As the sun sets on the digital horizon, bitcoin (BTC) teeters at $81,678, a mere shadow of its former glory, having touched the abyss at $81,551. The week’s losses, a sobering4.27%, paint a picture less reminiscent of a victory parade and more of a somber funeral march for the holders’ spirits. 😢
The Great Crypto Meltdown: From $81,551 to the Ash Heap of History
This weekend, the cryptocurrency market is not so much navigating stormy seas as it is sinking in a quagmire of its own making. Bitcoin, the once-mighty titan, now resembles a weary warrior inching ever closer to the $80,000 precipice. By8 p.m. Eastern Time, the collective market value has shriveled by0.41%, a paltry $2.66 trillion standing as a monument to what once was. 📉
Bitcoin’s retreat of4.27% against the dollar this week is but a prelude to the greater tragedy unfolding. Ethereum (ETH) has suffered a9.7% contraction, and XRP, in a twist of fate worthy of a Greek tragedy, has hemorrhaged over12% of its value. Trading on Sunday was as lively as a wake, with volume down17% from the previous day. BTC’s nadir at $81,551 was reached at the fateful hour of6:10 p.m. Eastern Time, a moment that will live in infamy. ⏳
Data from cryptoquant.com paints a picture of apathy among U.S. investors, with the Coinbase Premium Index as lifeless as a museum exhibit. Meanwhile, South Korean retail traders, in a display of either bravery or folly, continue their accumulation spree. Bitcoin’s global average price hovers around $82,239, but Upbit’s South Korean platform boasts an $83,676 premium, a curious anomaly in these trying times. 🌏💰
The market’s relentless descent has culminated in $192.64 million worth of derivatives liquidations in the past day. Bitcoin longs were not spared, contributing $44.08 million to the pyre, with ethereum positions adding $45.09 million. Binance was the stage for the grand finale – a $13.31 million ETH/USDT position meeting its fiery end. In all,69,760 traders watched their leveraged dreams evaporate into the digital ether. 🚒💔
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2025-03-31 04:01