The cryptocurrency market is exactly for investors with a high risk appetite. One of these traders sold his house at the height of the 2021 bull run and took a huge position with all his income. Here’s what happened…
Bought HEX with all his investment: Here’s $2 million in crypto loss
According to an unreleased documentary called “The Highest of Stakes,” a trader sold his house at the height of the 2021 bull run and bought HEX with a portion of his income. The video clip in question, which was released on YouTube on September 23, 2021, is a promotional for the upcoming documentary.
The video above sheds some light on the home sale in question. The trader’s wife expresses her disapproval of the investment in HEX. However, the trader sold his house and bought around 240,000 HEX for this risky venture. On September 23, 2021, HEX was trading at $0.43. This means that the value of 240,000 HEX exceeds $1 million. However, at the current price of $0.007891, HEX is worth $2,086.75, which is a 99.79% loss.
Similarly, a TikTok phenomenon known as Money_talk_tok made a loss after investing $500,000 in XRP.
Pepe 2.0 investor turned $900 into $176,000 in hours
cryptocoin.comAs you follow, the past weeks has seen multiple altcoins rally promoting version 2.0. Meanwhile, a trader turned a modest $900 investment into $176,000 in 24 hours. This remarkable achievement was achieved on Pepe 2.0 (PEPE2). Another investor turned 0.125 ETH into $1.14 million in just a few days.
Pepe (PEPE) gained popularity after its launch on April 17, 2023. However, it later encountered initial concerns about the contract owner’s ability to modify transaction taxes and blacklist functions. Despite these warnings, PEPE experienced a significant boom. It is currently listed among the top 100 altcoins on various centralized exchanges.
The highly profitable positions of the above traders garnered appreciation from some well-known names on Twitter.
Here is the huge altcoin short loss: $2 million melted
The last big bet resulted in the loss of most of the $2 million leveraged position. In a series of screenshots shared on Reddit on July 3, a trader at GMX aggressively “short” Ethereum with high leverage. This decision caused the investor to lose hundreds of thousands in USD.
Ethereum price has gained 20% in two weeks while the trader is shorting ETH. Ethereum price has been rising since mid-June 2023. Spot rates expanded by 20%. It is currently trading above $1,900. Despite the recent price surge, the same trader has shorted ETH at spot rates at around $1,700, according to the records. He started to expand his short position from June 26.
The trader opened two short positions in total. One was 19X leveraged and $12 million. Another was 7X leveraged and $1 million. As prices rose, he lost $12 million from his 19X leverage position. This did not prevent the trader from opening another position. According to his trading history, he opened another short with a stop at $1,999 with 30X leverage.
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