In a live stream of the March 14 order placement, a South Korean cryptocurrency trader known as “Satto” bought Bitcoin with leverage x57.14. The Korean trader shorted Bitcoin at 21,417 USDT/BTC with a single position. The liquidation price of this position is around 25,858 USDT/BTC.
And, of course, what will come after Bitcoin, for the first time this year, broke the top at 26,200 on March 14.
Satto’s aforementioned futures order is worth more than $1.15 million won (equivalent to $872,500). This loss can be said to be significant for Korean traders.
According to CoinMarketCap data, Bitcoin’s rapid volatility began with the announcement of February’s CPI figures.
Inflation increased 6% year on year and 0.4% month on month, both of which were expected. Items other than food and energy climbed by 0.5%, which was significantly more than expected.
Bitcoin seemed to respond favorably to the statistics, allowing the Fed to avoid being stuck between higher inflation and delaying interest rate rises in the midst of a financial crisis. Bitcoin’s local highs of more than $26,000 set a new milestone for 2023, marking the currency’s strongest performance since June of last year.
Up to now, the Korean trader’s Youtube channel has attracted more than 285,000 subscribers.
It was at this exact time last year that he lost $10 million in a long position at a time when the market was falling dramatically.
DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
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