
Sabyasachi Ghosh
@sobu9614
300 Following
625 Followers
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A crypto whale that opened over 300 heavily leveraged short positions on Bitcoin, totaling more than $521 million, closed the shorts on Tuesday and pocketed a profit of $3.9 million. This green trade was made despite a platoon of crypto traders looking to wreck the whale’s position, seeking to boost the price of Bitcoin above the liquidation level.
A short trade is a bet that an asset’s price will drop; the lower it goes, the more money the trader makes. In this scenario, the whale had placed a short trade on Bitcoin that sat at $83,898—and with 40x leverage applied, the total trade surged to a value of more than $521 million. If Bitcoin had risen just 2% from the trade’s open to $85,591, then the whale’s position would have been liquidated.
Hearing this, some crypto degens went after the whale as pseudonymous trader Cbb0fe organized a group to pump over $10 million into Bitcoin, in an attempt to raise the price of the asset above the whale's liquidation mark 0 reply
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TON, the native token of The Open Network layer-1 blockchain, is up 29% on the week after a surge that followed a change in Telegram CEO and co-founder Pavel Durov’s bail conditions, allowing him to leave France for Dubai.
The token, now trading at $3.46, has posted the largest weekly gain among top 100 crypto assets according to data from CoinGecko. The jump represents a sizable increase relative to the performance of the leading crypto assets, Bitcoin and Ethereum, which each moved around 5% on the week—Bitcoin rose to $83,717, while Ethereum dropped to $1,922.
“As you may have heard, I’ve returned to Dubai after spending several months in France due to an investigation related to the activity of criminals on Telegram,” Durov posted to 11.9 million subscribers of his personal Telegram channel. “The process is ongoing, but it feels great to be home.” 0 reply
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