OKEx Exchange Sees its Largest Liquidation: $120 Million Bitcoin Short
As Bitcoin gets nearer and nearer to the $10,000 goal, an important – and wealthy – trader decided to make the largest short position in OKEx’s history.
A contract of more than 1 million BTC futures (now worth around $120 million dollars), was called exactly before bitcoin reached $10,000. In this way, this investor will remain in OKEx’s history after making the biggest liquidation of the platform since it started operating.
Moreover, the second biggest short position – 730,000 contracts – was also made when bitcoin was just over $9,900.
OKEx is now the most important virtual currency exchange on the market with $2.58 billion dollars moved in the last 24 hours. Moreover, the most important trading pairs are BTC/USDT, EOS/USDT, and TRUE/BTC, accounting for 28% of the total trading volume.
Their position had to be closed, and around 70% of the total value – or more – lost. The two big traders had to buy back the BTC they borrowed. The intention was to earn some profits thinking that the market was going to experience a reversal just before the $10,000 mark. At the moment of writing the article, that did not happen.
Margin Trading and futures contract are very risky trading strategies that must be done only if the investor is able to lose important sums of money.
Bitcoin seems very bullish right now. It is being traded around $9,900 and could cross $10,000 in the next 24 hours – if not before.