Crypto Chaos: $279 Million Liquidated, Altcoins in a Dreadful Dilemma! 💸

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Oh, darling, brace yourself! A staggering $279 million has been unceremoniously liquidated from the cryptocurrency market, leaving traders gasping for air. According to the ever-reliable CoinGlass, our dear altcoins have taken quite the beating in the last 24 hours, particularly those long-position traders who seem to have misplaced their sense of direction.

Crypto Liquidations: A Dreadful Outlook for Altcoins

Now, let’s turn our attention to the three unfortunate souls in the spotlight: Solana (SOL), XRP, and the ever-charming Dogecoin (DOGE). These poor darlings have been the victims of significant liquidations, and it’s not pretty.

Solana, bless its heart, has seen a total liquidation of $37.11 million, with a staggering $31.01 million disappearing from long-position traders. Meanwhile, those who dared to bet against SOL only lost a mere $6.10 million—oh, the irony! 🎭

XRP, in a tragic twist of fate, has mirrored Solana’s misfortune. With a total liquidation of $10.71 million, long-position traders have lost a whopping $8.36 million, while their short-position counterparts only shed $2.35 million. It’s almost as if the universe is having a laugh at their expense!

And let’s not forget our beloved DOGE, the meme coin that just can’t catch a break. With a total liquidation of $8.51 million, long-position traders have wiped out $6.94 million, while the shorts managed to clear a paltry $1.57 million. It’s a dog-eat-dog world out there! 🐶

In a rather amusing turn of events, all three assets have seen their prices tumble in the last 24 hours, providing the perfect backdrop for this financial drama. And despite the incessant chatter about exchange-traded funds (ETFs) for XRP and Solana, it seems price stability is still a distant dream.

Bitcoin Resistance: The Uninvited Guest of Market Uncertainty

Now, let’s talk about the real culprit behind this chaos: Bitcoin. Over 85% of these liquidations have occurred on four crypto exchanges: Binance, Bybit, OKX, and Gate.io. Binance takes the cake with a staggering 38.67%, or $104.03 million. Bybit, OKX, and Gate.io follow suit with $50.18 million, $49.59 million, and $31.24 million, respectively. Quite the soirée, wouldn’t you say?

Experts, those ever-optimistic souls, suggest that these altcoins have suffered such severe liquidations due to Bitcoin’s stubborn price resistance. Since February 3, when Bitcoin dipped below the $100,000 mark, it has been playing hard to get, refusing to breach that psychological barrier. And as reported by U.Today, some key indicators suggest Bitcoin could plummet to a mere $80,000. Oh, the drama! 🎢

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2025-02-18 16:49