Boom or Bust: Crypto Whales Grapple with Market Chaos

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The last few days, and especially the last few hours, on the crypto market have been one hairy roller coaster ride, with total liquidations in margin positions amounting to a whopping $880 million. Isn’t that just 🤢 ? And of course, the majority of this sum is, of course, long bets, which amounted to a massive $808.74 million, or 91.8%. ouch.

The biggest hit was, as expected, the heavyweight champ, Bitcoin, as the leading cryptocurrency’s imbalance between long and short liquidation in the perpetual futures market rose to a staggering 1,680%. Imagine, just $15 million of shorts on BTC have been liquidated in the last 24 hours. That’s equivalent to a ton of bricks falling on your head. 💥

In the midst of this crypto bloodbath, everyone’s eyes are glued to price charts and eager to know what the influencers have to say about the current state of the currency market. 😬

Enter Raoul Pal, the enthusiastic proponent of the “Banana Zone,” a concept that has made waves in the crypto space. Pal is confidently proclaiming that the ongoing market turmoil is nothing more than “noise.” 📢

So what is this ‘noise’? 🤔

Pal’s noise words could be referring to the emergence of Deepseek, a new China-based competition to ChatGPT. Deepseek, it seems, can do the same job but for a fraction of the cost. Some say this development sparked the recent stock market chaos, with Nvidia shares and the NASDAQ taking a massive hit. 📉

I dont deal in short time frames.

— Raoul Pal (@RaoulGMI) January 27, 2025

According to Pal, what happened in the crypto market was just a minor blip in the long-term road to success. ✨ He urges us to stay calm and, grabbing the bull by the horns, buy the dip. 🐂🪨 However, he reminds us, don’t mess it up.

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2025-01-27 17:47