Most newbies lose huge amount of money because, after learning the basics of trading they feel they know it all, they think they can manipulate through the market. But they end up losing big.
No matter what you are thought, you must know this that to be a successful trader, it takes practice and consistency.
Lack of knowledge and patience is the common reason why mostly newbies lose huge amount of money in trading cryptocurrency. Another reason is fear and greed. When they saw market is moving downward they start panicking and selling even they will face losses. Sometimes when they saw market is increasing they don't want to sell even they are already in profit because their aim is to have huge profit until price suddenly change direction and moving down while their selling price still not reach and that is because of greedy.
Trading really needs knowledge and understanding the market which newbie should know.