The cryptocurrency market faced a worrying decline as Bitcoin's price fell below $100,000, leading to $1 billion in liquidations in the past day.
Bitcoin and Altcoins Drop
Bitcoin, which had risen to $106,000, fell below $100,000, down 4.5% in the last 24 hours. This decline was accompanied by larger losses in altcoins such as Ethereum (ETH), XRP, and Solana (SOL), while losses in Cardano (ADA) and Dogecoin (DOGE) exceeded 10%.
Impact of TRUMP and MELANIA Memecoins
The official memecoin of President-elect Donald Trump, TRUMP, had a negative impact on the memecoin market. With the launch of his wife Melania's own memecoin, MELANIA, the impact intensified, and TRUMP fell 39% to $44. Experts warn that the frenzy surrounding TRUMP and MELANIA represents the FOMO phase of the bull market, potentially leading to a significant BTC price correction.
Liquidations and Expert Warnings
Liquidations in the cryptocurrency market exceeded $1 billion in the last 24 hours. According to CoinGlass data, investors caught off guard faced $1.17 billion in liquidations. The largest liquidations occurred in the Bitcoin/USDT trading pair on Binance, with over $204 million in long liquidations.
The cryptocurrency market is experiencing significant volatility, and the continued focus on memecoins suggests a FOMO phase in the current bull market, requiring investor caution.
