wry Posted August 3, 2018 #1 Posted August 3, 2018 If you are active in this forum you are probably very concerned about the price of Bitcoin. Things were looking good last week with six full days of the price increasing and it even hitting over 8.5K USD. A very nice change of pace from the mid six thousand levels we had been bouncing around in. Then, early this week, Whammo!, the price drops stunningly. Well, now we know why, a trader on OKEx had a huge futures position that went poorly, he refused to cooperate with the exchange and so they liquidated his position. You can read their official statement: https://support.okex.com/hc/en-us/articles/360011941512-Regarding-the-Forced-Liquidation-Incident-on-Jul-31-2018 Personally, I think this is sad BUT I like knowing why the price dropped and since it is something like this it gives me a lot more hope for a recovery in the price. After all, it's not like someone lost faith in Bitcoin but rather that someone who had a lot of confidence in Bitcoin lacked the resources to HODL! Sad, but maybe they will buy back in in time! Good Luck!
Kate Posted August 4, 2018 #2 Posted August 4, 2018 16 hours ago, wry said: If you are active in this forum you are probably very concerned about the price of Bitcoin. Things were looking good last week with six full days of the price increasing and it even hitting over 8.5K USD. A very nice change of pace from the mid six thousand levels we had been bouncing around in. Then, early this week, Whammo!, the price drops stunningly. Well, now we know why, a trader on OKEx had a huge futures position that went poorly, he refused to cooperate with the exchange and so they liquidated his position. You can read their official statement: https://support.okex.com/hc/en-us/articles/360011941512-Regarding-the-Forced-Liquidation-Incident-on-Jul-31-2018 Personally, I think this is sad BUT I like knowing why the price dropped and since it is something like this it gives me a lot more hope for a recovery in the price. After all, it's not like someone lost faith in Bitcoin but rather that someone who had a lot of confidence in Bitcoin lacked the resources to HODL! Sad, but maybe they will buy back in in time! Good Luck! Damn f that guy. It's hard for traders to get profits due to scummy people like him
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