Bitcoin experienced heavy losses on Monday, briefly falling near the $100,000 mark, a 4-5% decline over the past 24 hours.
Other cryptocurrencies, including ADA, DOGE, ETH, SOL, and BNB, also saw significant losses, turning the crypto market into a “Red Sea.”
According to Coinglass, 413,029 traders were liquidated, with total liquidations reaching $1.2 billion.
The largest single liquidation order occurred on Binance, involving BTCUSDT with a value of $15.24 million.
The BTC/USD pair faced heavy selloff pressure, breaking through the $102.5K resistance level and briefly nearing the psychological $100K mark. This sharp drop raised concerns about continued bearish momentum in the market.
Meanwhile, TRUMP coin, the most traded asset on Binance over the weekend, lost liquidity to MELANIA token and surged to $13.
Analysts view the trading frenzy in TRUMP and MELANIA as a potential sign of FOMO in the market, raising fears that a larger correction in Bitcoin could follow.
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