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The trader faces losses amid the bounce back of the market, reopens short position.
According to BlockBeats, the trader known as @qwatio, often referred to as an 'insider trader', incurred a loss of $3.45 million during a market bounce back this morning. To avoid liquidation, the trader closed his short positions in Bitcoin (BTC) and XRP.
Shortly after closing these positions, @qwatio reopened a short position in XRP. The previous position was opened at $2.71, while the new position was opened at $2.85, with a liquidation price set at $2.91. This new position is only 2% away from the current market price.