Trump’s Crypto Push: Acquisition Talks with Bakkt and Coinbase Meeting

A cryptocurrency whale has grabbed attention by opening a massive $332 million short position on Bitcoin, entering at a price of $84,040, according to data from analytics platform Lookonchain. This daring trade, executed with an eye-watering 40X leverage, means the trader is borrowing 40 times their initial stake, heightening both potential rewards and risks. As of now, Bitcoin is trading at $83,945, showing a 2.3% drop over the past week, per CoinGecko data. The trader’s position teeters on the edge, facing liquidation if Bitcoin’s price rises to $85,000—a level uncomfortably close to its current value.

This isn’t the whale’s first rodeo; they previously netted an impressive $16.39 million in a single month on Hyperliquid, a decentralised perpetual trading platform, boasting a flawless streak of eight winning trades across two wallets. Yet, the current 40X leverage setup is a high-wire act. A mere 2.5% increase in Bitcoin’s price could erase the entire position, leaving the trader empty-handed. Conversely, the same leverage could deliver staggering profits if the market bends their way. Social media is rife with doubt, with one X user cautioning, “These kinds of players will lose everything,” underscoring the tightrope this trader walks.

The wider crypto landscape offers little reassurance. CoinGlass reports that $94 million in crypto positions have been liquidated in the last 24 hours, with short positions making up $49 million of the total. The largest single liquidation, worth $582,130, hit on Binance with the BTC/USDT pair. Over the same period, more than 65,000 traders have been wiped out, with Binance accounting for 38.79% of the total losses. As Bitcoin whales snap up 5,000 BTC this March, per recent updates, the market braces for volatility that could either cement this trader’s brilliance or turn them into a stark warning for others.

President-elect Donald Trump is deepening his involvement in cryptocurrency, making waves in the digital asset space with bold moves. Trump Media & Technology is reportedly in advanced talks to acquire Bakkt, a crypto trading and brokerage platform, signaling the administration’s focus on digital assets.