Over the past 24 hours, crypto liquidations exceeded $1 billion, primarily influenced by Bitcoin's decline below $100,000 following an intraday high of $106,300. Approximately 406,000 traders were affected, resulting in about $921 million in long liquidations and $260 million in short liquidations. Bitcoin dropped over 6%, recalling a market rout from earlier in January where it fell similarly, bottoming out around $90,000. The overall market was negatively affected, with other cryptocurrencies like Ethereum also experiencing significant losses. Ethereum fell more than 5%, remaining within a month-long trading channel, unlike Bitcoin's more dramatic shifts. Altcoins saw double-digit declines, contributing to a negative market sentiment, while the recent surge in tokens associated with Melania Trump caused a significant drop post-launch. Analysts like trader “Bluntz” suggested that current market conditions signal the need for caution, recommending that traders consider taking profits or reducing exposure during this turbulent period.

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