May 30, 2024

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User buys Bitcoin for $11,000 during Binance crash

User buys Bitcoin for $11,000 during Binance crash

During the sudden drop in the prices of various coins on the US Binance platform, as it was Bitcoin traded for $8,200 in less than a minuteOne of the platform users reported that he was able to buy 1 BTC for $11,000.

Although this lucky break quickly resulted in a profit of $50,000, it offers a much greater risk than return, after all your money needs to sit in a brokerage firm, and is often the target of attacks. Therefore, it is not recommended.

The same user has already lost a lot of money on cryptocurrency by making wrong decisions, yet he still seems to believe that luck is a better guide to his financial future.

bitcoin for sale

A user doubled his funds five times in less than a minute during an event that brought the price of bitcoin to $8,200 on the US exchange Binance. Through Reddit, he reported that he was able to buy 1 BTC for $11,111.

“I couldn’t believe it myself, but 1 BTC buy order (I made 2 months ago) for $11,000 was executed while the BiananceUS flash crashed… Picture of the executed order:”

The user reported buying 1 BTC for $11,111. Source: Reddit

With Bitcoin over $60K, the user earned more than $50K due to his luck, after all events like this are very rare, even more at an unrealistic price.

Despite this, it is important to remember that the risk is not worth the return. The user reported that he left $11,111 in a brokerage house for more than two months. The chances of a stock market penetration are much greater than a quick crash of this kind.

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For this reason, it is always advised that users leave as little money as possible in the brokers, at most the amount they use to make trades and keep their money in their own wallets, if it is a cryptocurrency, and inferior if it is. Up of banknotes.

The same user has already lost 610 thousand dollars

In that same post, the user reports that he has finally made a good move, reporting that his $650,000 portfolio in 2017 has only fallen to $40,000 in 2021.

As expected, the user was full of coins in his pocket, he reported that he put 400 thousand in the VERI cryptocurrency, and today it is 75% below the historical peak. If he had only been working with BTC since 2017, he would have already been a millionaire.

In addition, he also reported that he lost $40K in a Cloud mining scam. As mentioned earlier, despite being lucky to win $50,000 in one minute, this guy doesn’t seem to know how to measure the relationship between risk and return.