Oh, wretched fate! The noble Bitcoin (BTC), the monarch of digital currencies, hath been beset by tempests most foul. Its value, once aspiring to touch the heavens at $100,000, now lies prostrate, a victim of volatility’s cruel jest.
Long positions, alas, bear the brunt
In a morbid spectacle, BTC’s total liquidation reached $161.96 million. The long position traders, those hopeful souls who dreamt of ascending the green candlestick charts, found themselves cast into the abyss of despair, with $92.12 million in liquidations. Short position traders, ever the skeptics, were somewhat spared, losing $69.84 million. Such is the irony of fate!
As BTC stumbled in its ascent, it dragged down its brethren. Ethereum (ETH), XRP, Dogecoin (DOGE), and Solana (SOL) joined the funeral procession, contributing to the grand total of $527 million in liquidations.
ETH, the prince of altcoins, shed tears worth $109.23 million, with long position traders mourning $57.47 million and short traders lamenting $51.76 million. XRP, the jester of the crypto court, lost $29.22 million, with long position traders facing the jesters’ cap and bells, losing $16.70 million, while short position traders escaped with $12.52 million.
DOGE, the court’s mascot, continued the tradition of long position traders suffering more liquidations than short-position traders, with $15.34 million against $11.36 million, a cumulative loss of $26.70 million. Solana, the young knight, saw an imbalance in its liquidation, with short-position traders losing $13.01 million and long position traders shedding $10.85 million, a total of $23.87 million in sorrow.
BTC seeks solace, but storms loom on the horizon
At the time of this chronicling, BTC’s price has rallied, like a wounded warrior seeking respite, trading at $98,835.08, up 4.01% in 24 hours. Yet, its trading volume has dwindled by 21.4% to $79.92 billion, a sign of caution and fear.
Raoul Pal, the wise seer and CEO of Real Vision, counseled the crypto community to prepare for further calamities before BTC reaches its zenith. He foretold that BTC could plummet to $70,000 but urged investors to remain steadfast, for even in the darkest hour, dawn approaches.
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2025-02-04 15:18