💰🚀The Day Crypto Traders Cried: $2B Liquidation Fiasco! 😱

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Oh boy, folks, gather ’round for a tale of woe and crypto chaos! 🌪️ Data reveals the crypto world took a massive hit, with liquidations soaring past the $2B mark after Bitcoin and its altcoin pals went on a wild rollercoaster ride. 🎢

The Great Crypto Derivatives Debacle 🙈

Per CoinGlass, our trusty source of crypto drama, derivatives platforms saw a frenzy of forced closures on crypto contracts. When we say “liquidation,” we’re talking about exchanges pulling the plug on contracts that’ve lost more than they bargained for. 💩

Now, what fuels these liquidations? Volatility, for starters. When assets bounce around like ping-pong balls, predicting their moves becomes a guessing game. 🏓 And then there’s leverage – the double-edged sword that multiplies profits and losses alike. 🗡️

Here’s where things get interesting: crypto coins love to party with volatility, and speculation runs wild. Cue the regular mass liquidation events, aka “squeezes.” 🦨

Bitcoin and friends had quite the price swing, so seeing another derivatives market squeeze was as predictable as a cat chasing a laser pointer. 🐱✨

Behold the carnage! In just 24 hours, liquidations piled up to a staggering $2.32B. That’s enough to buy a small island… or several thousand pizzas. 🌴🍕

Long holders bore the brunt, with $1.93B evaporating into thin air. That’s 83% of the total, folks! Meanwhile, shorts didn’t escape unscathed, with $387M of their positions getting the axe during Bitcoin’s brief rebound. 📈🔪

And here’s a plot twist: Ethereum, not Bitcoin, led the liquidation parade with $613M in contracts flushed down the drain. Seems ETH took a bigger nosedive, losing about 16% in value. 🤯

Amidst the chaos, Bitcoin managed to claw back some dignity, bouncing from a low of $92K to hover around $95,300. 🐾

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2025-02-03 19:43