Re: Wall Observer BTC/USD - Bitcoin price movement tracking & discussion
$260mil longs liquidated in minutes, most of them in BFX. It seems that around 75 longs each for 1mil to 1.26mil belong to 1 person. This is quite a loss. May the Lord has mercy on this n00b soul. And this is why we are in a bear market. When we have even one such whale fool to buy high and sell low, all bullish scenarios go south.
Edit: Things are getting even funnier: The bigger part of this long liquidation happened earlier today with $200mil liquidated on Bitfinex from 31800 to 31500. Some n00b was clearly trying to win the jackpot with a 100x leverage. So, in that case he lost all his $200mil long position. Well played, mate. Cheers for the imbecile!
n00b question here: Does BFX offer 100x leverage on spot BTC, or only on perps? (Are we talking about perps here, or actual BTC being dumped into the market on liquidation?)
Totally off-topic, I disagree with some people here about derivatives.