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Bitcoin Hits New All-Time High, Triggers Over $1B in Liquidations

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Giuseppe Ciccomascolo
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Key Takeaways
  • Bitcoin experienced a tumultuous day, dropping 6% below $100,000 before quickly rebounding to set a new record high.
  • Total liquidations hit $1.25 billion over 24 hours, underscoring the market’s unpredictability.
  • The TRUMP memecoin surged 7,000% since its Friday launch and recorded $76.7 million in liquidations.

Bitcoin (BTC) had a dramatic day on Monday, briefly plunging below the $100,000 mark before rebounding to set a new all-time high of $109,000.

The volatility was driven in part by the launch of Trump-themed memecoins  and President Donald Trump’s inauguration. 

Liquidations Soar Past $1 Billion

The crypto market saw total liquidations skyrocket to $1.25 billion  within 24 hours, reflecting the day’s extreme market swings. Bitcoin led the charge with $264 million in liquidations, catching both long and short traders off guard.

Ethereum (ETH) also faced significant liquidations, totaling $215 million, with a sharp divide between long ($150.5 million) and short ($65.1 million) positions. The volatile trading environment left many investors scrambling.

While Bitcoin recovered, altcoins faced mixed results. Ethereum remained relatively flat at $3,287.29, and XRP  dipped 3.4% to $3.09. Solana (SOL), Cardano (ADA), and Polygon (POL) posted losses between 5% and 11%, while Dogecoin (DOGE) dropped 7.5%.

Despite the broader market downturn, Chainlink (LINK) and the $TRUMP token stood out with notable gains. The latter launched just days before, has surged 7,000% since its debut, pushing its market cap to $14 billion before a sharp correction.

TRUMP Memecoin Steals the Spotlight

The TRUMP memecoin, one of the day’s most volatile assets, contributed significantly to the liquidation frenzy. It recorded $76.7 million in liquidations, driven by speculative trading and profit-taking.

This token launched alongside Trump’s presidency, has captured the market’s attention with its meteoric rise and subsequent volatility, reflecting the broader uncertainties surrounding Trump’s crypto policies.

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Giuseppe Ciccomascolo

Giuseppe Ciccomascolo began his career as an investigative journalist in Italy, where he contributed to both local and national newspapers, focusing on various financial sectors. Upon relocating to London, he worked as an analyst for Fitch's CapitalStructure and later as a Senior Reporter for Alliance News. In 2017, Giuseppe transitioned to covering cryptocurrency-related news, producing documentaries and articles on Bitcoin and other emerging digital currencies. He also played a pivotal role in establishing the academy for a cryptocurrency exchange website. Crypto remained his primary area of interest throughout his tenure as a writer for ThirdFloor.
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