{"id":3319,"date":"2023-08-18T18:00:00","date_gmt":"2023-08-18T18:00:00","guid":{"rendered":"https:\/\/coinnector.com\/unexpected-event-on-bybit-how-one-trader-made-millions-on-xrp\/"},"modified":"2023-08-18T22:01:45","modified_gmt":"2023-08-18T22:01:45","slug":"unexpected-event-on-bybit-how-one-trader-made-millions-on-xrp","status":"publish","type":"post","link":"https:\/\/coinnector.com\/en\/unexpected-event-on-bybit-how-one-trader-made-millions-on-xrp\/","title":{"rendered":"Unexpected event on Bybit – how one trader made millions on XRP"},"content":{"rendered":"\n
\"\"<\/figure>\n\n

August 18th, 2023 will go down in golden letters in the history of cryptocurrency markets. This was no ordinary moment – for one investor, it turned out to be a chance to make millions due to an incredible price difference in XRP.<\/h2>\n\n

While cryptocurrency markets are often associated with unpredictability and risk, they sometimes also offer unique opportunities. Such a situation took place on August 18, 2023, when the prices of derivatives based on XRP differed by an impressive 45%.<\/p>\n\n

A trader, hiding under the pseudonym @DefiSquared, considered one of the most successful investors on the Bybit exchange, shared the story of the unbelievable opportunity that befell him. In short, he managed to gain “seven figures” due to a mysterious disparity in XRP pairs on the Bybit platform. This created a perfect arbitrage opportunity, which this trader fully utilized.<\/p>\n\n

Although the discount window lasted briefly, just 10-20 minutes, the consequences were profound. The cause of such an event could have been large and unpredictable liquidations of XRP trader positions. As the trader explained, algorithmically assisted market makers encountered a shortage of XRP cryptocurrency needed for trading derivatives backed by the coin.<\/p>\n\n

At the same time, investors using USDT-backed contracts did not experience similar issues. Like most major altcoins, XRP also suffered from market panic. In a short time, the token dropped from $0.57 to $0.47, losing over 17.5% of its value.<\/p>\n\n

However, the most significant event of the day were the record liquidations accompanying the crisis in cryptocurrency markets. In total, as many as 175,252 traders were liquidated in the last 24 hours, with total losses equivalent to over 1.04 billion dollars. In the context of XRP, the total liquidation volume is estimated at 27.92 million dollars, of which almost 90% were long XRP bull positions. Of this amount, Bybit accounts for 7.8 million dollars, while Binance (BNB), the world’s largest cryptocurrency exchange, for 7.4 million dollars. It’s worth noting that the total cryptocurrency market capitalization dropped by 6% overnight.<\/p>\n\n

In light of the above events, it’s essential to stay alert and monitor the markets. Although cryptocurrencies are often associated with instability, for an experienced investor, they can be a source of incredible profits. However, always remember the risk and never invest more than you are prepared to lose.<\/p>\n","protected":false},"excerpt":{"rendered":"

August 18th, 2023 will go down in golden letters in the history of cryptocurrency markets. This was no ordinary moment – for one investor, it turned out to be a chance to make millions due to an incredible price difference in XRP.<\/p>\n","protected":false},"author":1,"featured_media":3313,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[40],"tags":[],"yoast_head":"\nUnexpected event on Bybit - how one trader made millions on XRP - Kryptowaluty bez tajemnic<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/coinnector.com\/en\/unexpected-event-on-bybit-how-one-trader-made-millions-on-xrp\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Unexpected event on Bybit - how one trader made millions on XRP - Kryptowaluty bez tajemnic\" \/>\n<meta property=\"og:description\" content=\"August 18th, 2023 will go down in golden letters in the history of cryptocurrency markets. 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