Crypto Market Sees $1B in Liquidations in 24 Hours as Bitcoin Dips Below $100K
The cryptocurrency market has experienced significant volatility in the past 24 hours, with liquidations surpassing $1 billion. Bitcoin briefly fell below $100,000, retreating from its near all-time high.
According to data from CoinGlass, a total of $1.18 billion was liquidated from nearly 406,000 traders, with $921 million coming from long liquidations and $260 million from short liquidations.
Ethereum (ETH) led the liquidations, with over $207.5 million in long positions liquidated in the past 24 hours. Bitcoin followed closely behind, with over $202 million in long liquidations.
Bitcoin experienced a more than 6% drop, falling from an intraday high of $106,300 to around $99,700 on January 19. This drop mirrored a similar market correction on January 7, when Bitcoin lost a similar amount in a short timeframe. That pullback lasted a week, with Bitcoin bottoming at just above $90,000 on January 13.
At the time of writing, altcoins were also seeing heavy losses, with Ethereum falling over 5% to an intraday low of $3,150. Despite this, ETH remains within its month-long range, showing more stability compared to Bitcoin’s recent fluctuations.
Other major altcoins such as XRP, Dogecoin (DOGE), Cardano (ADA), Avalanche (AVAX), Sui (SUI), and Stellar (XLM) all experienced double-digit declines over the past day.
In the world of memecoins, the market has also faced dramatic shifts. Donald Trump’s self-titled memecoin saw a sharp 40% drop on January 20, following a massive surge that brought its valuation to over $70 billion. This downturn occurred shortly after Melania Trump launched her own namesake token, which peaked at a valuation of over $13 billion just hours after its debut on January 19.
There is no doubt that these developments highlight the volatile nature of the cryptocurrency market, with both major assets like Bitcoin and Ethereum and speculative memecoins experiencing sharp fluctuations. However, the events over the past 24 hours highlight the risks as well as the rewards for traders navigating this unpredictable space.
