The bitcoin encounters serious difficulties, falls below 7000 dollars (1)

A massive bad bet on bitcoin futures has led to a trader not being able to cover his long-term losses on the Hong Kong Stock Exchange. And that points to everything wrong with the trading of futures on cryptocurrencies, which many experts fear.
In a statement by the exchange on Friday, it is clear that the trader's stake is worth $416 million. The exchange liquidated the position on Tuesday but failed to collect the amounts due from the trader in the price drop. Because of the case and social rules, the stock exchange will force traders with unrealized gains to lose 18% of them.
The stock exchange said only that the troubled position was opened on July 31 at 2am.
This case comes to remind traders and investors of the risks associated with trading in unregulated or poorly regulated markets. Such cases are almost impossible to become a reality on regulated markets on which stocks and bonds are traded.
Cryptographic platforms are subject to hacker attacks, market manipulations, and more. Their weak regulation is largely the basis of the ability to manipulate the cost of the bitcoin and the other cryptocurrencies.