A crypto trader capitalized on the recent downturn in Bitcoin (BTC) and Ethereum (ETH) prices, pocketing a profit worth $200,000.
The trader’s decision to short BTC and ETH preceded a significant market correction, with BTC plummeting from $43,800 to $40,400 within a short span, as reported by blockchain analytics platform Lookonchain.
The Trader’s Winning Formula
This trader, active on the #GMX platform has a trading history of 46 transactions. Despite a seemingly modest win rate of approximately 35%, the total profit from these endeavors stands impressively at around $457,000.
On average, every trade has a leverage of 14x, and positions are held for about seven days. The trader also used stop-loss orders consistently thus keeping his losses in control for each trade.
Bitcoin and Ethereum in the Red
After a week of bull runs, Bitcoin and ETH were in a downtrend. At $42,000 per Bitcoin, this marks a 5% drop, with Ethereum also down 4.8% at $2,220. The weekly RSI indicator shows a reading of 78, which calls into question whether the market is overbuying and is risky for incoming entrants.
Recently, there has been a high demand for crypto funding rates, which indicates that there are many more long orders than short ones. The increase in bulls has made them more expensive and hence; this could result in the prices correcting downward.
Predictions from market commentators vary. MrChief suggests a potential pullback to shake out early buyers, creating an opportune moment for bears before a reversal. On the contrary, RektCapital draws parallels with previous market cycles, hinting at the possibility of Bitcoin nearing a pre-halving peak.
InQubeta: Revolutionizing AI Investment with QUBE
Amidst the market fluctuations, the InQubeta (QUBE) team is hard at work on its innovative platform that aims to transform crypto investing with AI technology.
Functioning as a crowdfunding platform, InQubeta facilitates investments in AI startups in the Web3 space, fostering the next wave of technological innovation. It gives investors the opportunity to participate through QUBE ERC20 tokens.
Particularly, the NFT marketplace of InQubeta provides an opportunity for AI-related investments to be tokenized and destroy the wall of entry to the budgeted players.
By tokenizing and fractionalizing investment, more people can participate in new AI-driven ventures. As such, instead of everyone benefiting from their own efforts, they create a system that favors mutual growth for each individual leading to prosperous outcomes.
The QUBE token, which is the share that reflects the equity of startup firms within the Artificial Intelligence (AI) niche, is one of the major parts of the InQubeta system. Softly, the tokens are directed to a special account where they gather the value gradually.
Secondly, a portion of all sales on the fractionalized investments are channeled into specific reserves which reward investment and usage in the long run, thus prompting the investors to remain active.
InQubeta’s ongoing crowdfunding offers users an opportunity to fund technology that enhances human performance.
At the moment, $6.7 million has been raised in the ongoing presale, showing enormous interest and backing of the community.
QUBE also functions as a governance token, offering owners an option to participate directly in the decision-making processes. This is a democratic mode where members who possess the tokens can propose, discuss, and vote on matters that will dictate the direction of change in the platform.
InQubeta Presale | InQubeta Communities
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