Bitcoin briefly fell below $100,000, causing $1.18 billion in liquidations within 24 hours, affecting 406,000 traders, according to CoinGlass.
Bitcoin saw a temporary drop below $100,000 after hitting near its all-time high, which led to the cryptocurrency market’s liquidations reaching over one billion dollars over the course of the past twenty-four hours.
According to CoinGlass, in the previous day, almost 406,000 traders have liquidated a total of $1.18 billion worth of assets. About $921 million in long liquidations and $260 million in short liquidations make up this amount.
With over $207.5 million worth of long liquidations during the course of the previous day, Ether liquidations dominated the market. Bitcoin longs, with over $202 million worth of liquidations, came next.
In a decline that began on January 19, Bitcoin dropped from its intraday high of $106,300 to approximately $99,700, a loss of more than 6%. A market rout on January 7 resulted in Bitcoin falling by a comparable amount in a matter of hours during a pullback that lasted for a week.
Ultimately, Bitcoin reached its lowest point of just over $90,000 by January 13. This move was a reflection of the market rout. On X, the cryptocurrency trader known as “Bluntz” observed that there were “top signs everywhere.”
The individuals continued by saying, “I believe that we have reached the point in the cycle where it would be prudent to take some chips off the table.
While writing this article, Ethereum (ETH), an alternative cryptocurrency, plunged more than 5% to an intraday low of $3,150. However, while failing to replicate Bitcoin’s movement during the previous week, Ether continues to trade within the range-bound channel that it has been following for the past month.
Over the course of the previous day, the prices of XRP, Dogecoin (DOGE), Cardano (ADA), Avalanche (AVAX), Sui (SUI), and Stellar (XLM) all experienced drops that were in the double-digit percentage range.
On January 20, tokens dropped by more than forty percent in a couple of hours, after having surged to a fully diluted price of more than seventy billion dollars the day before.
This suggests that the excitement surrounding the introduction of Donald Trump’s memecoin over the weekend may have been exaggerated.
Its decline occurred after Melania Trump, the wife of the future president of the United States, issued her own namesake token, which reached a peak validity of more than thirteen billion dollars within a few hours after its launch on January 19.
