In a chilling turn of events, the cryptocurrency market plunged into darkness as April drew to a close, casting a shadow of uncertainty over investors. The ominous descent continued into May, sending shockwaves through the community as losses mounted. A staggering $400 million evaporated in leveraged transactions within a mere 24 hours, leaving 137,016 investors reeling from the devastation.
The haunting figures reveal a grim reality: $399.88 million vanished from the pockets of bullish traders, while a mere $64.67 million slipped away from short sales. The bloodbath intensified in the final hours, with $168.22 million lost in the blink of an eye, driving panic to new heights. Desperate cries echoed as $153.17 million in losses stemmed from the liquidation of bullish positions, a nightmare come to life.
Amidst the chaos, Bitcoin and Ethereum bore the brunt of the onslaught, with liquidations totaling $165.77 million and $120.76 million, respectively. These once-mighty giants hemorrhaged $145 million and $100 million, accounting for a staggering 61% of long positions obliterated in the relentless storm.
The reverberations were felt far and wide as the collective capital of Bitcoin and cryptocurrencies plummeted from $2.29 trillion to a harrowing $2.04 trillion in a single day, marking a cataclysmic loss of $250 billion. With daily losses exceeding 7.5%, dread hung heavy in the air, casting doubt on the very foundations of the market.
As Bitcoin staggered at $57,200, the loss of its $60,000 support sent shivers down the spine of every investor. Grim predictions loomed on the horizon, with analysts foreseeing a descent into the abyss, with price points of $54,000 and $50,000 haunting the nightmares of traders. Yet, amidst the fear, a glimmer of hope flickers, as whispers emerge of $54,000 serving as both a psychological barrier and a beacon of resilience in the face of darkness.