Crypto Market Sees $1B in Liquidations in 24 Hours as Bitcoin Dips Below $100K

Crypto Market Experiences Major Liquidations, Bitcoin Dips Below $100K

In the past 24 hours, the cryptocurrency market has been marked by significant volatility, with liquidations exceeding $1 billion. Bitcoin briefly dropped below $100,000, retreating from its recent all-time high.

Liquidation Data

Data from CoinGlass reveals total liquidations of $1.18 billion from approximately 406,000 traders. Long liquidations accounted for $921 million, while short liquidations totaled $260 million.

Ethereum Liquidations

Leading the liquidations was Ethereum (ETH), with over $207.5 million in long positions liquidated in the past day. Bitcoin followed closely with over $202 million in long liquidations.

Bitcoin's Drop

Bitcoin experienced a drop of over 6%, falling from an intraday high of $106,300 to around $99,700 on January 19th. This decline mirrors a similar market correction on January 7th when Bitcoin lost a comparable amount in a short time frame. That pullback lasted a week, with Bitcoin bottoming out just above $90,000 on January 13th.

Altcoin Losses

At the time of writing, altcoins were also facing significant losses. Ethereum had fallen over 5% to an intraday low of $3,150. Despite this, ETH remains within its month-long range, showcasing more stability than Bitcoin's recent fluctuations.

Other major altcoins like XRP, Dogecoin (DOGE), Cardano (ADA), Avalanche (AVAX), Sui (SUI), and Stellar (XLM) all experienced double-digit declines over the past day.

Memecoins' Volatility

The memecoin market has also witnessed dramatic shifts. Donald Trump's memecoin suffered a sharp 40% drop on January 20th, following a surge that valued it at over $70 billion. This downturn occurred soon after Melania Trump launched her own token, which briefly reached a valuation of over $13 billion after its debut on January 19th.

Volatility and Risk

These developments underscore the volatile nature of the cryptocurrency market, affecting major assets like Bitcoin and Ethereum as well as speculative memecoins. The events of the past 24 hours highlight both the risks and potential rewards for traders navigating this unpredictable space.