Trading At Inappropriate Times, Crypto Traders Lose $55 Million!

<p>&nbsp;"Hmm, but what can you do, you are the one who trades, so you are at your own risk."</p><p><br /></p><p>An unknown trader unexpectedly lost $55 million while trading the Ethereum (ETH) pair on Binance USD (BUSD) on Binance when the cryptocurrency market witnessed a sudden crash late Thursday last week.</p><p><br /></p><p>The position consisted of over 38,986 ETH before cashing while the price was at $1,434 level, therefore almost 30% of all future trades have been sold on Binance which is one of the largest crypto exchanges.</p><p><br /></p><p>According to observations, the extraordinary amount of losses experienced by these traders could indicate that the largest holders of ETH including firms are also affected if the crypto market faces a crash.</p><p><br /></p><p><br /></p><p>Following the event, the price of ETH slid from $1,780 to as low as $1,560 in just a few minutes with trading volume of $20 billion compared to its previous $6 billion.</p><p><br /></p><p>However, ETH, which is currently at $1,671, should recover amidst reports that the United States (US) security guard plans to approve an ETH exchange trading fund (ETF) for trading in the country.</p><p><br /></p><p>However, it should also be noted that the drop in the price of ETH has occurred when there has been the largest forward trade sale in over a year, which is higher than what the crypto market experienced during the FTX crash.</p><p><br /></p><p>Reportedly, high-leveraged buys or higher price bets have occurred while there were rumors about SpaceX selling off a large number of their BTC handles thereby leading to selling pressure.</p><p><br /></p><p>As of this writing, the price of ETH has surged as much as 0.47% to $1,672 in the last 24 hours on a market cap of $201 billion but has continued to record a 9.43% loss over the past week.</p>