Bitcoin Hits New All-Time High, Triggers Over $1B in Liquidations
- Bitcoin experienced a tumultuous day, dropping 6% below $100,000 before quickly rebounding to set a new record high.
- Total liquidations hit $1.25 billion over 24 hours, underscoring the market’s unpredictability.
- The TRUMP memecoin surged 7,000% since its Friday launch and recorded $76.7 million in liquidations.
Bitcoin (BTC) had a dramatic day on Monday, briefly plunging below the $100,000 mark before rebounding to set a new all-time high of $109,000.
The volatility was driven in part by the launch of Trump-themed memecoins and President Donald Trump’s inauguration.
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Liquidations Soar Past $1 Billion
The crypto market saw total liquidations skyrocket to $1.25 billion within 24 hours, reflecting the day’s extreme market swings. Bitcoin led the charge with $264 million in liquidations, catching both long and short traders off guard.
Ethereum (ETH) also faced significant liquidations, totaling $215 million, with a sharp divide between long ($150.5 million) and short ($65.1 million) positions. The volatile trading environment left many investors scrambling.
While Bitcoin recovered , altcoins faced mixed results. Ethereum remained relatively flat at $3,287.29, and XRP dipped 3.4% to $3.09. Solana (SOL), Cardano (ADA), and Polygon (POL) posted losses between 5% and 11%, while Dogecoin (DOGE) dropped 7.5%.
Despite the broader market downturn, Chainlink (LINK) and the $TRUMP token stood out with notable gains. The latter launched just days before, has surged 7,000% since its debut, pushing its market cap to $14 billion before a sharp correction.
TRUMP Memecoin Steals the Spotlight
The TRUMP memecoin, one of the day’s most volatile assets, contributed significantly to the liquidation frenzy. It recorded $76.7 million in liquidations, driven by speculative trading and profit-taking.
This token launched alongside Trump’s presidency, has captured the market’s attention with its meteoric rise and subsequent volatility, reflecting the broader uncertainties surrounding Trump’s crypto policies.
