Crypto markets are reeling after a tumultuous 24 hours, with liquidations surpassing $1 billion as Bitcoin fell below $100,000.
Crypto markets are reeling after a tumultuous 24 hours, with liquidations surpassing $1 billion as Bitcoin fell below $100,000.
According to data, approximately 406,000 traders were liquidated during this period, contributing to a total of $1.18 billion in liquidated positions. Around $921 million was attributed to long liquidations, while short liquidations accounted for approximately $260 million.
Bitcoin's value dropped more than 6%, moving from an intraday peak of $106,300 to around $99,700 on Jan. 19.
This sudden decline mirrors a previous market rout on Jan. 7, where Bitcoin also experienced significant losses, bottoming out at just over $90,000 by Jan. 13.
Ether (ETH) led the liquidations in the altcoin market, with over $207.5 million in long positions liquidated, followed closely by Bitcoin's liquidations. Other cryptocurrencies, including XRP, Dogecoin, Cardano, and Avalanche, recorded double-digit percentage declines.
Market sentiment appears to be shifting, as noted by crypto trader “Bluntz,” who remarked on social media that there are "top signs everywhere" and suggested it may be wise for investors to reassess their positions.
Additionally, the recent hype surrounding Donald Trump’s memecoin has diminished, with the token seeing a drastic decline of over 40% in just hours, following a peak valuation of over $70 billion.
This decline coincided with the launch of a separate token by Melania Trump, which briefly reached a validation of over $13 billion shortly after its introduction.
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