Traders Lost $3.7 Billions Due to Bitcoin’s Correction

Yesterday Bitcoin fell down to $48,400 drastically. This led traders to catastrophic losses of $3.7 billions total, according to bybt. 600,000 positions were closed, and one trader lost $11.3 millions.

Bitcoin pairs brought traders the biggest losses of $1.3 billions. Ethereum pairs brought $652 millions, and XRP pairs brought $394 millions losses. Traders were expecting Bitcoin to grow so 85% positions that were closed that day were long.

The crypto market was shattered together with the stock market. Dow Jones index fell 0.9% down, S&P500 lost 0.8$, and Nasdaq Composite lost 0.7%. The announcement about the plans of the U.S. government to increase the capital gains tax for the rich people may have caused the markets to collapse. They plan to increase it almost twice.

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