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no one’s talking about this: crypto apocalypse wipes out billions in a long squeeze frenzy 📉🔥💸🤯
wait… did anyone actually know what was happening or were we all just staring at red candles like 🤡📉? what’s next,
historic market turmoil: massive liquidations caused $19B losses, mostly long positions unwinding; speculation: industrial companies hit; interconnectedness and geopolitical risks
Cryptocurrency prices plunged, triggering a massive market sell-off. Over $19 billion in liquidations occurred, with a significant portion on the long side. The unwinding of leveraged positions and collapsing open positions led to the plunge, affecting Bitcoin and altcoins. Speculations arose about industrial companies suffering losses, worsening the situation. Despite some recovery, the crypto market cap dropped by 9%, with Zcash showing gains. The event highlighted crypto’s global interconnectedness and its vulnerability to geopolitical events, such as Trump’s trade war with China.
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