FameEX Hot Topics | Crypto Liquidations Surge to $1B in 24 Hours Amid Bitcoin's Sharp Decline

Crypto market liquidations spiked to over $1 billion in the past 24 hours, as Bitcoin briefly dipped below $100,000 after nearing its all-time high. Over 400,000 traders were impacted by the volatility. CoinGlass reports a total of $1.18 billion in liquidations, with $921 million in long liquidations and $260 million in short liquidations.

Bitcoin, which reached a high of $106,300, saw its value fall more than 6%, dropping to around $99,700 on January 19. This sharp decline mirrored a similar market crash on January 7, when Bitcoin lost a comparable amount in just a few hours. That pullback continued for a week, bottoming at just above $90,000 on January 13.

The sudden price drop raised concerns among traders, with crypto analyst "Bluntz" highlighting "top signs everywhere" on social media. On platform X, they advised that it might be wise to "take some chips off the table," suggesting caution amid short-term market uncertainty.

The market’s volatility was further exacerbated by the surge in Donald Trump’s memecoin, which briefly hit a fully diluted valuation of over $70 billion on January 19. However, the excitement was short-lived as the token dropped by more than 40% on January 20, leading to significant losses for investors who bought during its peak.

Adding to the chaos, Melania Trump launched her own memecoin, the MELANIA token, on January 19. The token initially surged to a fully diluted valuation of $13 billion but soon fell significantly. Despite the hype, the token's website emphasized that it was designed for “support” and “engagement,” not as an investment, with portions allocated to the project’s team, treasury, and liquidity.

Disclaimer: The information provided in this section is for reference only and does not represent any investment advice or the official views of FameEX.