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More than 400,000 traders were liquidated over the past 24 hours as Bitcoin plunged back below $100,000.
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Crypto market liquidations over the last 24 hours have reached over $1 billion as Bitcoin briefly fell back below $100,000 after reaching near its all-time high.
CoinGlass shows that in the past day, $1.18 billion has been liquidated from nearly 406,000 traders, split between around $921 million in long liquidations and $260 million in short liquidations.
Ether (ETH) liquidations led the market, with over $207.5 million worth of long liquidations over the last day, followed by over $202 million Bitcoin (BTC) longs.
Total crypto liquidations over the past 24 hours. Source: CoinGlass
Bitcoin lost more than 6% in a fall from its intraday high of $106,300 to around $99,700 on Jan. 19.
The move mirrored a market rout on Jan. 7 that resulted in Bitcoin dropping by a similar amount in a matter of hours in a pullback that lasted a week and ended up with Bitcoin bottoming at just over $90,000 by Jan. 13.
Crypto trader “Bluntz” commented on X that there were “top signs everywhere.”
“I think we’re at the stage in the cycle where it would be prudent to take some chips off the table,” they added.
Altcoins were a sea of red at the time of writing with ETH falling more than 5% to an intraday low of $3,150.
Ether does, however, remain within its month-long range-bound channel, having failed to mirror Bitcoin’s move over the past week.
Meanwhile, XRP (XRP), Dogecoin (DOGE), Cardano (ADA), Avalanche (AVAX), Sui (SUI), and Stellar (XLM) all saw double-digit declines over the past day.
Related: Donald Trump’s memecoin drops 38% as wife Melania launches token
The hype over Donald Trump’s memecoin, launched over the weekend, appears to have burst, with token dumping more than 40% in a matter of hours on Jan. 20, after surging to over $70 billion in fully diluted valuation the previous day.
Its fall came after the incoming US president’s wife, Melania Trump, launched her own namesake token, which hit a peak validation of over $13 billion just hours after launch on Jan. 19.
Magazine: BTC’s ‘reasonable’ $180K target, NFTs plunge in 2024, and more: Hodler’s Digest
This article first appeared at Cointelegraph.com News
