Crypto millionaire James Wynn stated that the recent downturn in the cryptocurrency market is nearing its end, despite facing significant financial losses.
Wynn's Recent Losses
Wynn lost over $22,000 on a 10x leveraged position in Dogecoin when prices fell, leading to the liquidation of his position. Earlier, on May 30, he also suffered a $100 million loss due to the liquidation of his Bitcoin bet. Wynn blames a 'cabal' of market makers for targeting his liquidation levels.
Issues in Memecoin Markets
James Wynn has also faced losses in the memecoin markets, including over $1 million lost on a Pepe position originally valued at $11.2 million. He accused the 'memecoin cabal' of manipulative practices, stating there were 'pump-and-dump' schemes.
Expectations for Market Recovery
Despite his losses, Wynn insists that the broader market correction is nearing its end. He argues that the forced liquidations of leveraged traders, including himself, are signs of a bottoming process.
James Wynn's perspective reflects his confidence that the current challenges in the cryptocurrency market may signal an upcoming recovery.
