A big-time Bitcoin trader, known as a “whale,” just lost a fortune trying to bet against Bitcoin on Election Day.
Whale Loses Big
The whale placed a bet that Bitcoin would go down, a strategy called “shorting.” But the opposite happened! Bitcoin soared to a new record high, wiping out the whale’s entire bet and leaving them with a whopping $74.98 million loss.
Bitcoin’s Big Day
Bitcoin’s surge came as the US presidential election results started to favor Donald Trump, who has been supportive of cryptocurrencies.
Not Just One Whale
The whale wasn’t alone in their bad bet. Data shows that over $413.8 million worth of short positions were liquidated on Election Day, meaning traders who bet against Bitcoin lost their money.
Money Flows Out of ETFs
Interestingly, there was also a lot of money flowing out of Bitcoin and Ethereum ETFs (exchange-traded funds) on Election Day. This suggests that some investors were selling their holdings before the election results came in.
Bitcoin and Ethereum Up
Since then, Bitcoin has continued to climb, trading at $75,880, up over 10% in the past 24 hours. Ethereum, another popular cryptocurrency, is also up over 11% on the day.
Remember:
This is just a news story. Investing in cryptocurrencies is risky, and you should always do your own research before making any investment decisions. /p>
