Satto, a Korean streamer, rose to fame by livestreaming a new, appealing category, instead of the usual gaming or chatting, he chose cryptocurrency investment. The streamer, in particular, livestreams placing future orders on cryptocurrency exchanges with high leverage on a regular basis.
Futures, or “future,” are when investors borrow a particular amount of money from an exchange in order to anticipate whether the price of a coin will increase or decrease. Long (predicting an increase in price) and Short (predicting a decline in price) orders will be placed in the future.
The cryptocurrencies market has been heading downward in recent days. The price of Bitcoin has dropped from over 46,000 USD/BTC at the beginning of April to around 39,500 USD (the morning of April 12).
Despite the fact that BTC is still in the red, Satto believes that the flagship cryptocurrency’s price will increase. As a result, this streamer has been placing Long orders since the afternoon of April 11th.
The streamer is constantly placing long orders for millions of dollars. It’s worth noting that all of his orders have exceptionally high leverage, which is regarded incredibly dangerous for high-value orders.
The livestream reached its peak when he used 25X leverage to place an order worth 240 BTC, or $10 million USD. The cost of entry is $41,666 and the cost of liquidation is $40,208. Satto stared at the screen for several hours, observing every movement of the candles. His fans must be anxious to see whether he would win big or not.
The streamer continued to put a Long order of over 5 million USD with leverage… 80X, determined to go hard or go home. Satto, perhaps still depressed from the previous results, turned away from the chart and sat down on the couch, dialing the phone.
Satto was so depressed that he steamed his chair and looked at the phone.
However, this did not improve the situation, and his order was still liquidated. Satto’s crestfallen expression after losing tens of millions of dollars in a matter of hours.
The majority of people express their condolences to Satto in the comments section. Many individuals, however, were enraged by this streamer’s trading style, which they described as “throwing money out the window.”