Bitcoin (BTC) Price Briefly Dips Below $100K as Crypto Market Liquidations Surpass $1B

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.

Crypto market liquidations have been piling up as Bitcoin dropped below $100,000 again following a brief stint near its all-time high.

According to data from CoinGlass, a total of $1.18 billion in crypto positions were liquidated in the past 24 hours. Of the total liquidations, about $921 million were long liquidations and $260 million were short liquidations.

Total crypto liquidations over the past 24 hours. Source: CoinGlass

Bitcoin lost more than 6% after rising as high as $106,300 earlier on Jan. 19, dropping to around $99,700.

The move followed a market sell-off on Jan. 7 that saw Bitcoin drop by a similar amount in a matter of hours in a pullback that lasted a week and ended up with BTC bottoming at just over $90,000 by Jan. 13.

Crypto trader “Bluntz” noted 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.

Alts were mostly in the red with ETH dropping by more than 5% to an intraday low of $3,150.

Ether does, however, remain within its month-long range-bound channel, having failed to follow Bitcoin’s lead over the past week.

Meanwhile, XRP dropped by around 4% over the past 24 hours, trading at $0.88 at the time of writing.

Despite the recent downturn in XRP’s price, the token has surged by more than 100% in the past 30 days and is up by over 3,000% in the past year.

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 the 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