Serious financial disaster! Ruined YouTuber loses a colossal fortune of $1.000,000 in cryptocurrencies!

By Crypto4you23 | Cryptoanswers22 | 21 May 2023

Believing that the price of Bitcoin would drop this week, Korean YouTuber Satto lost nearly $1.000,000 live on air as Bitcoin surged to $26,000 on Tuesday (14).

According to data displayed on his screen, Satto entered a short position when Bitcoin was trading at $21,417, either on Sunday (12) or last Thursday (9).

His position seemed justified as several factors had pushed Bitcoin down to $20,000, and the banking crisis had not yet begun.

However, the YouTuber made the mistake of not using a stop loss, resulting in the complete loss of his invested amount.

Korean YouTuber Satto has already become a well-known figure in the market due to his multimillion-dollar losses in cryptocurrency trading.

For instance, last year he lost R$ 800,000 in a single trade while operating with high leverage.

On Tuesday (14), Satto lost even more money in the cryptocurrency market. Believing that the bulls would not break the $25,000 barrier, the YouTuber didn't even use a stop loss in his trade.

As seen in the video below, not only did the bulls break the $25,000 mark, but they also pushed the price above $26,000, liquidating the Korean trader's position of nearly R$ 5 million.

In response, the YouTuber simply brought his hand to his head, as if wanting to hide from his audience.

Despite the loss of millions, Satto remained calm, perhaps because he was already accustomed to losses of this magnitude.

As seen, Satto is a trader who enjoys leveraged trading.

Although the technique can be used to deposit fewer bitcoins in the exchange while keeping the rest in their wallet, the use of leverage can be dangerous.

After all, a 34% increase in Bitcoin over four days would liquidate leveraged positions in just three times.

The same applies to long positions, as proven by Satto's own past trades.

Therefore, such a volatile and aggressive market doesn't even require leverage to generate profits.

Lastly, the use of stop loss is also great to avoid complete liquidations like those experienced by the trader mentioned above.

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