In the high-stakes world of crypto, where fortunes are as volatile as a toddler’s mood, things took a nosedive this week. The market capitalization tanked by a jaw-dropping 12%, plummeting to around $3.1 trillion – and that’s just since yesterday! Remember back in mid-November when the crypto world didn’t resemble a dumpster fire? Yeah, good times. 🚒🔥
More than 700,000 traders found themselves liquidated faster than you can say “blockchain,” losing a staggering $2.2 billion in 24 hours. Naturally, people are taking it well and not at all crying into their digital wallets. 🤑💸
“Damn, I just realized that was the biggest liquidation event in the history of crypto,” commented Reflexivity Research co-founder Will Clemente, probably while sipping a very strong drink.
Altcoins Bleed Double Digits 😱
After months of riding high on the greed index, the heady optimism has evaporated. BTC crashed around 7.5%, dropping from just over $100,000 to an intraday low of $91,300 before limping back up to $93,000. Meanwhile, altcoins are strewn across the market battlefield. 🪖💥
Ethereum nosedived 25% below $2,400, its lowest since October, proving it’s not just for making NFTs of pixelated cats. Ripple‘s XRP got pummeled more than 26% in a heart-wrenching tumble to below $2, with a tiny recovery just to mess with our hopes. 📉😓
Solana returned to $180 after shedding 14%, Binance Coin fell 16% to $550, and Dogecoin – the beloved meme coin – plummeted 24%, barely holding on at $0.22. Cardano, Chainlink, Avalanche – well, let’s just say, it wasn’t pretty. Some lower-cap altcoins wiped out almost an entire year’s worth of gains in the time it took to make a cup of coffee. ☕💀
Trump’s War on Trade 🔥🌍
Just when you thought things couldn’t get weirder, Donald Trump’s trade tariffs on Canada, Mexico, and China came along to add fuel to the crypto bonfire. Global markets have been rattled, with US stock futures a particular shade of red and Asia bourses looking bleak. 🔴📉
“Bitcoin is mainly a risk asset. Tariffs this aggressive are very negative for risk assets. And the economy will take a hit,” commented economist Alex Krüger, who should probably consider becoming a fortune teller with that level of insight. 🧙♂️🔮
“The hope for crypto is that it has already dropped a lot in anticipation, considerably reducing the downside. Especially for altcoins, which have already been demolished – thanks for that glimmer of hope,” he added with a hint of sarcasm.
“I’m torn between the market putting a major local bottom on Monday or BTC re-testing the bottom of the range ($90k),” he mused, adding to the general atmosphere of confusion. Caroline Bowler, the big boss at BTC Markets, chimed in too: “Concerns about trade wars and stagflation, triggering recessions, are cascading across altcoins and Bitcoin,” she said, which is a fancy way of saying – it’s a mess out there. 💼💣
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2025-02-03 08:36