Crypto liquidations hit $1B over 24 hours as Bitcoin plummets
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 liquidations led the market, with over $207.5 million worth of long liquidations over the last day, followed by over $202 million Bitcoin longs.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 , Dogecoin , Cardano (ADA), Avalanche , Sui (SUI), and Stellar (XLM) all saw double-digit declines over the past day.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.