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I noticed a massive liquidation in the crypto market yesterday. A trader with a long position on BTC with 40x leverage just got wrecked with a loss of $1.167 million in 24 hours. It's crazy.
The price of BTC dropped to $65,056 and boom, liquidation on 395.14 BTC. The direct loss on this position: $520,000. But that's not all, his long position on SOL also shifted to the negative side. The guy really bet big.
What's crazy is that he still holds about $13.75 million in long positions. He still has 500 BTC in a long position, but the liquidation price is at $65,930, so the safety margin is almost nonexistent. A small pump and he gets out, but a small dump... it's over. This is the kind of situation that shows why 40x leverage is really dangerous.