Crypto Crash: $600M Liquidated as Bitcoin Tumbles Under $104K
Well, slap my knee and call me a prophet — the crypto rollercoaster keeps thrillin’! 🎢💥
What to know:
Now folks, it seems Bitcoin decided to take a little vacation—dropping below a mighty fancy $104,000—causing over $600 million in liquidations. That’s bittersweet news for traders and a hearty laugh for the wise folks who saw it comin’. 🤠💸
Meanwhile, that rascal Donald Trump raised tariffs on Chinese steel and aluminum, rattling the global trade dance and causing the crypto markets to toss and turn like a hound dog in a rainstorm. 🐶🌧️
The entire crypto crowd got a case of the jitters, with big shot coins like Ether, XRP, and Solana tumbling faster than a cow off a wagon. 🚜📉
Yesterday’s crypto soap opera saw a tidal wave of liquidations—over $688 million, to be exact. Almost 9 out of 10 traders were long, which just goes to show how bullish folks were—until the market decided to give ’em a swift kick in the pants. The biggest calamity was a $12.25 million Bitcoin order on OKX—probably a whale trying to show off. 🐋💥
Bitcoin futures alone saw losses worth over $153 million, with Ethereum right behind at around $122 million. Then came Solana with about $33 million, XRP with $30 million, and Dogecoin—which, bless its heart, plummeted over 8%. Looks like even the doggies are feeling the heat! 🐕🔥
“Markets went red on Friday, thanks to them tariffs,” said Alex Kuptsikevich, like a man who’s seen too many rainfalls. And sure enough, Trump’s tariff tango on China’s steel and aluminum sent traders into a tizzy, threatening to turn the global economy upside down like a fresh plum pudding. 🥧🦆
As if that weren’t enough, China—biggest steel exporter—already had its steel taxed to high heaven, yet Trump’s move shook the very foundations of international trade. It’s like adding an extra dash of hot sauce to a perfectly good stew, for no good reason but to stir the pot. 🔥🍲
Meanwhile, in the wild world of crypto, Ether dipped nearly 4%, XRP and Solana fell around 4-5%, and that cheeky Dogecoin plunge surpassed 8%. It’s a regular jamboree of drops! 🎉💧
Data from Deribit shows that folks are getting mighty eager—Bitcoin futures open interest has jumped 51% since April, and options have sprouted up 126%. Looks like everyone’s itching to gamble with leverage, but the big whales—those with more than 10,000 BTC—are cashing out faster than a dry goods store during a cyclone. They’re taking profits and shuttling coins back to the exchanges like a flock of migratory birds. 🐦💰
The whole kaboodle hints that we’re near a point where the market might just turn around and bite back, as folks tend to get too excited one way or another. But with tariffs and shaky markets dancing together, ol’ traders are holding onto their hats and bracing for more wild rides ahead! 🎩🚀
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2025-05-31 12:54