A $119 million short contract against BTC was just liquidated on OKEX

05 May, 2018
by Conor Maloney
News
A $119 million short contract against BTC was just liquidated on OKEX

OKEX just saw a record broken as an individual short contract betting against Bitcoin was liquidated. The contract was worth $119 million - the investor seemingly couldnt take the heat anymore as BTC prices continue to climb.

Bitcoin prices have ralled in recent days, and investors holding short positions may well be reconsidering. One investor with a record-breaking $119 short contract didn't cash out in time and presumably had to cut losses.

Bitcoin has risen in price by almost $1000 since Tuesday and is currently trading above $9800. $10,000 will be an important resistance level which, if broken, could be followed by another price surge, which may be to blame for the short contracct holder's change of heart. 

As short contracts are often leveraged/margin traded meaning the winnings/losses are compounded, this particular investor or group of investors could have lost up to $19 million betting against Bitcoin. 

Read more about:Bitcoin (BTC)

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