Ah, the winds of change blow fiercely, my friends! The new US president, with all the grace of a bull in a china shop, has stirred the pot of geopolitical uncertainty, and lo! The crypto market, that wild beast, is always ready for a dance, even when the music is a dirge.
In a spectacular display of financial acrobatics, Bitcoin plummeted by a staggering ten grand in a single day, landing at a pitiful low of $91,500 (on Bitstamp, mind you). Meanwhile, the altcoins, those poor souls, were not spared; they were battered and bruised, suffering double-digit price drops that left a trail of liquidations worth billions. Talk about a party gone wrong! 🎉💔
According to the ever-watchful CryptoPotato, the calamity began on a fateful Sunday morning when BTC, that once-mighty titan, lost its grip on the coveted $100,000 mark. All thanks to our dear Trump, who decided to impose tariffs on China, Canada, and Mexico, prompting those countries to retaliate with the finesse of a toddler throwing a tantrum.
But wait! The crash was merely the opening act. BTC continued its descent, hovering around $97,000-$98,000, like a sad balloon at a forgotten birthday party.
Then came Monday morning, and the Asian trading session was as merciless as a hungry wolf. Bitcoin nosedived further to $91,500, marking its lowest point since the infamous January 13 massacre. A loss of over ten grand in just 24 hours? Now that’s what I call a dramatic exit! 🎭
And the carnage didn’t stop there! Since Friday’s high of over $106,000, BTC has shed a whopping $15,000. The altcoins, bless their hearts, were not left unscathed. With almost no altcoin escaping with a single-digit price drop—except for Solana, which only fell by a modest 8%—the rest were in freefall: ETH (-20%), XRP (-23%), BNB (-15%), DOGE (-24%), ADA (-25%), LINK (-21%), AVAX (-24%), and XLM (-20%). Billions of market cap vanished into thin air, like my hopes of winning the lottery! 💸✨
According to CoinGlass, the total value of wrecked positions during this financial apocalypse has skyrocketed to over $2.2 billion in just one day. Over 700,000 traders have been liquidated, with the largest single position on Binance involving the ETH/BTC pair, which has plummeted to a multi-year low, once worth over $25 million. Ouch! That’s gotta hurt! 😱
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2025-02-03 08:49