Key Notes
- The total crypto market dropped by roughly $97 billion in the last 24 hours to around $3.08 trillion.
- The Crypto Fear & Greed Index plunged 14 points to 28, signaling heightened fear as traders reduce exposure amid macro uncertainty.
- BTC price is slipping to the $88,000 support zone, where a large buy wall and a CME gap exist.
The broader cryptocurrency market is once again seeing selling pressure with Bitcoin
BTC
$90 194
24h volatility:
2.5%
Market cap:
$1.80 T
Vol. 24h:
$49.11 B
price dropping 3%, and slipping under $90,000. Moreover, crypto market liquidations have also topped over $450 million on Jan. 8.
Top altcoins, including Ethereum
ETH
$3 116
24h volatility:
3.7%
Market cap:
$375.24 B
Vol. 24h:
$24.75 B
, BNB
BNB
$883.5
24h volatility:
3.5%
Market cap:
$121.67 B
Vol. 24h:
$1.69 B
, XRP
XRP
$2.11
24h volatility:
7.1%
Market cap:
$127.96 B
Vol. 24h:
$4.14 B
, Solana
SOL
$135.1
24h volatility:
2.8%
Market cap:
$76.19 B
Vol. 24h:
$4.56 B
, are seeing an even greater fall between 4-8% each. Rising global geopolitical tensions and macro uncertainty are contributing to this volatility.
Crypto Market Liquidations Hit $450 Million In Recent Volatility
After the rejection at $94,000, Bitcoin price has shown sideways movement and broke the crucial support at $90,000 level earlier today. Moreover, today’s fall has triggered a market-wide correction with liquidations topping $450 million, according to CoinGlass data.
Although Bitcoin didn’t initially react to the geopolitical news in Venezuela, volatility is returning to the market. The total crypto market capitalization fell by approximately $97 billion over the past 24 hours, declining to around $3.08 trillion.
This pullback clearly shows signs of profit-taking as traders reduce exposure across major cryptocurrencies and altcoins. If selling pressure persists, the market could retest the $3.05 trillion support zone in the near term.
On the other hand, the Crypto Fear and Greed Index has tanked by 14 points in the last 24 hours, and is currently in the “fear” zone at 28, according to data from Alternative.me.
Crypto Fear and Greed Index | Source: Alternative.me
This reflects heightened volatility, shifts in trading behavior, and weakening social sentiment. Such sharp moves in the index often coincide with periods of market stress.
Where’s Bitcoin Price Heading Next?
Bitcoin price is once again clearly trading under selling pressure. Bitcoin continued to find technical support near the $88,000 level, where a large buy wall remains in place.
After today’s drop under $90,000, crypto analyst Ted Pillows noted that BTC has filled its CME gap after the current drop. He added that the cryptocurrency would be on the way to fill its next CME Gap at $88,000 in the near term.
On the other hand, spot Bitcoin ETFs show no signs of relief with another $486 million in outflows on Jan. 7. Fidelity’s FBTC led the most outflows at $247million, followed by BlackRock’s IBIT at $130 million, according data from Farisde Investors.
As Bitcoin funds suffer, institutional sentiment seems to be waning at least in the near term.
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Disclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article aims to deliver accurate and timely information but should not be taken as financial or investment advice. Since market conditions can change rapidly, we encourage you to verify information on your own and consult with a professional before making any decisions based on this content.
Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.
Bhushan Akolkar on X
Source: https://www.coinspeaker.com/crypto-market-liquidations-hit-450-million-as-btc-price-loses-90000-support-whats-next/
