A Billion-Dollar Weekend and Black Monday Mayhem

Over the past weekend, a jaw-dropping $1 billion in long and short positions vaporized like bad Wi-Fi during a storm, sending shockwaves through the market that’s now being dubbed “Crypto Black Monday.”

The liquidations started last Saturday with a respectable $116.59 million wiped out, split between $33 million in shorts and a hefty $83.57 million in longs. But hold onto your hats—the next day saw liquidations balloon to over $850 million (with longs making up the lion’s share at $743 million). In just 24 hours, more than 320,000 traders were ejected from the market, with nearly 1 billion disappearing into the crypto ether.

The fallout is as brutal as a reality TV show cliffhanger. CoinGecko data reveals the entire market cap took a nosedive by over 10%, landing at a modest $2.5 trillion. XRP is leading the freefall, plunging 15.4% to trade around 1.70, while Ethereum isn’t faring much better, falling 14.3% to hover near $1,480. Even Bitcoin wasn’t spared, dipping below 80,000 amid all the chaos.

Market chatter on X is buzzing with predictions of a crash reminiscent of the legendary October 1987 “Black Monday” when stocks tumbled by 22.6% in one disastrous day. One analyst even cheekily dubbed the coming day “Black Monday 2.0,” hinting that the stage is set for more short-term mayhem despite a few contrarians suggesting that when everyone’s panicking, it might just be the perfect time to buy.

Adding extra fuel to the fire are concerns that Trump tariffs could rain on an already gloomy parade, with some experts warning that these measures might drag the bear market on for up to a couple of years. In contrast, a few savvy voices believe that the current level of panic could indicate a market bottom, setting the stage for a swift rebound once confusion fades.

Meanwhile, as global “Black Monday” searches spike on Google Trends and market sentiment turns nearly 62% bearish—as per the AAII Sentiment Survey—traders continue to speculate whether this is the calm before an even bigger storm or just a temporary glitch in the matrix.

From predictions of Bitcoin soaring to $220,000 post-crash to hopes of a quick turnaround once tariffs become less murky, it’s safe to say the crypto world is in a state of high-stakes drama.

US stocks, in particular, recorded significant losses, with both the S&P 500 and Nasdaq Composite Index finishing the April 4 trading session down nearly 6%.

“Trump's tariff announcement this week has wiped out $8.2 TRILLION in stock market value — more than was lost during the worst week of the 2008 financial crisis”

author and financial commentator Holger Zchaepitz summarized in a response on X.

The dismal market close got everyone wondering what kind of opening act the coming week would put on—especially with social media buzzing with comparisons to the infamous 1987 Black Monday crash.

"It's like trying to conjure up a whole new, weaker world order on the fly," quipped Jim Cramer of CNBC's Mad Money on X over the weekend.

"I've yet to see anything that takes the October '87 nightmare off the table. And so far, those daring enough to bottom-fish are getting their just deserts."

Previously, Cramer dramatically warned of a 1987-style meltdown unfolding live on air. However, he later suggested that market circuit breakers—the old safety nets—might just be enough to slow the chaos down.

Meanwhile, in the Bitcoin corner, bold predictions were flying around. Max Keiser, the ever-controversial Bitcoin enthusiast, confidently forecast that BTC/USD could rocket to a whopping $220,000 by month's end. "A 1987-style mega crash will send Bitcoin soaring to 220,000 this month—as trillions in wealth scramble for the ultimate safe haven: Bitcoin," he cheekily declared in an X reply to Cramer.

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