Crypto news

Bitcoin’s Wild Ride: $500 Million Is Magically Vanished—But Has Crypto Lost Its Mojo?

BBG News

Darling, the week began with all the exuberance of a Gatsby soirée—Bitcoin was pirouetting above $102,000 as if it had been at the champagne. The source of this unexpected euphoria? A fleeting 90-day tariff ceasefire between the U.S. and China. Diplomatic cocktails all round! But, much like an over-served party guest, Bitcoin soon took a rather spectacular tumble.

Enter New York: the city where dreams are made and, apparently, crypto bull runs go to die. Bitcoin tripped over its own feet, plunging to a paltry $100,700—most of its gains evaporating faster than gin at teatime. Traders, always ones for drama, adopted the sort of caution normally reserved for walking through Mayfair in last season’s shoes. The villain of the piece? The impending U.S. Consumer Price Index data, keeping everyone in agonised suspense. 🎭

“Macro concerns are driving the market now, and all eyes are on the June Fed meeting,” intoned Jeff Mei (@jeffmeiofficial), COO at #BTSE. Oh, Jeff—soothsayer of financial doom. Apparently, while US-China tariffs delivered warm cuddles to equities, they left crypto feeling like the unwanted guest at a garden party.

— BTSE (@BTSE_Official) May 13, 2025

Crypto Liquidations: Exit, Pursued by a Bear

And now, dear reader, catastrophe: more than $500 million in long positions liquidated—poof! Vanished! Like those beautiful, reckless summer romances. Nearly $200 million in Bitcoin futures alone simply disappeared, followed closely by Ethereum, which lost $170 million, according to Coinglass. 🕵️‍♂️ 

Ali Martinez, never one to miss a harbinger of doom, sounded the horn: should Bitcoin fall to $102,700, the stage would be set for a $1.45 billion liquidation drama worthy of Shakespeare. He also pointed out, with a sigh, that Bitcoin’s chart now resembles its melodramatic 2021-22 episode—a roaring triumph cruelly dashed to pieces. The audience sits, breath bated, for Act Two.

Altcoins: The Supporting Cast Falters

Not to be left out, Dogecoin and Cardano both tumbled around 7%—one can practically hear their owners sobbing into their oat milk lattes. Solana, XRP, and BNB tripped up too, losing 5–6%. This, only days after Ethereum blasted upwards 40% and Bitcoin made a fleeting, glamorous cameo above $104,000. You simply can’t write this stuff! (But here we are, nevertheless.)

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US-China Tariff Rollback: The Cool-Down Act

As for risk appetite, it’s flatter than a scone left out in the rain. The modest US-China tariff rollback may have warmed the cockles of the stock market, but it’s left crypto speculators longing for the heady days of wanton risk. Futures open interest dropped by a breezy $1.2 billion, and leveraged traders fled the scene with the velocity of guests escaping a dull opera.

Next Stop: The Fed’s Matinee

Everyone’s now setting their opera glasses on the upcoming Federal Reserve rendezvous in June. Jeff Mei, ever the bard, foretells: a dovish Fed could send us all dancing again—or the whole affair could descend, once more, into chaos and ennui. Investors are clasping their pearls extra tightly in anticipation of yet more delightful volatility.

So, optimism—swiftly abandoned. Bitcoin’s little tumble is a crisp reminder: in this macroeconomic farce, the only certainty is uncertainty. Curtain falls, audience gasps, someone faints at the back.

Keep Up with the Crypto Farce!

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FAQs

What is going on with crypto today?

The market soared, then crashed with the subtlety of a badly-poured martini. $500M was liquidated, traders everywhere are wringing their hands and refreshing economic calendars for the U.S. CPI data and a scrap of hope from the Fed.

Why is crypto crashing and will it recover?

The short answer: macroeconomic melodrama and a dash of mass panic. A comeback will require kinder CPI figures, a soft-hearted Fed, and perhaps a favourable alignment of the stars.

What time will CPI be announced today?

The grand U.S. Bureau of Labor Statistics will unveil the April 2025 Consumer Price Index at the ungodly hour of 8:30 AM Eastern, May 13, 2025. Coffee, anyone?

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2025-05-13 12:34

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