Bitcoin Trader Lost $15 Million in Minutes After the Wall Street Crash

On November 5, a single trader lost 201 bitcoin, worth about $15.6 million, through eight successive liquidations as a sharp Wall Street selloff hit crypto markets. Liquidation is the automatic closing of a leveraged trade after losses outrun the collateral backing it. The blockchain tracking account Lookonchain recorded the forced closures amid heavy selling. The selloff included a nearly 5% intraday fall in the Nasdaq Composite. CoinGlass data showed 209,826 traders liquidated in 24 hours for $1.08 billion, with long positions accounting for $956 million.