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Crypto News

Bitcoin Briefly Drops Below $100K; Crypto Liquidations Exceed $1B

The cryptocurrency market witnessed a whirlwind of activity on Monday as Bitcoin (BTC) briefly dipped below the $100,000 mark, marking a 4.5% decline in 24 hours. Altcoins like Ethereum (ETH), XRP, Solana (SOL), and Binance Coin (BNB) faced even steeper losses, with Cardano (ADA) and Dogecoin (DOGE) plummeting over 10%.

Crypto market liquidations over the last 24 hours have reached over $1 billion as Bitcoin briefly fell back below $100,000 after reaching near its all-time high.

Trump Launches Meme Coins Ahead of White House Return

President-elect Donald Trump promised a crypto-friendly administration. Days before taking office a second time, he and his family began selling new cryptocurrencies.

Named $TRUMP and $MELANIA, the projects are meme coins, a type of crypto whose value is based largely on the popularity of internet memes. The tokens  are available on the Solana blockchain.

The president-elect’s token, which was unveiled Friday night, quickly soared in value and held a market value of more than $9 billion as of Sunday afternoon, according to CoinMarketCap.

MicroStrategy's Saylor signals another Bitcoin purchase

MicroStrategy co-founder Michael Saylor has hinted at a potential Bitcoin (CRYPTO:BTC) acquisition for the 11th consecutive week, indicating ongoing confidence in the cryptocurrency market.

“Things will be different tomorrow,” stated Saylor, sharing a Bitcoin chart on social media, likely referencing the upcoming inauguration of President-elect Donald Trump on January 20.

The company recently purchased 2,530 BTC valued at approximately $243 million on January 13, bringing its total holdings to around 450,000 BTC.

This positions MicroStrategy as the largest corporate holder of Bitcoin, with its investments currently valued at about $47.3 billion.

Coinbase Endorses Strategic Bitcoin Reserve Ahead of Inauguration

The nation's largest crypto exchange, Coinbase, endorsed the idea of a U.S. bitcoin strategic reserve Friday, part of a wide-ranging blog post on "economic freedom" from CEO Brian Armstrong.

Armstrong has emerged as the unofficial spokesperson for the industry in Washington, taking a confrontational approach with its chief regulator that others have emulated.

This is the first time Coinbase has specifically addressed the idea of a strategic bitcoin reserve, doing so just before the second inauguration of Donald Trump and Armstrong's trip to the World Economic Forum.

Bitcoin Spot ETF Flow

The overall net outflow of the US Bitcoin spot ETF on Friday was $979.22 million. The total net asset value of Bitcoin spot ETFs is $120.95 billion, and the ETF net asset ratio (market value compared to total Bitcoin market value) is 5.84%.

Source: SoSoValue

The Bitcoin spot ETF with the highest net inflow on January 17 was iShares Bitcoin Trust (IBIT), with a net inflow of $375.92 million. Following that was Fidelity Wise Origin Bitcoin Fund (FBTC), with a net inflow of 326.26 million, according to SoSoValue.

Source: SoSoValue