Crypto Market Liquidations Hit $1 Billion Amid Strong Altcoin Correction

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In the wake of a stormy sea, cryptocurrency market liquidations surged to nearly $1 billion within a mere 24 hours, as altcoins sharply corrected. Yet, Bitcoin BTC holds firm, valiantly standing at a solid $119,090. Could this be the beginning of the end—or just another moment of brief respite in an ocean of volatility? Ah, the subtle dance of fortune!

The crypto market saw its first red candle in days—a truly majestic occurrence after four straight days of shining green candles. One could almost hear the sigh of relief from the market, as though it were stretching its weary limbs after days of excess.

Altcoins Lead Crypto Market Correction

Ah, yes—the majestic tumble of altcoins! The cryptocurrency market capitalization tumbled a full 5% this week, cascading from its once-glorious peak of nearly $4 trillion down to a humbler $3.78 trillion. The altcoin market cap (TOTAL2) found itself in even more dire straits, plunging a dramatic 10% from $1.57 trillion to $1.4 trillion. A tragedy! Or is it just part of the great cosmic cycle?

This crash follows the hype of “altcoin season”—the glimmering promise of riches—spread by such esteemed industry figures as Binance‘s Changpeng Zhao. But alas, the fate of altcoins is rarely as glorious as their promises. As the crash deepens, the cries of short-term traders ring out like the mournful wail of sailors tossed by the sea.

From the deep waters of Coinglass, we learn that nearly $1 billion worth of positions were wiped clean, as over 314,000 traders had their hopes dashed. All this, while Bitcoin quietly holds its ground. Perhaps, as the ancients would say, this too shall pass.

Michael van de Poppe, an oracle in the world of crypto, claims the volatility will remain high. “The altcoin bull market has just started,” he declares. One must wonder if he too is perched on the precipice of the unknown. Time, as ever, will tell. But patience, he insists, will reward those who dare to wait. Altcoins, he predicts, will soar once again. Perhaps. Or perhaps not.

“Anyways, corrections happen during upwards trends and those are fine. #Altcoins are going to go much higher. $ETH just went up 50% and is cooling down before the next leg upwards.”

“It’s going to be great.”

— Michaël van de Poppe (@CryptoMichNL) July 23, 2025

The crypto market breathes in—catching its breath after the wild ride that followed US President Donald Trump’s signing of landmark crypto bills. The world is watching, and the crypto market, as it always does, stumbles forward like a man who just can’t decide whether to take the leap or stay behind.

Crypto Profit Booking on the Rise?

10x Research offers a reflection on recent times, suggesting that Asian trading hours were the true instigators behind the rally. Ah, the East, ever the driver of fortunes. Meanwhile, in the West, those same traders in the US and Europe found themselves too busy taking profits, giving up their gains with the same haste that they had once seized them. Bitcoin, up by 16%, saw a 25% rise purely from Asian market activity. A feat of remarkable irony!

And what of Ethereum? ETH surged 63% over the past month, with an astonishing 96% of this gain coming from Asian traders. Yet, in Europe and the US, the mood was distinctly different—a less exuberant decline of 26% and 7%, respectively. Ah, the differences in taste, the fickleness of the human heart!

ETH Sees Profit Booking in Asian hours – Source: 10x Research

Today’s pullback in the altcoin market is nothing to fear, say the analysts. It is, rather, a “routine” phase of profit-taking, they claim. The grand vision of a bullish trend still lingers, like a mirage on the horizon. And perhaps, as in all things, it will be true—eventually.

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2025-07-24 19:30