Bitcoin Drops Hard and Crypto Bros Panic as $645M Vanishes—Is HODLing Over?

In true drama-queen fashion, bitcoin took a dramatic nose-dive on Thursday, swan-diving unquestioningly below $106,000 like it heard someone at a cocktail party say “buy the dip.” It even flirted with $105,798—because why not, right? By 7:30 p.m. Eastern time on June 12, our beloved cryptocurrency hero was down 2.3% against the dollar, single tear rolling down Satoshi’s invisible cheek. 🥲

Bitcoin Panic Not Included in $3.32 Trillion Market Cap (But Should Be)

General crypto mood: not exactly confetti cannons and Champagne, unless “Champagne” is what we’re calling stress-eating crisps in the dark while refreshing charts. Bitcoin traders seem to be mostly hiding behind their sofas, waiting for either an unexpected resurrection or a bear stampede to finally wear itself out—meanwhile, bearish traders are having their moment. Still, $35.53 billion has been flung around in bitcoin trades globally over the last 24 hours. Even with today’s mini-meltdown, BTC is still 4.4% up this week. (A miracle! Or market cap whiplash. Hard to say. 😬)

Unsurprisingly, bitcoin’s little tumble sent the entire crypto market limping home, wardrobe malfunction and all, down 2.47%, bringing everyone’s dreams (and the total value) to just $3.32 trillion. BTC was down 2.3%, but ethereum (ETH) tripped at 4.5%, XRP face-planted at 3.24%, and solana (SOL) gave a dramatic sigh, down 4.9%. Top ten coins are apparently competing for “most tragic Thursday”: DOGE went full meme-splat, plummeting 5.9%. Howling at the moon indeed. 🐕‍🦺

Today’s prize for “Biggest Crash (and Burn)” goes to EOS—a theatrical 15.28% flop, worthy of an encore. Chased by AI16Z, which fell by 14.45%, KAITO at 12.15%, and PNUT (yes, that’s really its name) at 11.22%. Dramatics everywhere! And, as if the crypto gods were taking requests, a colossal $645.67 million in long and short positions was liquidated in the past 24 hours, with $297.42 million in bitcoin longs tossed into oblivion. RIP, leverage bros! 🪦

Live for the drama? coinglass.com data shows a face-melting $201 million liquidation in a single BTC/USDT trade. Where does BTC bounce next? Who knows! Maybe Bali. Historically, though, Q3 is where dreams (and bitcoin prices) go for a bit of a lie down. As of 7:30 p.m., BTC is meandering around $106,152 on Bitstamp and cruising $106,133 globally. Ask again after next week’s inevitable plot twist. 📉🍸

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2025-06-13 02:59