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.
The post Crypto Trader’s $19M Bet Turns Into a $17M Nightmare: What’s the Fallout? appeared first on CoinGape.
