Bitcoin Trader Liquidates $1.2 Billion Position After Significant Loss

Crypto trader James Wynn, known for his profitable trades, suffered a substantial loss of over $13 million on his long Bitcoin position. Wynn had predicted Bitcoin’s price to reach as high as $118,000 and was forced to liquidate his massive $1.2 billion holding following the cryptocurrency’s drop below $107,000. 47 minutes after this decision, he took a significant loss of over $13 million in profits from these positions, although he achieved notable gains on other Bitcoin trades over the last few days.