The recent upward movement in BTC price has led to a massive loss to the traders who used to bet on the bearish market. A famous cryptocurrency trader with pseudo name J0E007 dramatically vanished from the internet was after an alleged loss of $21 million caused by the BTC positive gains.
According to data revealed by the Bitfinex exchange, J0E007 had an unrealized loss of over $21 Million. He was the top trader in the red zone in the list released by this crypto exchange. The interesting point is, after this enormous loss, J0E one of the famous and active traders on the internet has completed wiped out his traces from the internet. His twitter handle and Bitfinex account not available and hence is not visible in the trader leaderboard of the exchange.
Take note: @JOE007 is just one example of someone that is against S2F model. Not because he really thinks S2F is wrong, but because he is short bitcoin. Now JOE007 is REKT $20mln loss on his short position. Here’s JOE007 talking his own book on @bitcoinisthttps://t.co/v4n6mtiDSH pic.twitter.com/kSMMcwP77r
— PlanB (@100trillionUSD) April 30, 2020
J0E007, also known as ‘bear whale’ had made around $10 million within a few minutes during the bitcoin price drop occurred in Feb this year.
Some other top crypto traders speculate that J0E007 was responsible for the manipulation of Bitcoin price that occurred right after touching $10K.
The recent upsurge in the BTC price due to upcoming bitcoin halving 2020 event had made J0E007, a trader who popularly used to bet on the bear market, prediction upside down. This trader was trading on a short position, that means he was positive about downward movements in the price, but to his surprise, the consistent upward movement in the BTC price led him to a loss $21 Million. He should have made a considerable profit otherwise if the BTC price moved in the red zone.
John is working as a professional news editor at GetIgnite. He is accustomed to finding daily reports. Therefore, this keen working and addiction towards his work, it helps him to find good news.