Ah, the crypto market-a tempestuous lover, fickle and unforgiving. On this dreary Thursday, its embrace turned icy, shedding over 4.2% of its warmth, now shivering at a mere $3.8 trillion. Bitcoin, once a proud stallion, stumbled, its hooves slipping 3% to a lowly $108,787, only to limp back to $109,693. A tragic ballet, no? 🩰
Ethereum, Solana, and Dogecoin-those darling altcoins-led the waltz of despair, plunging over 6%. The leveraged market, ever the drama queen, wept $1.13 billion in liquidations today. Oh, the humanity! 😱
Why the Crypto Gods Weep Today
The Long Squeeze: A Tragedy in Three Acts
Since Monday, $2.8 billion has vanished into the ether, mostly from long traders. A long squeeze, they call it-a bearish symphony where hope turns to ash. The market, once a garden of optimism, is now a graveyard of dreams. 🪦
Technical Headwinds: The Silent Assassin
For weeks, the crypto market has whispered its doom in charts and trends. Bitcoin, poor soul, has been trapped in a symmetrical falling trend for two months. A noose of numbers, tightening with each passing day. 📉
And as Bitcoin goes, so goes the herd. Gold, that ancient siren, has lured investors away, its parabolic rise a mocking laugh. 🏆
Sell-the-News: The Fed’s Cruel Joke
Ah, the Fed-that grand puppeteer. Its rate cut of 25 bps on September 17 was met with greed, not gratitude. Traders, ever the optimists, piled in, only to sell at the first hint of news. A classic sell-the-news farce, leaving the market in tatters. 🎭
What Lies Ahead? A Glimmer of Hope or More Despair?
Altseason: A Mirage or a Promise?
Benjamin Cowen, that sage of crypto, predicts more bloodletting for altcoins until October’s end. Bitcoin dominance, he says, will soar above 60%. But fear not, for November may bring the altcoin rally we crave, once Ethereum crowns itself with new highs. And with spot altcoin ETFs on the horizon, perhaps the winter of our discontent will turn to glorious summer. ☀️
Until then, hold tight, dear traders. The market is a fickle mistress, but she rewards the patient. Or so they say. 🤷♂️
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2025-09-25 23:33