Bitcoin’s Dramatic Plunge: You Won’t Believe the Liquidation Chaos! 😱💸

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So, on this fine Friday, bitcoin decided to take a little dip—like, a dramatic plunge to $103,703 on Bitstamp. That’s a more than 2% drop against the U.S. dollar in just 24 hours. The entire crypto market? Oh, it’s now worth a measly $3.28 trillion after shedding 2.86%. Altcoins are basically crying in the corner. 😢

Bitcoin Takes a Tumble, Altcoins Bleed, and Derivatives Get Absolutely Wrecked

Bitcoin (BTC) has been on a downward spiral since it hit its all-time high on May 22. Now it’s lounging 6.8% below that peak. After slipping under the $104,000 mark, BTC was just hanging out above it by 2 p.m. Eastern on Friday. Market activity? Oh, it picked up—trade volume jumped 14.68% to $150.41 billion, but guess what? Most of that was sellers throwing in the towel. 🥴

BTC/USD 1-hour chart via Bitstamp on May 30, 2025, at 2:38 p.m. Eastern time.

BTC slid 2%, ethereum ( ETH) took a 4.17% hit, XRP dropped 4.5%, solana ( SOL) fell 6%, and dogecoin (DOGE) decided to tumble about 10%. Derivatives markets? Oh, they were hit hard—long positions were wiped out like last week’s leftovers. As of 2 p.m., $841.18 million in liquidations had occurred, with $765 million coming from longs. BTC accounted for over $233 million of those losses. Ouch! 😬

24-hour crypto liquidation heat map according to coinglass.com stats at 2:38 p.m. Eastern time.

On centralized platforms, the biggest single liquidation was on OKX—a BTC-USDT-SWAP worth a staggering $12.74 million. And let’s not forget Hyperliquid’s infamous whale, James Wynn, who saw his fortunes evaporate as bitcoin’s value wobbled. After losing tens of millions and briefly breaking even, he got liquidated again—this time on a decentralized exchange (dex). At press time, he’s still holding a 40x long on BTC, worth about $54,867,389. Talk about a rollercoaster! 🎢

The week’s price action suggests a fragile equilibrium where heightened trading volume is just a mask for a deeper undercurrent of uncertainty. As liquidations pile up and leveraged bets unwind, market participants might need to recalibrate their expectations. The data hints at a volatile recalibration in sentiment, where even the pros are sweating bullets. With sentiment teetering, the next move could either make or break the bulls. By 2:30 p.m. on Friday, BTC bulls are trying to break the $105,000 range again. Good luck with that! 🐂💪

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2025-05-30 22:27