Nearly $2B Liquidated In Valentine’s Day Bitcoin Plunge

Tony "The Bull" Severino

Last Updated: June 11, 2024 2:13 pm

2 mins read

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Bitcoin price has been trending upward for months, but the general consensus amongst crypto investors is that the point of no return hasn’t been reached yet, so there’s still plenty of time to get into position for the next move up.

Overly eager long traders, however, had their hearts broken when $1.9 billion in positions were liquidated during a late evening Valentine’s Day massacre. Here’s what happened and the result of all the carnage.

Valentine’s Day Bitcoin Massacre Wipes Out $2 Billion In Longs

Over the weekend, Bitcoin price climbed to its highest price traded at yet, nearly making it above $50,000 and making headlines across the web.

Traders eagerly “going long” ahead of the Valentine’s Day weekend hoping to score big with Bitcoin, were ultimately left in tears when nearly $2 billion in positions were liquidated.

Rather than a bottle of bubbly popping, Bitcoin price began dropping. Instead of red roses and scented candles, investors were greeted by a three-hour-long Japanese candlestick from hell.

During the three-hour candle, the cryptocurrency sank over $3,000 and shaved 6% off its price tag. However, given the strength of the uptrend Bitcoin has unsurprisingly already recovered, and is targeting $50,000 again.

Bitcoin gets violent on Valentine's Day. | Source: BTCUSD on TradingView.com

Which Crypto Platform Saw The Most Action While Cupid Called?

Binance traders saw the most action, according to data, followed by Huobi Global, ByBit, and OKEx.

$1.9B of Positions Liquidated Due to $BTC Drop Below $48k

– $993M on @Binance
– $370M on @HuobiGlobal
– $292M on @Bybit_Official
– $111M on @OKEx
– $53M on @BitMEX
– $49M on @FTX_Official
– $23M on @DeribitExchange
– $3M on @Bitfinex pic.twitter.com/3ubwaXrRK0

— CryptoRank.io (@CryptoRank_io) February 15, 2021

Interestingly, BitMEX, which used to be the biggest heart-breaker of the bunch, barely ranks compared to other platforms, showing its fall from grace.

To no surprise, Bitfinex is at the bottom of the list. The platform keeps leverage at lower levels than the rest of the market, so liquidation is far less likely on the exchange.

Given the themes surrounding Valentine’s Day, it shouldn’t be too surprising that bears made a showing, and the day turned red in the end. However, Bitcoin has already recovered and is ready for another round.

The bull market has only recently begun so a climax could be a far ways off, according to past cycles. Trajectories point to the leading cryptocurrency by market cap reaching prices of $325,000 per BTC before its all said and done.

Investors who can hold through getting dumped on occasionally like they did this Valentine’s Day, could end up making a lot of money in the end.

Featured image from Deposit Photos, Charts from TradingView.com

Tony "The Bull" Severino

Tony "The Bull" Severino, CMT, is a distinguished figure in the cryptocurrency analysis sector, renowned for his in-depth technical expertise and innovative approach to market trends. As the Head of Research at NewsBTC, Tony leads a team dedicated to providing cutting-edge insights and forecasts, helping both novice and experienced traders navigate the complexities of the crypto market.
A seasoned Chartered Market Technician, Tony's prowess in identifying and capitalizing on market patterns is unmatched. His academic and professional journey in market analysis has firmly established him as a leading authority in technical trading strategies. Tony’s approach is heavily influenced by the principles of Elliott Wave Theory, a method known for its rigorous assessment of investor psychology and price movements.

Beyond his role at NewsBTC, Tony is the visionary founder of CoinChartist.io, an educational platform aimed at demystifying the nuances of cryptocurrency trading. CoinChartist.io serves as a valuable resource for traders seeking to enhance their technical analysis skills. The platform offers a range of learning tools and resources designed to empower traders with the knowledge to make informed trading decisions.

In addition to his educational initiatives, Tony is a prolific author and a dominant voice in the crypto community. He writes the CoinChartist VIP newsletter, a weekly dispatch that has become a staple among crypto enthusiasts, revered for its insightful analysis and actionable trading advice. This newsletter has consistently ranked as a best-seller on SubStack, boasting thousands of subscribers who rely on Tony’s expertise to guide their trading strategies.

Tony is also celebrated for his literary contributions to the field. He is the author of the highest-rated Crypto Trading Journal on Amazon.com, a testament to his ability to communicate complex trading concepts in an accessible manner. This journal is widely regarded as an essential tool for traders aiming to track their progress and refine their strategies.

Before his ascent in the financial analysis world, Tony honed his skills in journalism. His background in this field has endowed him with a unique ability to present intricate market dynamics in a clear and compelling manner, making his insights highly sought after by a broad audience that ranges from casual readers to professional traders.
His professional affiliations underscore his commitment to excellence and continuous learning. As a partner of Elliott Wave International and TradingView, Tony collaborates with other leading experts to enhance his knowledge and skills. His active membership in the CMT Association further aligns him with the highest standards of industry practices and ethics.

Tony’s nickname, "The Bull," aptly reflects his aggressive and optimistic outlook on the cryptocurrency markets. His forecasts often anticipate significant upturns, earning him a reputation for bullish predictions that have frequently led to lucrative outcomes for those who follow his advice.

In summary, Tony "The Bull" Severino, CMT, is more than just a technical analyst; he is a mentor, educator, and innovator whose influence in the cryptocurrency space continues to grow. His dedication to advancing the understanding of market forces and his commitment to providing high-quality, reliable analysis make him a pivotal figure in the world of cryptocurrency trading.

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