Trader Loses $107,000 To MEV Bot Panic Selling Obscure Stablecoin
Lookonchain, a blockchain tracking platform, now reveals that one stablecoin holder lost over $100,000 after panic selling USDR, a stablecoin issued on the Polygon network, for zero USDC after it depegged on October 11. The stablecoin holder swapped 131,350 USDR for zero USDC, allowing an MEV bot to swoop in and claim $107,000 in profit. The USDR Depegging, Stablecoin Falls To $0.50 The stablecoin is issued by Tangible protocol, a decentralized finance (DeFi) protocol that claims to be tokenizing housing and other real-world assets. Due to the immutable nature of the Polygon network, the....
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Day trader Dave Portnoy has admitted that he is an idiot when it comes to bitcoin after the price of the cryptocurrency continually hit all-time highs. He panic-sold his bitcoins when its price was just around $11,000 and has now vowed to never buy the cryptocurrency again. Dave Portnoy Regrets Panic-Selling Bitcoin at $11K American day trader and founder of Barstool Sports blog Dave Portnoy admitted Thursday that he is an idiot when it comes to bitcoin and said that he will never buy the cryptocurrency again. Portnoy bought his first bitcoin on Aug. 13, 2020, when the Winklevoss twins,....
Curious behavior sees investors selling coins for less than they purchased them for, with Bitcoin still notionally in a bullish uptrend. Bitcoin (BTC) sellers’ losses are mounting as the BTC price downturn shows that some investors are panicking at current prices.Data from on-chain analytics firm Glassnode and trading suite Decentrader shows that in January, more and more BTC entities have been selling coins for less than they purchased them.On-chain loss selling now “consistent”While no one wants to sell an asset without profit, Bitcoin downtrends tend to see a certain cohort of market....
People are wondering when and at what price bitcoin will bottom and there are many opinions on this matter. This article will not explore a certain price or date when bitcoin will bottom but some of the characteristics that need to be shown to know that a real bottom in place. Instead, this article will explore the concepts of panic selling and capitulation as well as what a bottom will look like if these things occur. To date, you have not seen either of these things play out in the bitcoin price, as the selling has been very orderly for quite a while. Essentially, capitulation comes from....
As my readers likely know, Bitcoin price has been marching higher for the past 40 hours or so. $304 provided support to stop the panic selling of a couple days back, and has since propelled the price higher. We now see 'Elliott Waves of 5' pointing upwards. Hence, we now expect the worst of the selling to be over. What's next? Most traders do not yet know the selling is over. They don't trust this rally and are, therefore, not aggressively buying. They are waiting for the other shoe to drop. When the next pullback begins, they will expect that new lows are coming. It is only when the....
Bitcoin value in USD took a nosedive over the first couple weeks of 2015. The price dipped well under US$200 earlier this week but is back over that mark at the time of writing. The catalyst is unclear, but many big events could have contributed to the spiraling price: Bitstamp's temporary closure, the pause on CEX.io cloud mining, and Russia's crusade against Bitcoin websites. Additionally, others noted that Ethereum has been selling off their bitcoins and there are also rumors swirling that investor giants have been selling off in the run up to the Winklevoss ETF IPO. The typical....