In a world where digital coins dance like drunken pixies at a tavern, Bitcoin has decided to take a little tumble, slipping below its key support level faster than a cat on a hot tin roof. This little escapade has sent shockwaves through the crypto market, triggering a liquidation frenzy that would make even the most seasoned gambler clutch their pearls.
Just yesterday, Bitcoin (BTC) took a nosedive of nearly 5.5%, plummeting below the $100k mark for the first time since the world was graced with President Donald Trump’s inauguration. It’s almost as if the cryptocurrency was trying to remind us that gravity still exists, even in the digital realm. Meanwhile, the entire crypto market decided to join in on the fun, collectively losing 8% of its value, as if it were a group of friends all deciding to jump off the same cliff together.
Other major cryptocurrencies, including Ethereum (ETH), XRP, Solana (SOL), Dogecoin (DOGE), and Cardano (ADA), were not spared from this merry-go-round of misfortune, suffering losses ranging from 9% to a staggering 17%. It’s like a crypto version of musical chairs, and everyone is left standing when the music stops.
“Reversing the order of my tryptic essay series.
The Ugly will be published tomorrow morning. I am calling for a $70k to $75k correction in $BTC, a mini financial crisis, and a resumption of money printing that will send us to $250k by the end of the year.”
— Arthur Hayes (@CryptoHayes) January 27, 2025
As if the market wasn’t already in a tizzy, Bitcoin’s recent price drop triggered a mass liquidation event that wiped out a staggering $854.39 million in leveraged long positions within a mere 24 hours. That’s enough to make even the most stoic investor weep into their coffee.
Adding to the chaos, China’s shiny new AI app, DeepSeek, has burst onto the scene like a bull in a china shop, sending shockwaves through the tech and crypto space. With a budget of just $10 million, it has managed to rocket to the top of the Apple App Store’s free app rankings, leaving ChatGPT looking like it spent its entire allowance on a single candy bar.
Market analyst Adam Kobeissi chimed in, suggesting that DeepSeek’s debut has spooked traders more than a ghost at a family reunion. “Risk-off is the theme as DeepSeek scares investors,” he quipped, as if the market were a nervous cat hiding under the bed.
Meanwhile, Bitcoin’s recent price correction has also been fueled by profit-taking, with long-term holders shedding over 75,000 BTC in the past week. It’s like watching a group of squirrels hoard their nuts, only to suddenly decide they’d rather have acorns instead.
Georgii Verbitskii, founder of TYMIO, disagreed with Hayes, arguing that the recent sell-off is merely a cool-off after the crypto market’s bull run that began after Trump’s presidential win. “The recent Bitcoin price dip is, in my opinion, a natural cooling off after the exciting rally that began on November 5th,” he stated, as if he were the wise old sage of the crypto forest.
According to Verbitskii, if Bitcoin continues to play hide-and-seek under the $100k psychological resistance level, a more modest correction to $87k could be on the horizon. “As long as the underlying fundamentals stay intact, I believe this correction is just a part of the broader market cycle,” he added, sounding like a fortune teller peering into a crystal ball.
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2025-01-27 12:47