It is with the utmost dismay that we must inform our readers of a most alarming collapse within the realm of cryptocurrency, wherein over ninety billion pounds were spirited away in the span of an hour, leaving traders in a state of dire bewilderment. The liquidation of fortunes, exceeding one thousand three hundred thousand, has left even the most seasoned speculators clutching their pearls in horror.
Bitcoin, that fickle flame of fortune, has plummeted below the mark of 105,000, continuing a most ungentlemanly correction begun last week. Alas, Ethereum, Solana, and XRP have followed suit, their values reduced to mere shadows of their former glory, much like a dowager’s gown after a season of misfortune.
The Federal Reserve’s Hawkish Whims Unleash Panic
This financial tempest may be attributed to the Federal Reserve’s most alarming display of hawkish severity, which has sent shockwaves through the delicate fabric of global markets. Though a modest rate cut was bestowed in October, Mr. Powell’s ominous declarations-that inflation “remains on the wrong path”-have fortified the U.S. dollar and left speculative assets trembling like a debutante at her first ball.
The U.S. Dollar Index, now surpassing 100, has become the season’s most coveted guest, while Bitcoin’s descent below critical support levels has prompted institutional investors to divest their holdings with the alacrity of a gentleman fleeing a duel. One might say the market has taken a most unbecoming turn.
Three Hundred Thousand Traders, Ruined in a Day
According to the esteemed CoinGlass, liquidations have reached a staggering 1.37 billion, with long positions accounting for nearly nine-tenths of this calamitous sum. Bitcoin alone has seen 396 million spirited away, while Ethereum has not fared much better, losing 368 million. A most notable tragedy occurred on HTX Exchange, where a 47.8 million BTC-USDT position was liquidated with the swiftness of a poorly timed proposal.
The Crypto Fear and Greed Index now languishes at 21, a veritable den of despair. Over 327,000 traders have been “wiped out,” a figure that would make even the most jaded economist raise an eyebrow. One might liken this to the October 11 flash crash, albeit with fewer tears and more frantic trading.
Altcoins Suffer the Brunt of This Financial Storm
Alas, altcoins have borne the brunt of this tempest, their values plummeting with the grace of a poorly executed quadrille. Solana has fallen below 160, Ethereum to 3,500, and XRP and ADA have tumbled over 5.5%. The total market cap now languishes below 3.5 trillion, a state last seen in July, when the air was thick with the scent of hope and the promise of spring.
Analysts, ever the optimists, call this a “healthy reset,” though one suspects they are merely attempting to console themselves. Should Bitcoin breach 100,000, further losses of 5-8% loom on the horizon. For now, traders brace themselves for a season of volatility, their fortunes as unpredictable as a suitor’s intentions.
Cover image from ChatGPT, BTCUSD chart from Tradingview. One might say the market has taken a most unbecoming turn. 😬
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2025-11-04 21:26