Fan submission: How I lost 2.5 million in 6 days

欧易(OKX)

用戶喜愛的交易所

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币安(Binance)

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Since 2017, China has begun to extinguish the "false fire" of virtual currency speculation and install "protection locks" on investors' wallets. However, the "myth of wealth creation" in the currency circle has still attracted many investors to enter the market.

At the end of 2019, Bitcoin took the lead in coming out of the correction, and then started a round of slump. I saw the opportunity and started buying Bitcoin. In the ups and downs of the market, I also made losses and gains.

Until 2020, when the COVID-19 epidemic hit, the United States began to increase the supply of money. Bitcoin successively exceeded the threshold of several tens of thousands of dollars in March of that year, and finally exceeded the US$60,000 mark in April. It was precisely in the expectation that "Bitcoin is expected to rise by more than 100,000 US dollars" that I bought more cryptocurrencies. Taking advantage of this trend, the original 300,000 yuan was "reduced to nearly 10 million yuan." However, changes in market conditions are always unexpected. On May 19, 2021, the price of Bitcoin plunged rapidly, from around US$43,000 to the level of US$29,000. The highest single-day drop reached 34%, and many ETHs were almost cut in half.

From this day on, investment profits began to retreat, and by the end of 2021, they had been reduced by about 70%. On days when the price dropped by 40%-50% in a day, I felt restless. “Even eating was stupid and I lost money.” It was also this time that I almost lost all my money. I also calmed down and entered a state of rest. “It’s hard to predict. It’s full of risk and feels like the biggest casino in the world.”

I was lucky enough to escape the great turmoil in the currency circle in 2022 when I stopped, but my classmates in Japan were not so lucky. He started buying cryptocurrencies in January 2021 after seeing some articles on social platforms about "making 10 million by speculating in coins in 2 days." It was also at the beginning of 2021, during the surge in cryptocurrency prices, that the 120,000 yuan in Taicoin increased fourfold to 500,000 yuan. After tasting the sweetness of "getting rich overnight", in 2021, I invested almost all my money in Bitcoin and Ethereum. However, since November 2021, the cryptocurrency market has ushered in a long winter. Especially after entering 2022, the "Cryptocurrency Maotai" LUNA currency flash crash in May caused a major earthquake in the currency community. On November 11, it reached its peak due to the bankruptcy of FTX. From November 6 to November 11, in just six days, “I lost 2.5 million. In these days, Bitcoin fell by more than 20%.” On December 19, “Bitcoin mining is now It is a loss-making operation, and the coins mined are not enough to cover electricity bills.”

Before this, although my classmates did not earn much, they slept well every day and lived a fulfilling life. After entering the virtual currency market in May last year, the classmate became extremely miserable. He couldn't sleep well while watching the market every day. "When the market fluctuates a lot, my heart can't stand it." Even though he made 50,000 yuan one night, the classmate still couldn't sleep. He was not happy, but panicked, "I knew very well that this was the behavior of a gambler, but I felt like I was trapped and didn't want to stop." Soon, reality hit the classmate hard. In December 2022, as the currency circle continued to fluctuate, the Ouyi system of the exchange where he purchased cryptocurrencies experienced a flash crash, and the cryptocurrencies he held could not be sold. After experiencing the extreme pain of being on the verge of being liquidated, all the money the classmate made after watching the market for a year, including the 50,000 yuan earned that night and more than 10,000 yuan in savings, was ultimately lost. Now, facing the messy situation, the classmate regrets extremely, "If I had to do it all over again, I would definitely not touch virtual currency, there is no future."

This is just the tip of the iceberg in the cryptocurrency world. On May 19, 2021, nearly 600,000 people liquidated their positions, and more than 44 billion in funds were wiped out. Since 2022, the liquidation of positions in the currency circle has continued to intensify. Glassnode data shows that as of mid-December 2022, global Bitcoin investors have lost a total of US$195 billion, approximately RMB 1,359.7 billion. Most holders sold their Bitcoins in a “cutting” manner.

I am Dapeng. The bull market is surging. If you don’t know what to do now, click on my avatar and follow me. I will share the bull market spot layout, contract password, and skirt for free. I need fans, you need reference, follow me to avoid getting lost in the currency circle

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