Decentral Block Post

An anonymous Ethereum investor has lost more than $2 million trading Ether (ETH) since Sep. 9, 2022, on-chain data shows.

Buying Ethereum high, selling low

Spotted by on-chain monitoring resource Lookonchain, the "stupid money" trader spent $12.5 million in stablecoins to buy 7,135 ETH after it rallied 10% to $1,790 in September 2022. But a subsequent correction forced the trader to sell the entire stash for $10.51 million. 

As a result, the trader lost nearly $1.75 million. Interestingly, waiting and selling at today's price would have resulted in a smaller loss of $1.14 million.

The investor's trades reemerged in February as ETH price had risen by approximately 10%. Data shows that $7.65 million in ETH was acquired on Feb. 16, only to sell it eight hours later as ETH price dropped, resulting in a loss of another $324,000.

3 Ethereum investment lessons to learn

Traders can use such examples to learn from others' mistakes and reduce their investment risks with proven strategies. Let's take a look at some of the most basic tools that can help reduce losses. 

Bitcoin (BTC) can hit $10 million per coin or more as it eats 25% of the global wealth, new analysis has concluded.

In a blog post released on Feb. 16, fund manager and Bitcoin expert advisor Jesse Myers revealed his own “outrageous” BTC price target.

Myers: "Bitcoin could 500x over the coming decades"

Bitcoin may struggle with “brutal” volatility, but hodlers and critics alike should be in no doubt about its long-term price trajectory, Myers says.

Analyzing Bitcoin’s value proposition, he argues that Bitcoin’s ability to appreciate over time means that it is all but destined to suck in value from other asset classes.

Among other reasons, this is because an asset with such appreciation characteristics and increasing scarcity allows it to fulfill the role of “digital gold.”

USD Coin (USDC) issuer Circle plans to increase its workforce by 15-25% in 2023 amid a sea of layoffs across the industry, reported the Wall Street Journal.

At a time when a significant chunk of industry-wide firms is laying off staff to mitigate their financial woes, Circle has gone against the tide to hire more people.  

41% of all layoffs in 2023 came from the cryptocurrency industry. Major cryptocurrency firms that made significant employee cuts include Polygon, Chainalysis, Bittrex, Huobi, Crypto.com, Coinbase, Gemini, Genesis, and Wyre.

A major factor behind crypto companies reducing manpower was attributed to the prolonged crypto winter and a number of crypto implosions that wiped out billions from the balance sheets of numerous companies associated with them. However, the large-scale crypto industry layoffs were not in isolation. Around 48,000 people in January alone were let go from just four companies: Google, Amazon, Microsoft and Salesforce.

The decision to increase its workforce for Circle comes just months after canceling its public debut. Earlier in December, Circle mutually terminated its plans to go public with the special purpose acquisition company (SPAC) Concord Acquisition. The deal was announced in July 2021 with a preliminary valuation of $4.5 billion and was then amended in February 2022 when Circle’s valuation ballooned to $9 billion.