Home » Latest News » Crypto Market Tumbles: $770M Liquidated Amid Massive Losses

Crypto Market Tumbles: $770M Liquidated Amid Massive Losses

The cryptocurrency market started the week with significant losses, wiping out $770 million in bullish bets within 24 hours. Bitcoin dipped below $99,000 early Monday, triggering widespread sell-offs across major tokens and altcoins.

Crypto market loses $770 million in liquidations as Bitcoin dips below $99K
Source: https://coinpedia.org/news/how-low-can-bitcoin-price-crash-arthur-hayes-warns-of-temporary-setback/

Solana (SOL) and Dogecoin (DOGE) suffered the biggest losses, each dropping over 10%. Ethereum (ETH), XRP, Cardano (ADA), and Binance Coin (BNB) followed, losing up to 9%. The total market capitalization shrank by 8.5%, reflecting the broader decline.

Altcoins outside the top twenty faced similar struggles. Memecoin Pepe (PEPE), layer 1 platform Aptos (APT), and others recorded losses of up to 18%. Meanwhile, Jupiter (JUP) stood out, gaining 3.5% after announcing a token buyback funded by trading fees.

Futures markets mirrored the downturn, with traders losing $238 million in BTC-tracked products. Altcoin-related futures saw $138 million in liquidations, while ETH products recorded $84 million in losses. The largest single liquidation, valued at $98.4 million, occurred on HTX.

Liquidations happen when traders can’t maintain leveraged positions. Monday’s significant event highlights the market’s high volatility, offering insights into sentiment and future price levels.

As the sell-off continues, short traders may see further declines as validation, while others might view the dip as a chance to buy. The coming days will reveal whether this correction signals a market reset or more turbulence ahead.

January 27, 2024 at 3:01 PM

Updated January 27, 2024 at 3:01 PM

Leave a Comment

Your email address will not be published. Required fields are marked *

Scroll to Top