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Xinmei Shen

Chinese cryptocurrency traders are bemoaning their losses after the biggest price gyrations in years, as Monday’s bounce in bitcoin’s prices above US$114,000 brought relief to some traders after last week’s massive sell-off.
The crypto crash on Friday, which wiped out US$19 billion with more than 1.6 million traders liquidated, became the second most searched topic on Weibo briefly on Monday morning, as many Chinese crypto investors took to social media to mourn their losses.
“From hundreds of thousands to millions to zero in a few days, my crypto life is over,” one user wrote on Xiaohongshu on Sunday.
Others cautioned people against trading in crypto futures contracts, which allow traders to make leveraged bets on digital asset prices at a specific time in the future. Exchanges would forcibly sell a trader’s leveraged positions when their losses approach the amount of their initial investment, a mechanism known as liquidation.
“Plan to buy an electric bike to deliver food and survive first,” another Xiaohongshu user wrote on Sunday. “Hope people see this as a lesson and stay away from the futures trap.”
The plunge in cryptocurrency prices last week followed the latest escalation of the US-China trade war, as US President Donald Trump announced an additional 100 per cent tariff on China and export controls for software. Crypto analytics firm Coinglass called the sell-off “the largest liquidation event in crypto history”.
Nasdaq sank 3.56 per cent on Friday following Trump’s statement, while the S&P 500 fell 2.71 per cent.
The market rout also saw USDe, one of the largest US dollar stablecoins, briefly lose its US dollar peg on Saturday on Binance, the world’s biggest cryptocurrency exchange.
While technical glitches contributed to the token’s de-pegging issues, such volatility was largely driven by overall market conditions, Binance said in a statement. It added that the company “had completed compensation for affected users within 24 hours”.
Last week’s rout marked one of the most violent price swings seen by the crypto sector this year, with bitcoin reaching an all-time high of more than US$126,000 on October 6 before falling below US$110,000 on Friday.
Bitcoin bounced back above US$114,000 on Monday. The world’s largest cryptocurrency token has climbed 83 per cent from a year ago and has gained 23 per cent since the beginning of this year.


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Bitcoin bounced back above US$114,000 on Monday. Photo: Shutterstock Images

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Bitcoin, which reached a fresh all-time high of more than US$125,000 earlier this week, hovered below US$113,000 as of Friday night in New York. Photo: Shutterstock

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Tech Trends

Exchanges will forcibly sell a trader’s leveraged positions if their losses approach the amount of their initial investment


Exchanges will forcibly sell a trader’s leveraged positions if their losses approach the amount of their initial investment.


‘My crypto life is over’: US$19 billion sell-off triggers angst on Chinese social media

.css-1c6uqr6{color:inherit;font-weight:inherit;font-size:inherit;font-family:inherit;line-height:inherit;overflow-wrap:break-word;}Exchanges will forcibly sell a trader’s leveraged positions if their losses approach the amount of their initial investment

Exchanges will forcibly sell a trader’s leveraged positions if their losses approach the amount of their initial investment