Crypto Carnage: $555M Wiped Out, Peter Brandt’s Sarcasm Hits Hard

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Ah, the crypto market—where fortunes are made, lost, and then laughed at by Peter Brandt. The past 24 hours? A bloodbath. $555 million evaporated in liquidations, and that’s not even counting Friday night’s tumble, which was less of a dip and more of a nosedive. 🎢

Most of the carnage? Long positions. Because, of course, everyone thought, “It’s been going up, so it’ll keep going up!” Buy the dip, they said. It’ll be fun, they said. Spoiler: It wasn’t. 😬

Bitcoin spot traders might shrug this off as just another Tuesday, but futures traders? They’re crying into their keyboards. CoinGlass data shows $555 million in liquidations, with only $68 million being shorts. The rest? Poor, unsuspecting longs. Bitcoin futures alone saw $105 million liquidated, and 90.4% of those were—you guessed it—longs. Ouch. 💥

But here’s the kicker: Bitcoin wasn’t even the biggest loser. Nope, that honor goes to the “Other” category, where smaller-cap cryptos got absolutely obliterated. 🪦

Now, traders are nervously eyeing Monday’s stock market open. Traditional finance hasn’t reacted yet, which means the crypto rollercoaster might just be warming up. Buckle up, folks. 🎢

Peter Brandt’s “Great Strategy”

Enter Peter Brandt, the trading world’s resident sarcasm king. A veteran since the 1970s, he dropped a gem at the perfect moment. His “great strategy”? Cut winners short and let losers run. Brilliant, right? 🙃

Of course, no serious trader would actually do this, which makes his comment less of a tip and more of a roast of the market’s recent antics. The crypto space is now in full reaction mode, trying to make sense of a market that’s about as predictable as a cat on caffeine. 🐱☕

One thing’s for sure: The next few days will reveal whether this is just a minor shake-up or the start of something much, much worse. Stay tuned. 🍿

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2025-02-02 17:58