Famous crypto trader J0E007 famously known for betting against Bitcoin’s price disappeared from the internet after Bitcoin’s price recently hit $10k. This has led to unrealized losses amounting to $21million. He has since then deleted his Twitter and Bitfinex accounts.
Before his accounts self-destructed, J0E007 left a farewell letter on his twitter timeline on May 7th saying his journey was undoubtedly very exciting but had now come to an end. He described his stay as having been experimental. J0E who had specialized in betting against Bitcoin’s price to drop, made all the headlines when he netted $10million in 5 minutes back in February this year when the price dropped. However his fortunes were soon to reverse when Bitcoin’s pre halving rally recently began to pick up the pace.
An unexpected price hike
The price of BTC recently went up to $10,000 and this is when things started going south for J0E007. His unrealized losses spiked up to $21million on the Bitfinex Leaderboard. The price Leaderboard was introduced in 2019 to allow anyone to view performance of traders listed on the board, this including realized profits and unrealized losses. The $21million unrealized loss earned J0E a top traders spot but on the opposite end, the red zone. This also led to J0E withdrawing himself from the Bitfinex Leaderboard meaning his trades would not be publicly displayed.
Recording on average $10million in gains every month, J0E had created a name for himself on the cryptocurrency futures market as arguably the most profitable Bitcoin trader. In the space of 8 months running from September 2019 to April of 2020, Joe007 outwitted all traders listed on the leaderboard combined. In that same span, he had made $61 million in profit while the rest realized a $25 million loss.
J0E believed in the shorting trading strategy which banks on asset prices falling in the future. By definition, for him to make a profit, Bitcoin’s price has to go down. On this occasion, unfortunately for him Bitcoin’s price skyrocketed up to $10,000.
Bitcoin proving to be a performing asset
According to coindesk after breaking the 10,000 threshold mark since February, Bitcoin jumped 6% causing a $13 billion surge in market value for the entire crypto market. Binance recorded record-high volume of 23 billion daily value for its BTC-USDT trading pair. As much as BTC is left vulnerable to crashes after sudden price spikes, this trend has seemingly eased in the past month. The risk of Bitcoin long squeeze is not as high as seen in previous trends.