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Trader makes $7 million in one day going 50x long bitcoin, ether ahead of Trump's crypto reserve announcement

Quick Take A trader who used $6 million to open a 50x leveraged long position on both BTC and ETH made $7 million in 24 hours after Trump’s crypto reserve announcement caused crypto prices to pump. Notably, the trader closed their position before Trump’s announcement clarifying BTC and ETH would be included in the reserve, missing out on even more gains. At one point early Sunday morning, the price of ETH had to fall just $54 more to liquidate the trader’s long position. A trader on decentralize...

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