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The last few days, and especially the last few hours, on the crypto market have been extremely grim and painful, with total liquidations in margin positions amounting to $880 million. The majority of this sum is, of course, long bets, which amounted to a massive $808.74 million, or 91.8% of the total. Painful, especially for bulls.
The biggest hit was taken by Bitcoin, of course, as the leading cryptocurrency, with the imbalance between long and short liquidation in the perpetual futures market rising as high as 1,680%. Imagine, just $15 million of shorts on BTC have been liquidated in the last 24 hours.
Godfrey Benjamin
Amid this crypto bloodbath, most market participants' attention has turned to the price charts and what key opinion leaders are saying about the currency market's conjecture.
One such is Raoul Pal, the apologist of the "Banana Zone," a concept that has attracted many this cycle and gained recognition across the space. In Pal's opinion, what's happening right now is nothing more than "noise."
What noise?
Pal's words could be attributed to the emergence of Deepseek, a new challenger to ChatGPT, but from China. The fact that this artificial intelligence chat bot managed to do the same job, but at 20 times' lower cost, created huge havoc in the AI sector of the traditional stock market, causing Nvidia shares and the NASDAQ as a whole to collapse.
Alex DovbnyaAccording to common opinion, this is what triggered the crypto market collapse of late and, according to Pal, this is no more than just noise that in no way will stop the price of crypto assets from soaring in the medium and long term.
The recipe to manage the situation as of now, according to Pal, is quite simple: keep calm and buy the dip. Oh, and don't screw it up, the expert trader warns.
Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.
Arman Shirinyan
Alex Dovbnya
Dan Burgin
Vladislav Sopov