'My crypto life is over': sell-off triggers angst on Chinese social media
9 hours ago
- #cryptocurrency
- #liquidation
- #trading
- Chinese cryptocurrency traders are experiencing significant losses due to recent price volatility.
- Bitcoin briefly rebounded above $114,000, offering some relief after a massive sell-off.
- Traders shared their despair on social media, with one stating their 'crypto life is over'.
- Crypto futures contracts were warned against due to risks of leveraged positions and liquidation.
- Exchanges automatically liquidate positions when losses near the initial investment amount.
- The sell-off was triggered by escalating US-China trade tensions, including new tariffs and export controls.
- Analytics firm Coinglass labeled it 'the largest liquidation event in crypto history'.