The first-ever World Series of Trading (WSOT) took place last month, the largest cryptocurrency trading event in the world. The series finished up on August 31 and saw several teams competing to be the very first to finish at the top of the list. Mike McDonald, a well-known poker pro, took part in a team of the event, being a standout performer in the series.
Details of the Series
In the trading competition, those participating are ranked based on their profit/loss ratio. Competitors used Bybit, a trading platform based in Singapore to compete. The team led by McDonald was able to claim a third-place finish in the competition.
After the event was over, McDonald spoke about the experience, stating that several skills are needed to be able to trade crypto as well as play poker. He commented that many poker players are good at making decisions about finances while removing emotions. This is a skill that works well in trading too.
Just like in poker, the trader must be able to make smart decisions when it comes to cryptocurrency trading. McDonald pointed out that sometimes prices may drop dramatically or hit the roof and you must be able to act accordingly.
The new WSOT was quite popular among contestants, with 135 teams competing. A total of 12,368 people participated. The event generated a total prize pool of $1.27 million in cryptocurrency. The top ten teams received a payout.
Because of its success, the World Series of Trading Cryptocurrency will return next year. There are plans to host the event two times a year.