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Breaking News: Bitcoin Hits ATH Of $112,000, Expert Predicts Rally Is Just Beginning
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Breaking News: Bitcoin Hits ATH Of $112,000, Expert Predicts Rally Is Just Beginning

Trader Bets Against Ethereum, Losses A Big Chunk Of The $2 Million Margin On GMX

Dalmas Ngetich
Dalmas Ngetich
2 years ago
3 mins read
Ethereum Prices Fall Trader Shorts

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A trader’s big bet against Ethereum caused him to lose a big chunk of his $2 million margin. Considering the firm and steady increment of ETH prices over the last few weeks, more could be at stake. 

In a series of screenshots shared on July 3 on Reddit, one trader on GMX has been aggressively “shorting” Ethereum with high leverage, a decision that has seen the trader lose hundreds of thousands in USD. GMX is a popular decentralized finance (DeFi) protocol that allows users to trade perpetual futures contracts, including those of ETH, with up to 50x leverage. 

Ethereum Prices Up 20% In 2 Weeks

Despite facing significant losses from the forced liquidation of their shorts, the trader appears unfazed and continues to double down, shorting with high leverage without concern.

Since mid-June 2023, Ethereum prices have been rising, expanding 20% at spot rates. Floating above previous liquidation levels at around $1,900, the coin is now trading at about $1,945.Although buyers were unable to drive up spot rates further, the bulls are still in charge. The psychological price point of $2,000 is still the immediate resistance level, along with the April 2023 highs at $2,100.

ETH price on July 4| Source: ETHUSDT on Binance, TradingView
ETH price on July 4| Source: ETHUSDT on Binance, TradingView

Sparked by fundamental activities and mostly confidence from the broader cryptocurrency community, Ethereum has been marching higher, tracking the performance of Bitcoin. The direct correlation of prices versus the USD between Bitcoin and Ethereum could have benefited bulls during the rally.  

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Comments from the United States Securities and Exchange Commission (SEC), alleging that some of the native currencies of some of Ethereum’s competitors, including Algorand, Cardano, and Solana, are unregistered securities could have provided tailwinds for ETH, cementing its positions as a leading smart contracts platform.

The SEC’s representatives, especially its chair, Gary Gensler, have remained non-committal in readily classifying the status of ETH. Any clarification could boost prices or force a sell-off depending on the agency’s classification.

Trader’s Doubling Down on ETH Shorts

Despite the steady rise of ETH over the past two weeks, the trader, records reveal, has been shorting ETH from when it was at around $1,700 to spot rates. However, the trader began aggressively shorting ETH from June 26. 

In total, the trader opened two positions. One with a leverage of 19X was for $12 million, while the other with a leverage of 7X was for $1 million. As prices increased, the collateral representing $12 million from the 19X leverage position was closed. This didn’t stop the trader from opening another position. According to his trading history, another short position with a stop at $1,999 was opened, with leverage of 30X.

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Whether ETH prices will rise in the coming weeks is yet to be seen. All that’s evident is that the coin’s price has been firm, defying sellers who have been active from mid-April through to the first half of June. In the medium term, the $2,000 and $2,100 liquidation levels are critical price points that could shape ETH’s trajectory in the second half of 2023.

Feature image from Canva, chart from TradingView
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Dalmas Ngetich
Dalmas Ngetich

Dalmas Ngetich

Dalmas, a seasoned crypto reporter, brings a unique perspective to the industry. His specialization in NFTs, blockchain, DeFi, and blockchain news for NewsBTC, combined with a background in mechanical engineering and over a decade of experience in journalism, has allowed him to craft over 10,000 news and feature articles over the past eight years. His diverse range of topics, including technology, Forex, and finance, reflects his comprehensive understanding of the crypto landscape.

Read more

His technical expertise and analytical skills have been recognized and featured by leading news outlets such as Investing.com, CoinTelegraph, Entrepreneur, Forbes, and other authority sites. Notably, he broke key news, including the Ripple and MoneyGram partnership, cementing his position as a thought leader in crypto.
The news exploded. Over 100,000 people devoured this meticulously crafted report, from seasoned investors to curious newcomers. His analysis wasn't just dry facts and figures; it crackled with insight, dissecting the implications of the partnership and its potential impact on the future of finance.

His deep understanding of the financial markets, technological advancements, and blockchain developments has made him a respected voice in the industry.

Dalmas is also the founder of BTC-Pulse, a crypto news site, further demonstrating his commitment to the field. He firmly believes that DeFi and NFTs are here to stay and will continue to drive financial inclusion.

Coming from Nairobi, Kenya, it is easy to see the source of his inspiration: Across Africa, millions lack access to traditional banks. Remote villages, limited documentation, and high minimum balances create insurmountable barriers.

DeFi, not just Maker or Aave, for example, but think of Bitcoin and USDT, cuts out the middleman. Forget banks with their limitations.
Even so, DeFi isn't a magic solution. The continent still struggles with reliable internet access, and educational campaigns highlighting the benefits of this wonderful solution are insufficient. Moreover, even for those interested, understanding DeFi can look like learning a new language.

Dalmas is here to help make the tech easy to understand and digestible, even for beginners.
The story of DeFi in Africa is still being written. Challenges abound, but the promise of a more inclusive financial future is a powerful motivator. With innovation and collaboration, Dalmas firmly believes that DeFi could become the key to unlocking Africa's full economic potential.
This possibility and its immense value motivate Dalmas to continue breaking key DeFi innovations and more across the globe. His engineering background further enhances his ability to deliver well-thought-out pieces that blend technical insight with clear, impactful reporting.

Beyond his professional achievements, Dalmas is deeply passionate about technology and politics. Policies drive adoption, and being at the forefront and keeping up with how they evolve is crucial for the sphere to mature.

When Dalmas is not closely monitoring the latest crypto events, he can be found in nature, exploring the picturesque countryside, and traveling with his family and friends. His love for adventure and discovery perfectly complements his investigative and reporting skills.
You can connect with Dalmas on X: @Dalmas_Ngetich, or contact him on Telegram @Dalmas_Ngetich.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

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