he tweeted “#1 holder on OKEX was holding his 1,195,456 contract short ($119million) for some time — he was just LIQUIDATED — officially largest liquidation ever in OKEX history — first time over $100million” The twitter user further explained that the latest market rally had sabotaged the trader’s short positions in a mammoth way.
#1 holder on OKEX was holding his 1,195,456 contract short ($119million) for some time — he was just LIQUIDATED — officially largest liquidation ever in OKEX history — first time over $100million pic.twitter.com/Oej1RF4Pdk
— BTCVIX (@BTCVIX) May 5, 2018
Margin trading and futures could be very profitable but can very well incur huge losses as we have witnessed, it is definitely not for the faint of heart but however, a good number of crypto enthusiasts have looked on the bright side and are seeing massive shorts as these as an indication of a bull market in the coming days after the market experienced massive downtrends in Q1 2018.
article by @nitroXplicit