The cryptocurrency market experienced a significant downturn today, with over $1 billion in liquidations stemming from a sharp decline in Bitcoin’s price.
According to CoinGlass, nearly 406,000 traders were impacted, with long liquidations exceeding $921 million and short liquidations reaching $260 million.
Ether led the market in liquidations, surpassing $207.5 million, closely followed by Bitcoin with over $202 million in long liquidations.
Bitcoin plummeted by more than 6% after reaching an intraday high of $106,300, briefly dipping below $100,000. This sharp decline mirrors a similar event on January 7th, where Bitcoin experienced a substantial drop within hours, ultimately bottoming out at just over $90,000 by January 13th.Crypto trader “Bluntz” expressed concerns on X, stating, “I think we’re at the stage in the cycle where it would be prudent to take some chips off the table.”
The altcoin market also suffered significant losses, with Ether falling more than 5% to an intraday low of $3,150. While remaining within its month-long range-bound channel, Ether failed to replicate Bitcoin’s recent price movements.
XRP, Dogecoin, Cardano, Avalanche, Sui, and Stellar all experienced double-digit declines over the past day.
January 2025, Cryptoniteuae
