In just four hours, the coffers of the crypto world were emptied with a speed that would make a magician blush, totaling a jaw-dropping $288.21 million in liquidations—$258.74 million of it from long positions, as if the market were a circus and everyone was juggling flaming torches. 🧙♂️🔥
Ethereum, the bold and brash contender, took the lead with a staggering $54 million in liquidations, while XRP, the underdog with a penchant for drama, followed closely behind with $41 million. Bitcoin, the stoic old-timer, remained relatively unscathed, with only $19.58 million in liquidations, as if it were sipping tea while the others were in a frenzy. 🐸⚡🍵
This short-term bloodbath is a testament to the audacity of those who piled into altcoins like a mob rushing a gold rush, only to find the mine had been robbed by a band of rogue bears. Despite Ethereum and XRP’s impressive weekly gains—12.73% and 10.28% respectively—the sudden correction revealed the flimsiness of their leveraged bets, like a house of cards in a hurricane. 🏗️🌪️
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The broader crypto market, once a roaring inferno, now seems to be sipping lukewarm tea, with the total market cap slumping to $3.86 trillion. The 24-hour trading volume, which once roared like a lion, now sneezes with a 13% drop to $191.24 billion. And to top it all off, the 24-hour liquidations added another $507.93 million to the pile, making the pressure feel like a boulder on one’s chest. 🦁🤧🪨
Outlook
The swift drop in altcoin prices and the resulting long liquidations have cast a shadow over the week’s second half, urging traders to shed their leveraged bets like a snake shedding its skin. 🐍🪓
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2025-07-23 18:51