The cryptocurrency market took a sharp downturn on Monday morning, wiping out $850 million in liquidations within 24 hours.
Ripple’s XRP, Solana (SOL), Dogecoin (DOGE), and Cardano (ADA) all posted double-digit losses, while Bitcoin (BTC) fell below $100,000, a key psychological level.
Crypto Market Slump
Bitcoin dropped 5.7% to $98,528, triggering $247 million in long liquidations. XRP plunged 11% to $2.77, Solana dropped 12% to $223, and Cardano fell 10.7% to $0.8772. Even meme coins like Dogecoin were hit, losing 11.2% of their value.
The broader market showed no relief, with all top 50 cryptocurrencies, excluding stablecoins, recording losses. Ethereum (ETH) also saw declines, falling 7.4% in 24 hours and 9.2% over the week.
Liquidation Impact
According to CoinGlass, over 316,000 traders were liquidated, with a single BTC whale losing $98.46 million in one trade on HTX.
What’s Ahead
The sell-off comes ahead of the U.S. Federal Reserve’s FOMC meeting on January 28-29, where interest rate decisions could influence market sentiment.
Analysts like Credible Crypto view the drop as a healthy correction, not the start of a prolonged bear market.
Despite the downturn, bullish sentiment remains, with institutions like MicroStrategy and World Liberty Financial continuing to accumulate cryptocurrency.
Disclaimer: This article is for informational purposes only and does not constitute financial advice.
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