Crypto Face, who famously makes risky bets, has taken another huge risk amidst a worrisome bear market. Just some hours later, Crypto Face began lamenting his trade. Things may not have gone so well. Posting some hours later to update his followers on the trade, Crypto Face shared the following.
It appears the short bet didn’t pay off and has cost Crypto Face some thousands. Fortunately, this isn’t his first rodeo.
Who is Crypto Face?
With zero training and no intention of following a regular 9-5 career, Crypto Face began making his own bots and started feverously trading cryptocurrencies.
In January 2018, Crypto Face uploaded his first video to YouTube that featured his own trading bot platform where he claimed he would earn 1% – 3% every day.
Since then, he has amassed 220k subscribers to his YouTube and over 160k followers on Twitter, largely due to his wildly ambitious and risky trades. Ironically, Crypto Face holds the title for both the largest profit and loss ever captured on live stream.
This trade hit multiple times, bagging him a $2 million profit within 6 hours. On the loss side, he also lost over $300k in 48 hours.
Why did he Short Bitcoin?
Crypto Face’s move comes amid increasing crypto market woes, with pressure originating from a couple of key angles.
Firstly it would appear that a historic dump of 30,000 BTC tokens by miners throughout June has caused miner reserves to hit a 14-year low of 1.9 million BTC. This figure is down a total of 50,000 since the start of the year.
Total miner reserves have plummeted by 50,000 $BTC since the start of the year, dropping to the lowest level we've seen in the past 14 years.if that wasn’t enough, miner revenue has taken a nosedive this past month,which only adds more fuel to the sell-off fire. @MilkRoadDailypic.twitter.com/vkza4t9qkX
U.S. spot Bitcoin exchange-traded funds (ETFs) also saw over $1 billion in outflows throughout June according to data from SoSoValue. Arguably, it is this interplay between ETFs and miners that has created a supply shock, consequently applying downward pressure on the markets.
At the time of writing, BTC is trading above $62k, and is around 10% down in value since the start of June 2024.
Eddie is a gaming and crypto writer at CCN. Covering the often weird and wonderful world of Web3 with an adoring, but skeptical eye.
Prior to CCN, Eddie has spent the past seven years working his way through the crypto, finance, and technology industry. He began with PR and journalism with Bitcoin PR Buzz and BitcoinNews.com, eventually working his way to become a copywriter with a dozen firms, including the likes of Polkadot before returning to journalism in 2023.
Having studied Radio production and journalism at University in the UK, Eddie spent a few years making podcasts and presenting on a local London radio station as he built up his writing chops.
A lifelong skateboarder, Eddie can often be found at the skatepark or touring the streets looking for something new to try. That, or kicking back playing JRPGs on his original PSP.
