A Brazilian crypto trader found himself buying Bitcoin at a rate that was last seen in Dec 2017 when the price of BTC shot to almost $20K.

From an excerpt of the order book, the trader paid approximately 90 U.S dollars for 0.0047 Bitcoin (BTC). However, at the time of purchase, the same amount of Bitcoin was worth 15 U.S dollars on other exchanges.

This shows that the Brazilian crypto trader paid roughly 500 percent more. if the trader was to buy a full Bitcoin, then the price would have ranged between $19,000 and $19,600K.

The Brazilian crypto

trader was using a local exchange, TemBTC. In a phone conversation with a local

news outlet, Portal do Bitcoin, the exchange’s founder indicated that the

trader “was probably someone with little knowledge and who carried out the

order to market.”

From the exchange’s order book, it was established that other traders had acquired Bitcoin at the rate of between $10,000K and $16,000K before the Brazilian crypto trader mistakenly paid the huge premium.

According to Portal do

Bitcoin:

One possible explanation why this happened is that the user made a large market buy order that, due to the exchange’s lack of liquidity, eventually reached stratospheric value.

The Brazilian crypto trader’s mistake comes just as the crypto market is slowly pulling out of the bearish forces which have been plaguing the crypto market since 2018.

In the recent past, the

Brazilian cryptocurrency market has been growing but not without cases of

crypto platforms and banks colliding on whether to offer banking services. As reported

by CLN, the newly elected Brazilian president has proposed a crypto proponent

to head the country’s central bank.

Do you think the

Brazilian crypto trader represents a large number of traders who have been

making losses due to a lack of trading information?

Let us know your thoughts

in the comments section below.