Brazilian investor accidentally buys Bitcoin at $20,000

Being a cryptocurrency trader definitely has its perks, but there are also a few so-called nightmares everybody is afraid of. For example, one Brazilian investor accidentally bought a small quantity of Bitcoin at a price closer to its all-time high, reached back in December 2017.

The trader placed an order for 0.0047 BTC and paid 340 Brazilian reals, which roughly translates to $91. At that moment, the amount was actually worth less than $15 on most exchanges, meaning that at the rate he bought it, the cost of one Bitcoin was $19,400 on his exchange of choice.

But how on Earth did this happen? Well, easy…

The man placed his order on TemBTC, a Brazil-based exchange, far from being one of the largest in the country. Apparently, he initiated a very large market order, which basically “cleaned” the platform’s otherwise thinly-traded order book. And he wasn’t the only one, as some records provided by TemBTC reveal that other traders bought Bitcoin at rates like $16,000, $13,000, or$10,000 before him, due to the same error.

According to the exchange’s founder, Renato Abreu, the order came from  “someone with little knowledge who issued a [large] market order,” leading to paying a ridiculous price, considering the current market conditions.

One’s mistake made an exchange big

And because there’s always something positive in ‘events’ like this one, we must admit that seeing some traders issuing large buy orders can be a good sign. Over the past year, we saw a lot of exchanges’ order books crashing over large sell orders, but this trend could really change over the coming months. In TemBTC’s case, which was recently acquired by a group that has the monopoly over Brazil-based exchanges, this was a huge image boost, not to mention that the overall trading volume went up with 10,000%, from just 1 BTC per day, as well as even 2000 BTC at one point.

Renato Abreu revealed that a few large players eventually joined his exchange, thus the ridiculously high trading volume. But can this turn Brazil into one key market for cryptocurrency? It remains to be seen…

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