Let me talk about a friend of mine.

A few years ago, he kept asking me to help him trade cryptocurrencies. Based on the principle of not harming others, I always told him that this industry is filled with survivor bias. As a result, this year, I don't know where he learned it, but he registered on an exchange and started gambling on contracts.

As expected, in just two months, he lost all of his salary from the past year, about 200,000.

He works at a state-owned enterprise, with good benefits including five insurances and one housing fund, and a decent salary. He works 20 days a month and has 10 days off. After he lost his salary, I told him to stop playing, that gambling on contracts has no future, but he said he was unwilling to give up. I knew I couldn’t persuade him, so it ended there.

Then this afternoon, he posted this screenshot in the group, opening a short position of 50x on $ETH at 2992, and he is currently facing a loss of over 10,000. If it hits 3200, he will be liquidated. I quickly DM'd him, and it turns out it’s money he borrowed...

Do you guys think he will get liquidated this time?

From my market sense, I feel that this is clearly a rebound trend. Is the cryptocurrency world about to lose another genius trader?