Bitcoin’s Dramatic Plunge: $560M Gone in a Flash! You Won’t Believe What Happened Next!

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Ah, Bitcoin. Just when you think it’s reached the pinnacle of success at a staggering $111K, it decides to take a nosedive that would make even the most seasoned rollercoaster enthusiast queasy. In a spectacular display of financial gymnastics, it wiped out a jaw-dropping $560 million in liquidations. That’s right, folks—$560 million! 💸

On Friday, May 23, the crypto world was rocked as 160,905 traders found themselves on the wrong side of a liquidation wave. It’s like a bad breakup, but instead of tears, there were just empty wallets. The total value of erased positions? A staggering $563.20 million. I mean, who knew that trading crypto could feel like playing a game of musical chairs where everyone ends up without a seat? 🎶

Now, let’s break it down: $418.63 million of that was from long positions, while $144.35 million came from short positions. According to Coinglass—because who doesn’t love a good glass of data—the largest single liquidation order was a BTC-USDT bet on OKX, valued at a cool $9.53 million. That’s a lot of money to lose in one fell swoop. I can’t even lose a game of Monopoly without feeling like I need a therapist! 🏦

Bitcoin traders took the biggest hit, losing a total of $153.04 million, while Ethereum trailed closely behind with $144.19 million. It seems that in this game of crypto roulette, the longs were the ones left holding the bag. Who knew volatility could be so… volatile? 🤷‍♂️

Bitcoin, Ethereum Slip on Trump Trade War

In the last 24 hours, Bitcoin decided to play a game of hopscotch, falling from its all-time high of $111,970 down to the $107,000 range, before making a half-hearted rebound to $109,231. Meanwhile, Ethereum went from a high of $2,731 to a low of $2,508, before crawling back to $2,574. It’s like watching your favorite soap opera—full of drama and unexpected twists! 📉

Both of these crypto heavyweights took a hit shortly after President Donald Trump threatened new tariffs on the EU and Apple. Because nothing says “let’s invest” like a trade war, right? Traders are understandably skittish about making risky bets in a potential low-growth environment. It’s like trying to dance at a wedding while the bride is throwing a fit—nobody wants to get caught in the crossfire! 💃

Yet, Bitcoin has shown a surprising amount of resilience throughout this trade war. It even managed to surpass its previous high in November, which just so happened to coincide with Trump’s inauguration. Talk about timing! Ethereum, on the other hand, is still sulking far below the $4000 level it broke in November. Poor thing. 😢

Bitcoin’s resilience can likely be attributed to its “digital gold” narrative. Traders, including institutional investors, are starting to view Bitcoin as a hedge against inflation and a counter-cyclical asset. In other words, it’s the cool kid at the party that everyone wants to hang out with when things get rough. Who knew being a digital currency could be so glamorous? ✨

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2025-05-23 22:32