News 
January 20, 2025 
3 min. 
More than $1billion worth of liquidation took place in less than 24 hours after the price of Bitcoin dipped below $100,000 — a move that led to the crypto market experiencing yet another significant downtrend. This sharp reversal occurs right on the heels of Bitcoin nearing its all-time high, leaving traders and analysts wondering where the market would head next.
Mass Liquidations Highlight Market and Bitcoin Volatility
According to data from CoinGlass, nearly 406,000 traders faced liquidations in the last day, with losses totaling $1.18 billion. Long positions bore the brunt of the damage, accounting for approximately $921 million, while short liquidations totaled $260 million.
Ether (ETH) led the liquidation wave, with over $207.5 million worth of long positions wiped out, followed closely by Bitcoin at $202 million. Bitcoin’s rapid descent from an intraday high of $106,300 to just below $99,700—a drop exceeding 6%—marks its second significant pullback this month.
Crypto analyst “Bluntz” took to X, cautioning traders about “top signs everywhere” and advising prudence during this volatile period. Despite Bitcoin’s tumble, ETH managed to stay within its month-long range-bound channel, even as it fell over 5% to an intraday low of $3,150.
Altcoins and Memecoins Face the Heat
Altcoins painted a grim picture, with red dominating the charts. Adding to the drama, Donald Trump’s recently launched memecoin suffered a staggering 40% drop on January 20, barely a day after achieving a fully diluted valuation of $70 billion. The hype surrounding the token quickly fizzled, exacerbated by the launch of a competing token by Melania Trump, which peaked at $13 billion hours after its release.
These events highlight the volatility of the crypto market. As Bitcoin falls below the $100,000 mark, investors are closely watching as they brace up for further market turbulence.
