Well now, gather ’round, folks, for the tale of Bitcoin, that fickle friend of ours, who just yesterday was prancing about at a sprightly $99,500, only to tumble down the rabbit hole to a dismal $90,000. Why, it’s lost more than a cat in a dog show since Friday! 🐱🐶
And lo and behold, the liquidations are rising faster than a hot air balloon at a county fair, crossing the $1 billion threshold like it was a Sunday stroll. Naturally, the long positions are leading the charge, bless their optimistic little hearts. 💔
Now, let us not forget the joyous occasion last Friday when Bitcoin was riding high, buoyed by some good news from Coinbase about their tussle with the SEC. It was a sight to behold, like a rooster crowing at dawn! 🌅
But, as fate would have it, calamity struck with the largest hack in the history of cryptocurrency, where a staggering $1.4 billion—mostly in ETH—was whisked away from Bybit faster than a thief in the night. 🏃♂️💨
BTC, like a startled deer, reacted with a swift drop to $95,000. After a weekend of calm, where it lounged comfortably above $96,000, it took another little tumble on Monday, slipping to $94,000. Oh, the drama! 🎭
But the bears, those crafty creatures, weren’t finished yet. They decided to give Bitcoin another hearty shove downwards on Tuesday morning, sending it to a six-week low of just over $90,000. That’s a loss of over $9,000 since Friday, but fear not, for many analysts are as unfazed as a cat in a room full of rocking chairs. 🐾
As for the altcoins, well, they’re having a rougher time than a one-legged man in a butt-kicking contest. Double-digit declines are the order of the day for ETH, DOGE, SOL, LINK, ADA, XRP, XLM, AVAX, LTC, and a whole host of others. It’s a veritable bloodbath! 🩸
This delightful volatility has led to a staggering daily liquidation value, now just over $1 billion. A whopping $950 million of that came from long positions, while the biggest liquidation on Binance was a jaw-dropping $15 million. Talk about a bad day at the office! 💼
In the past day alone, over 310,000 traders have been wrecked, according to the wise folks at CoinGlass. It’s enough to make a grown man weep! 😢
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2025-02-25 10:29