99,73% pain: a bad bet on the growth of Bitcoin turned a loss a million dollars

Who knew that 2018 will be the year one of the most bloody remakes in the history of Bitcoin. The CEO of the investment firm BlockTower Ari Paul had lost almost 99,73 percent of a million dollars, which was placed on the growth of cryptocurrencies in December. It is noteworthy that Paul believed in the growth of the asset after just three days after Bitcoin reached its maximum price. This writes Bitcoinist.

How can you lose money on crypto

We will remind, on December 21, 2017 Ari Paul has purchased hundreds of options LedgerX worth $ 3,600 each. The period of performance expires in three months. However, there is one problem — the price of the option fell to 9.6 USD. They are now traded on the stock exchange Deribit.

Paul was counting on the continuation of the bullish trend, according to his calculations Bitcoin were to grow to 50,000 by the end of 2018. Hopes for growth had resulted in complete collapse — CEO BlockTower lost almost a million dollars because of his overconfidence. Now 275 purchased options are valued at $ 3,000. It is even less than the price of one option at the time of purchase in October.

The company is also Floor was a rough year. In June BlockTower came under suspicion of insider trading. It all began after a deal between the team and Stellar BlockTower. The company bought the Chain Stellar startup for half a billion dollars. While the Floor accidentally (or on purpose) leaked the details of the transaction before its execution.

CEO BlockTower — not the only one who lost a lot of money because of Bitcoin. Earlier in a live CNBC trader Scott Nations publicly opened a short position on BTC. He did it not in the best moment — after a couple of days, the cryptocurrency rose, knocking the stop loss on the transaction. In addition to this Nations has called Bitcoin a “dummy” that is not so. The crypt at least is wildly popular in Venezuela and Iran, where high inflation has completely devalued the national currency.

However, Paul still has a chance. If Bitcoin will rise to $ 50,000 before the deadline of the expiration of options, he can have the profits from its frivolous deals.


0 Comments on “99,73% pain: a bad bet on the growth of Bitcoin turned a loss a million dollars”

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