Published
4 years ago on
February 17, 2020
- The XRP/USD Perpetual Quanto Swap Contract is one of the newest products on the BitMEX platform.
- However, near the end of last week, it lost more than half of its value almost instantly. The assets took a massive dip down to $0.14 in just a five-minute candle.
The XRP/USD Perpetual Quanto Swap Contract is one of the newest products on the BitMEX platform. However, near the end of last week, it lost more than half of its value almost instantly. The assets took a massive dip down to $0.14 in just a five-minute candle.
The unexpected downtrend liquidated hundreds of traders on the platform. Many of them took to social media to express their feelings and frustration over the crypto derivatives trading platform causing such a thing. One trader even went on to say that this stop loss failed to trigger which liquidated all cryptocurrency holdings. Despite this, BitMEX won’t be compensating him for his losses.
When trading derivatives like the XRP/USD Perpetual Quanto Swap Contract, you’re trading on leverage. This would mean that your earnings are doubled if the trade works in your favour but the risk is that you can lose all of your holdings very quickly if the trade goes sour.
Before the crash of XRP/USD on the BitMEX exchange on Thursday, it looks like things were looking up for the asset.
Many accounts were liquidated and stops failed to execute on the platform. Many traders lost everything they had on the BitMEX platform with some of them taking to Twitter to say the following:
WTF. FUCK YOU BITMEX. This is really not okay! My stop didn´t trigger and my entire bitmex account is fucking gone. Fuck you! pic.twitter.com/WHXbJoiTvL
— Marc de Koning (@Koning_Marc) February 13, 2020
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