Crypto Catastrophe: Is This the End or Just Another Dramatic Episode?

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Ah, dear reader, on the fateful day of February 3rd, the crypto realm experienced a calamity of epic proportions, with a staggering $2.3 billion in leveraged positions evaporating into the ether within a mere 24 hours. Some audacious souls even estimate the total liquidations to be a jaw-dropping $8 to $10 billion. Is this the grandest of all downfalls? One must ponder.

Many a crypto influencer has proclaimed this crash to be the worst in the annals of history, claiming it surpasses even the infamous FTX and Terra Luna debacles, and dare I say, it is more catastrophic than the COVID-induced plunge that saw Bitcoin lose over 50% of its value in a single, tragic day. Oh, the drama! šŸŽ­

$2 BILLION LIQUIDATIONS!!

MORE THAN DURING FTX & COVID!!!!!!

DO NOT FORGET! MARKET IS CLEANED!!!!

BIG BOUNCE ALMOST INEVITABLE!!!!!!!!

ā€” MMCrypto (@MMCrypto) February 3, 2025

Which Crypto Catastrophe Takes the Cake?

Ah, the debate rages on! Which crash truly deserves the title of “worst”? If we gaze upon the BTC price drop, one might conclude that a 50% loss in a single day is far more tragic than a mere 13% drop on our fateful February day. Some experts, with their crystal balls, suggest that the volume of liquidated assets in February 2025 eclipsed that of 2020. Yet, alas, we lack the reliable data to confirm such claims. How delightfully ambiguous! šŸ¤”

The crises of 2022, with their Terra Luna and FTX fiascos, were indeed more severe in terms of liquidations than their 2020 counterpart, though they did not witness Bitcoin’s price halving in the blink of an eye.

While the media clamors about the recent downfall resulting in over $2 billion in liquidations, Bybit’s illustrious CEO, Ben Zhou, has declared that his exchange alone witnessed $2.1 billion in liquidations. He estimates the overall market’s misfortunes to be between $8 to $10 billion. If he is to be believed, we may be looking at a total liquidation figure that surpasses the combined catastrophes of COVID, Terra Luna, and FTX. What a delightful mess! šŸ’ø

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,ā€¦

ā€” Ben Zhou (@benbybit) February 3, 2025

As we reminisce about Bitcoin’s earlier price crashes in 2011, 2013, and 2017, we find ourselves in a quagmire of unreliable data, making comparisons to the tumultuous 2020s a rather Herculean task. In the first half of 2011, Bitcoin’s price soared from $2 to $32, only to plummet to a mere $0.01 after the infamous Mt. Gox hack. Some might argue that this was the worst downfall, yet the absence of collateralized trading spared many from dire losses. How fortunate! šŸŽ‰

Crypto Maxis: The Calm Amidst the Storm

Despite the market’s sanguinary state, the seasoned crypto aficionados maintain their composure, asserting that this downturn does not herald the end of the market. Especially as various other markets are also in decline. How quaint! šŸ§

As I pen these words, Bitcoin’s price has once again flirted with the $100k mark, recovering around $9,000 after its nadir, effectively reclaiming over half of its lost glory. What a resilient little creature! šŸ‰

Robert Kiyosaki, the author of “Rich Dad Poor Dad,” has deemed the crash brutal, yet he reminds us that the finest assets in the world (gold, silver, real estate, Bitcoin, stocks, and bonds) are now on sale, presenting a splendid opportunity for the astute investor to amass wealth. How positively optimistic! šŸ’°

BRUTAL CRASH HERE NOW.

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2025-02-04 19:08