Crypto liquidations exceed $1B as Bitcoin dips below $100K
The cryptocurrency market has experienced a dramatic downturn, with liquidations surpassing $1 billion in the past 24 hours as Bitcoin (CRYPTO:BTC) fell below the $100,000 mark.
Data from CoinGlass indicates that approximately $1.18 billion was liquidated from nearly 406,000 traders, with around $921 million attributed to long positions and $260 million to shorts.
Bitcoin's price dropped over 6%, declining from an intraday high of $106,300 to about $99,700 on January 19, 2025.
This decline mirrors a previous market rout on January 7, where Bitcoin also saw significant losses within a short period.
Crypto trader “Bluntz” noted on X that there were “top signs everywhere,” suggesting it may be wise for investors to reduce their exposure.
At the same time, altcoins suffered alongside Bitcoin, with Ether (CRYPTO:ETH) falling more than 5% to an intraday low of $3,150.
Other cryptocurrencies like XRP (CRYPTO:XRP), Dogecoin (CRYPTO:DOGE), and Cardano (CRYPTO:ADA) also faced double-digit declines during this turbulent period.
The recent volatility can be partially attributed to the hype surrounding Donald Trump’s memecoin launch, which has since seen a significant drop in value after initially surging.
Market analysts have pointed out that the ongoing economic conditions and regulatory uncertainties are contributing factors to the current sell-off.
As traders navigate this challenging landscape, many are left questioning the sustainability of recent price rallies and the potential for further corrections in the market.
At the time of reporting, the Bitcoin (BTC) price was $101,486.
