Crypto Market Crash Sends Bitcoin Price Under $80K, Altcoins Crash Harder

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CRYPTO MARKET CRASH: IT’S ALL GOING DOWN, FOLKS! 🚨💸

Crypto Market Crash Sends <a href="https://jpyxx.com/btc-usd/">Bitcoin</a> Price Under $80K, Altcoins Crash Harder

Well, well, well! Look who’s having a meltdown! 🤣 Bitcoin price took a big ol’ dip under $80,000 earlier today, and let me tell you, it’s been a wild ride! 🎢 Top altcoins like Ethereum (ETH), XRP, Solana (SOL), and Dogecoin (DOGE) are all crashing and burning, with some of them losing up to 8% in this market fall. It’s like a crypto apocalypse out there! 🌪️

Crypto Market Crash Erases $900 Billion

So, what’s behind this crypto market crash, you ask? 🤔 Well, it all started when US President Donald Trump kicked off the trade war on January 20. And let me tell you, it’s been a real doozy! 🎉 The crypto market cap has dropped from $3.7 trillion to $2.8 trillion in just over a month. That’s like, a whole lotta money, folks! 💸

Now, I know what you’re thinking: “Mel, what about the chart?” 📊 Ah, the chart! It’s like a rollercoaster ride, folks! 🎠 Bitcoin price is down more than 21% after facing rejection at $106K levels. And let me tell you, it’s not looking good for the little guy! 😬

Gold Takes the Limelight Over Bitcoin

But wait, there’s more! 🎉 Gold is taking the limelight over Bitcoin, folks! 🏆 It’s like the yellow metal is saying, “Hey, I’m the real deal!” 💃 And with good reason, too! Gold prices have surged by more than 50% over the past 12 months, achieving their best annual performance in over a decade. That’s like, a whole lotta gold, folks! 💎

Now, I know what you’re thinking: “Mel, what about the ETFs?” 🤔 Ah, the ETFs! They’re like the crypto market’s best friends! 🤝 Last week, Gold ETFs purchased an impressive 52 tonnes of the metal, marking the highest weekly inflow since July 2020. That’s like, a whole lotta gold, folks! 💥

How Low Can Bitcoin Price Fall?

But wait, there’s more! 🎉 Crypto analyst Justin Bennett is saying that Bitcoin may be on track to close the $77,360 CME gap from November, potentially aligning with the September 2023 trendline. And let me tell you, folks, it’s not looking good for the little guy! 😬

“For Bitcoin to avoid a bearish outlook, it would need a miraculous February close above $92,000,” Bennett stated. However, he added, “The odds aren’t looking good.” Ah, the odds are never looking good, folks! 🤣

And what about BitMEX CEO Arthur Hayes? 🤔 He’s saying that we’re making lower lows in this current wave. And let me tell you, folks, it’s like he’s speaking straight to your wallet! 💸

But don’t worry, folks! CryptoQuant CEO is still saying that the Bitcoin bull run hasn’t ended, and it’s very unlikely that the Bitcoin price will fall under $77,000. Ah, yeah, sure, buddy! 😂

Ethereum (ETH) Leads Altcoins Crash to $2,100

Ethereum has been leading the altcoins market crash, dropping an additional 8% today and moving all the way to $2,100. And let me tell you, folks, it’s like the whole crypto market is one big, happy family! 🤣

Apart from ETH, some of the other top altcoins have also lost anywhere between 8-10%. XRP price has crashed 8% today, moving all the way to $2.0. Solana (SOL) also dropped by 8% to $126 levels, with dogecoin (DOGE), Cardano (ADA) seeing correction of a similar magnitude losing crucial support levels. It’s like a big, happy party! 🎉

In today’s crypto market crash, the overall crypto market liquidation has soared to more than $860 million as per Coinglass data. Of the total liquidations, $707 million has been in long liquidations alone. Ah, yeah, that’s a whole lotta liquidation, folks! 💸

Crypto Market Faces Major Liquidity Crisis

Tight liquidity conditions in the market have been the key reason behind the steep fall in the crypto market recently. And let me tell you, folks, it’s like the whole crypto market is one big, happy family! 🤣 Of the total monthly market correction, $760 billion have been eroded just within the last 60 hours, noted The Kobeissi Letter, in the absence of liquidity. That’s like, a whole lotta liquidity, folks! 💧

Much of the global liquidity is finding its way back into the US Dollar during ongoing trade tensions. And let me tell you, folks, it’s like the US Dollar is saying, “Hey, I’m the real deal!” 💃 Often seen as the “safest risky asset,” the USD benefits from its reputation as one of the world’s most stable currencies. That’s like, a whole lotta stability, folks! 🙌

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2025-02-28 08:47