Ah, Ethereum (ETH), that grand second fiddle in the orchestra of cryptocurrencies, has decided to take a nosedive into the abyss, reaching depths not seen in nearly five years! It’s as if it’s trying to remind us of the days when Bitcoin (BTC) was a mere whisper below $10,000. Yet, amidst this chaos, the Ethereum community clings to its dreams like a child to a tattered teddy bear, undeterred by the chorus of naysayers. 🎭
ETH/BTC Takes a 19% Plunge, Back to April 2020 Levels!
Today, on this fateful day of February 3, 2025, ETH/BTC has plummeted to a staggering low of 0.02389, which translates to a whopping 41.86 Ethers for a single Bitcoin! Talk about a bargain! 🤑
In a dramatic twist worthy of a soap opera, ETH/BTC took a nosedive from 0.029 to 0.02389 in less than 15 minutes, right around 5:00 a.m. (UTC). It’s the lowest this indicator has been since the dark days of April 2020. Who knew crypto could be so… theatrical?
To put this in perspective, we’re talking about levels reminiscent of a time when Bitcoin block rewards were a generous 12.5 Bitcoins per block, and the likes of Terra and FTX were still in their infancy, blissfully unaware of the storm brewing on the horizon. Back then, Bitcoin was valiantly trying to hold its ground between $6,000 and $8,000, like a toddler refusing to let go of their favorite toy.
In the past year, ETH/BTC has taken a 50% hit, while Bitcoin’s dominance has soared to over 63%, the highest since Q4 2021. It’s like watching a high school popularity contest, and guess who’s winning? Spoiler alert: it’s not Ethereum.
Today, as the cryptocurrency world crumbles like a poorly constructed sandcastle, Bitcoin has dipped to $92,000, while Ethereum has touched the disheartening figure of $2,450. In just 24 hours, a staggering $230 billion has evaporated from the cryptocurrency market. Poof! 💨
This, my friends, is one of the most gut-wrenching crypto plunges in history. Grab your popcorn! 🍿
$2.32 Billion: Liquidation Tsunami Hits!
The markets have been swept away by a wave of panic, triggered by whispers of potential new trading restrictions between the U.S., Canada, China, and Mexico. It’s like a bad game of telephone, and everyone’s losing their shirts!
In the last 24 hours, nearly 750,000 traders have been liquidated on crypto derivatives exchanges, according to CoinGlass data. They collectively lost over $2.32 billion, with the largest liquidation being a jaw-dropping $38.78 million BTCUSDT long on HTX. Ouch! 😱
The Cryptocurrency Fear and Greed Index has plummeted to a dismal 44/100, its worst since October 2024. In just a week, the sentiment has flipped from “Extreme Greed” to “Fear.” Talk about a mood swing!
As of now, some major assets have managed to claw back slightly: Bitcoin is trading at $95,400, while Solana (SOL) has bounced back above $200. But alas, Ethereum (ETH) and XRP remain in the deep red, like a bad hangover after a wild party. 🍷
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2025-02-03 15:47