The famous Bitfinex trader or the Bitfinex whale aka “Joe007” is a popular figure in the crypto community.

His fame spread after he had previously traded on margin trading platform Bitfinex and lost $25 million.

To return this time to the headlines of crypto news, but this time with a profit of 7 million dollars.

The famous Bitfinex trader managed to turn a loss of $25 million into a profit of over $7 million and get out of the sinking unscathed.

Bitcoin price has been on a downtrend since June 2019, but yesterday’s sudden rally put an end to months of decline and could send the leading cryptocurrency back on an upward path.

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Yesterday, Bitcoin broke the $8000 threshold, before it calmed down a bit, to rise again, and its price at the time of writing this topic reached $8300.

Bitcoin was able to break out of the weekly resistance at $7,500, and a close above it on Sunday could give traders confidence in the upside in the coming weeks.

The recent rise in the price of Bitcoin has made the popular Bitfinex trader return to profit, after spending weeks losing up to $25 million.

After the huge rise in the price of Bitcoin, the position of this famous trader turned positive after his profit increased by about 7 million dollars in profits after the unrealized losses.

It is worth noting that this trader did not close his long positions like many other traders who are expecting more upside in the bitcoin price.

If the bitcoin price goes back down, this trader’s positions may be at risk of liquidation.

However, Bitfinex offers lower levels of margin trading to traders compared to BitMEX which offers up to 100x, so the price will likely drop too low in order to cause the whales to liquidate their long positions.

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Profit and loss remain unrealized until the loss or profit is achieved as determined, which explains why this trader was able to go up to a loss of $25 million, and come out again with a profit of $7 million.

Joe007 has used this to his advantage, leaving his site a loser and waiting for Bitcoin to do better.

Finally, the famous Bitfinex whale was not only enjoying fanfare for its bold trading tactics, but many believe that this whale and its ilk partially pulled Bitcoin out of the depths of the downtrend.

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