In the ever-turbulent realm of cryptocurrency, one finds the market to be as fickle as a young lady’s affections. Just recently, the illustrious Bitcoin did momentarily ascend to the lofty heights of $100,000, only to descend with all the grace of a clumsy suitor, settling back at a rather pedestrian $98,436, following a brief intermission in the imposition of tariffs by the United States upon its neighbors, Mexico and Canada. How delightful! 🎩
On the fateful Monday, our esteemed President, Mr. Donald Trump, did announce a one-month reprieve from these tariffs after engaging in discourse with the leaders of the aforementioned nations—an act of diplomacy that was as timely as it was unexpected. Alas, this news did momentarily buoy Bitcoin’s spirits, but such joy was fleeting, as the ominous clouds of bearish sentiment soon returned, leading to yet another wave of liquidations. How very dramatic! 🎭
Traders Suffer a Most Unfortunate Loss of Nearly $600M
On the Tuesday that followed, the market’s turbulence did indeed trigger fresh liquidations amounting to a staggering $545.59 million, affecting nearly 195,000 traders. The data from CoinGlass reveals that those who dared to take long positions bore the brunt of this calamity, suffering losses of $310.33 million, whilst the short sellers, not to be outdone, lost a respectable $233.69 million. A veritable tragedy! 😩
The principal culprits of this liquidation debacle were none other than Bitcoin,
$98,872, with a 24-hour volatility of 3.6% and a market cap of $1.96 trillion, Ethereum,
$2,743, boasting a 24-hour volatility of 5.5% and a market cap of $330.75 billion, and the ever-quirky Dogecoin,
$0.27, with a 24-hour volatility of 3.6% and a market cap of $39.67 billion, which collectively accounted for losses of $163.29 million, $117.13 million, and $29.56 million, respectively. Quite the financial opera! 🎶
This latest round of misfortune follows closely on the heels of a previous bloodbath, wherein the crypto market did erase over $2.24 billion, igniting widespread concern among investors. One might say it was a most unfortunate turn of events! 😱
Bybit CEO Proclaims Liquidations May Be Even Graver
As the market grapples with this liquidation crisis, the esteemed CEO of Bybit, Mr. Ben Zhou, has suggested that the actual losses may be far more substantial than those reported. He has taken it upon himself to dispute CoinGlass’ estimates, revealing that Bybit alone suffered a staggering $2.1 billion in liquidations—far exceeding the $333 million originally cited. How very generous of him to share! 🙄
“I am afraid that today real total liquidation is a lot more than $2B, by my estimation it should be at least around $8-10b. FYI, Bybit 24hr liquidation alone was $2.1B, As you can see in below screenshot, Bybit 24hr liquidations recorded on Coinglass was around $333m, however…”
— Ben Zhou (@benbybit) February 3, 2025
Mr. Zhou attributed this discrepancy to the limitations of APIs on crypto exchanges, explaining that platforms do indeed restrict the amount of liquidation data that can be disseminated per second. How very convenient! 🧐
“We have API limitation on how many feeds are pushed out per second. From my observation, other exchanges also practice the same to limit liquidation data. Moving forward, Bybit will start to PUSH all liquidation data. We believe in transparency,” Mr. Zhou declared in a tweet. How noble! 🥳
Market Uncertainty Lingers Despite Tariff Respite
While Mr. Trump’s decision to temporarily suspend tariffs on Mexico and Canada did provide a brief respite from macroeconomic concerns, it was insufficient to maintain Bitcoin’s price above the coveted $100K mark. The market remains as fragile as a delicate flower, with liquidation figures continuing to rise as traders attempt to navigate this tempestuous sea of volatility.
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2025-02-04 13:56