Claim BonusCrypto Trader’s $19M Bet Turns Into a $17M Nightmare: What’s the Fallout?
Highlights
- Crypto trader faces $17M unrealized loss after investing in OM token.
- The trader bet $18.7M, but that reduced to $1.6M after the Mantra price crash.
- Despite a surge due to the 300M token burn announcement, the recovery is far-fetched.
An anonymous crypto trader has faced the real impact of the crypto market’s volatility as his $19M bet resulted in a $17M loss within a month. Although the Trump trade war is to blame for the ongoing bearish conditions of the financial market, the Mantra (OM) price crash came unexpectedly, leaving many, including this crypto investor, in massive loss. Let’s discuss what went wrong.
Crypto Trader Lost $17M in Mantra Price Crash
According to the Data Nerd X post, a crypto trader with wallet address 0x5AC lost nearly $17M in unrealized loss, as the individual bet on the OM token. The on-chain activity reveals that the traders spent $18.7M to buy 2.9M OM in the previous month.
However, due to the Mantra price crash, the same $18.7M resulted in the $17M unrealized loss. This came to attention as the crypto investor deposited 1.724M OM on the Binance exchange two days ago, potentially to sell.
He is still left with 1.173M OM, worth only $585k at the current price, and the recovery seems challenging. Notably, a bunch of other traders lost $400M in the Mantra crash.
How’s Mantra Trading Today & Will it Recover Further?
The Mantra price crash led to wiping out billions from the market. The team reveals that the whales’ liquidation on the centralized exchanges has resulted in this incident, affecting all holders, including the aforementioned crypto trader.
Even now, the OM price is down, currently trading at $0.5328 with a market capitalization of $505.44M. Interestingly, the token is attempting recovery today, as the value is up 5% due to high trading volume and investor activity after MANTRA announced 300M token burn.
However, despite that, the broader trajectory remains bearish for the token.
The ongoing bearish conditions amid the Trump tariff and delayed Fed rate cut are affecting the investors’ sentiments, challenging the Mantra’s price recovery.
Frequently Asked Questions (FAQs)
1. What's behind the crypto trader's $17M loss?
2. What does Trump's tariff have to do with this crash?
3. Will Mantra's price recover anytime soon?
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
Related Articles
- The Web3 Wallet Is Maturing. What Should We Expect?
- Godex Review: No-KYC exchange for private crypto conversions
- US Jobs Data: Bitcoin Falls to $66K as Wall Street Sees Rise in Nonfarm Payrolls
- Breaking: Binance, Franklin Templeton Launch Tokenized Fund Collateral for Institutions
- Mysterious Activity Detected in Bitcoin Address Linked To Nancy Guthrie Ransom Note
- BTC Price Prediction Ahead of US Jobs Report, CPI Data and U.S. Government Shutdown
- Ripple Price Prediction As Goldman Sachs Discloses Crypto Exposure Including XRP
- Bitcoin Price Analysis Ahead of US NFP Data, Inflation Report, White House Crypto Summit
- Ethereum Price Outlook As Vitalik Dumps ETH While Wall Street Accumulates
- XRP Price Prediction Ahead of White House Meeting That Could Fuel Clarity Act Hopes
- Cardano Price Prediction as Bitcoin Stuggles Around $70k
