🚨 Crypto Crash: Is Your Wallet Crying Yet? 💸
So, remember last week when we thought the crypto market was finally getting its act together? Well, surprise! It’s like that friend who promises to show up on time but then ghost you. Bitcoin (BTC) is leading the charge into the abyss, and in the last 24 hours, the crypto market has taken a nosedive, with a whopping $1 billion in forced liquidations. Spoiler alert: most of those were long traders. Ouch! 😬
As the Western financial markets open on Monday, brace yourselves for more losses. It’s like watching a slow-motion train wreck, but with more digital coins and fewer snacks. Meanwhile, the Asian markets are setting a bearish mood, and let’s just say, the fear of further capitulation is thicker than my Aunt Linda’s Thanksgiving gravy. 🍂
Also Read: Crypto Crashing Today: Chinese Stock Market, Nasdaq, Hang Seng Index, Nifty 50 Plunge (because who doesn’t love a good market meltdown?)
Major Forces Behind Today’s Crypto Selloff
Trade War Fears
Bitcoin is leading the altcoin market—think Ethereum (ETH) and XRP—on a dramatic drop, all thanks to trade war fears. It’s like a bad episode of “Survivor,” where China retaliated with tariffs, and now everyone’s throwing shade. The European Union and Japan are expected to join the party this week, and not the fun kind of party. 🎉
As a result, crypto investors are cashing out faster than I cash out on my gym membership. Some traders are taking massive hits, and technical analysis suggests we’re not done dropping yet. Buckle up, folks!
Liquidation of Overleveraged Positions
In the last 24 hours, the crypto market saw a forced liquidation of about $1.01 billion. That’s right, billion with a “B.” Long trades accounted for around $868 million of that. Over 323,000 traders are feeling the burn, including some whale investors. It’s like a long squeeze party, and everyone’s invited—except for profits. 🥳
Bearish Technical Setup
The crypto market has been stuck in a bearish rut since the second inauguration of U.S. President Donald Trump. Bitcoin is eyeing a macro reversal pattern, aiming for around $60k next. It’s like watching a soap opera, but with more drama and fewer commercial breaks.
“When I started trading, we created our own charts from graph paper? And you wonder why my generation still uses white backgrounds? If the young guns of today had started then, would they have used black paper with white, green, and red ink pens? BTW, $54k is a 50% retrace in $BTC”
— Peter Brandt (@PeterLBrandt) April 6, 2025
Ethereum has already dipped below a weekly rising logarithmic trend established in late 2023. So, yeah, the bearish sentiment is winning, and institutional investors are about as interested as I am in a kale smoothie. 🥴
Meanwhile, XRP has slipped below the crucial support level of $1.9 and is now trading at about $1.77. It’s like watching your favorite team lose in the finals—just heartbreaking. More bearish sentiment for XRP is likely to continue, so grab your tissues!
Macroeconomic Concerns
The crypto market is reacting to macroeconomic concerns like a cat to a cucumber. With ongoing global trade wars, the odds of a recession in the U.S. are rising faster than my blood pressure during tax season. Economists are predicting inflation, and let’s just say, it’s not looking pretty. 😱
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2025-04-07 09:09