The cryptocurrency market faced a dramatic sell-off on Wednesday as Bitcoin (BTC) dropped below $97,000, marking a steep decline from $102,000. This plunge has been attributed to rising U.S. Treasury yields, alongside the Institute for Supply Management’s (ISM) Purchasing Managers Index (PMI) report, which showed private sector growth reaching 54.1 in December, up from 52.1 in November. The volatility extended across the market, with leading altcoins like Ethereum (ETH), Solana (SOL), and others experiencing significant losses.
Major Cryptos See Steep Declines
- Bitcoin (BTC): Down 5% in 24 hours, trading at $96,633. The 24-hour range for BTC was $96,121 to $102,017, with ETF outflows reaching $543 million.
- Ethereum (ETH): Dropped 8%, trading at $3,383, with an ETH ETF outflow of $86 million. Fidelity alone offloaded $67 million.
- Solana (SOL): Fell 8%, settling at $199, with its 24-hour low and high at $198 and $217, respectively. Toronto’s Sol Strategies announced a $25 million CAD investment into Solana’s ecosystem.
- XRP: Slipped 3%, trading at $2.27, with a market cap of $134 billion.
Meanwhile, meme coins like Dogecoin (DOGE) and Shiba Inu (SHIB) saw sharp declines of 10% and 9%, respectively. The steep sell-offs align with Bitcoin’s bearish trend, underscoring broader market fragility.
Top Performers and Laggards
Amid the widespread losses, Bitget Token (BGB) emerged as the only top 100 crypto in the green, gaining 6% and trading at $6.52. Its 24-hour range was $6.21 to $6.64. On the flip side, HYPE was the worst-performing token, plummeting 15% to $21.95.
Other notable losers included:
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- DYDX: Fell 13%, trading at $1.40.
- Fantom (FTM): Experienced a 12% decline, alongside Gala and Beam.
- Meme coins like PENGU, BONK, and PEPE dropped between 10% and 12% in 24 hours.
Liquidations and Market Impact
According to Coinglass, total liquidations reached $606 million in the last 24 hours. This included $547 million from long positions and $59 million from shorts. Over 192,418 traders were liquidated, with the largest single liquidation order of $17.74 million in ETHUSDT executed on Binance.
Ripple CEO’s Promising Meeting
In a rare positive development, Ripple CEO Brad Garlinghouse met with former U.S. President Donald Trump at Mar-a-Lago. This interaction hinted at potential future discussions regarding regulatory clarity for cryptocurrencies, providing a glimmer of hope for market recovery.
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