Bitcoin and Altcoins Experienced a Short-Term Drop! $1 Billion Vanished! Experts Warned!

Bitcoin, which rose to $106,000 over the weekend, dropped below $100,000 in the morning hours.

Bitcoin briefly fell below $100,000, down 4.5% in the last 24 hours. This drop in BTC was accompanied by larger losses in altcoins such as Ethereum (ETH), XRP, Solana (SOL), while losses in Cardano (ADA) and Dogecoin (DOGE) exceeded 10%.

The official memecoin of President-elect Donald Trump, TRUMP, which was launched on Saturday, negatively affected the memecoin market, while it took a hit when his wife Melania launched her own memecoin, MELANIA, falling 39% to $44.

Experts, who warned about the interest in memecoins named TRUMP and MELANIA, said that the frenzied trading in TRUMP and MELANIA represents the FOMO phase of the bull market and could lead to a significant BTC price correction.

More Than $1 Billion Was Removed From The Market!

With price drops in Bitcoin and altcoins, liquidations in the cryptocurrency market exceeded $1 billion in the last 24 hours.

According to CoinGlass data, investors who were caught unprepared for the decline were left with a negative outcome, and leveraged transactions worth $1.17 billion were liquidated in the last 24 hours.

Of this, $904.47 million were long positions and $260.69 million were short positions. While 404,739 investors liquidated in the last 24 hours, the largest liquidation occurred in the Bitcoin/USDT trading pair on Binance.

Bitcoin led the liquidations, with over $204 million worth of long liquidations occurring daily in the last 24 hours. Ethereum followed BTC, with over $201 million worth of long liquidations occurring daily.

While TRUMP followed BTC and ETH, liquidation in TRUMP reached $140 million.

*This is not investment advice.