Crypto crash wipes out $2.2B—Worse than FTX and LUNA

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Crypto Crash: The Great Leverage Liquidation of 2025 🚨💸

Crypto crash wipes out $2.2B—Worse than FTX and <a href="https://usdinrusd.com/luna-usd/">LUNA</a>

Well, well, well. Look who’s been left holding the bag of worthless crypto coins. 🤣 Crypto traders who thought they were clever and bet big on the market going up just got a nice big dose of reality. 💥 Over $2.2 billion in liquidations hit the market as Bitcoin fell to $91,000 and Ethereum crashed a whoppin’ 20% in 24 hours. 📉

It’s all thanks to the genius of Trump’s newly imposed tariffs on Canada, Mexico, and China, which sent the crypto market into a tailspin. 🤯 Because, you know, nothing says “stable economy” like tariffs on three major trading partners. 🙄

$2.15b liquidated from the crypto market in the past 24 hours.

Worst liquidation event in history in a single day.

Worse than LUNA. Worse than FTX ($1.6b).

— Miles Deutscher (@milesdeutscher) February 3, 2025

According to CoinGlass, futures traders were the biggest losers, with $1.87 billion in long positions liquidated compared to $345 million in short positions. 🤦‍♂️ Because, you know, betting big on a market that’s about to tank is always a good idea. 😂

Ethereum (ETH) took the biggest hit, with $600 million in ETH liquidations, while Bitcoin (BTC) followed with $400 million. 🐵 The price drops were just as brutal—Ethereum crashed to $2,500, down 20% in 24 hours, while Bitcoin dropped to $91,200 before bouncing back to $93,600, still losing 6.5% in a single day. 📊

Altcoins were hit even harder, with most in the top 100 seeing declines of 15% to 30% in just 24 hours. 🤯 It’s like the entire market decided to have a collective nervous breakdown. 😂

The sheer amount of leverage in the system meant that as soon as prices started falling, liquidations snowballed, deepening the decline. The market, already fragile from recent volatility, couldn’t absorb the selling pressure fast enough. 🚨 It’s like a game of crypto dominoes, where one little push sends the whole thing crashing down. 🤯

One analyst has called this the worst altcoin collapse since the Covid crash and warned against trying to “revenge trade” with leverage, emphasizing that now is the time for patience, not reckless bets. 🙏 Because, you know, trying to make a quick buck in a market that’s about to tank is always a good idea. 😂

Worst crash for Altcoins I’ve seen since the Covid crash

Don’t try and revenge trade this with leverage

There will be huge opportunities after the dust has settled..

— Crypto Michael (@MichaelXBT) February 3, 2025

For now, the damage is done. The next few days will determine whether this was just a temporary shakeout or the start of something bigger. 🤔 Only time will tell, but one thing’s for sure: it’s been a wild ride. 🎢

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2025-02-03 09:45