Leading cryptocurrencies fell sharply Sunday evening amid the launch of meme coins tied to President-elect Donald Trump and his family.
| Cryptocurrency | Gains +/- | Price (Recorded at 8:30 p.m. ET) |
| Bitcoin BTC/USD | -3.89% | $100,239.24 |
| Ethereum ETH/USD | -4.61% | $3,189.30 |
| Dogecoin DOGE/USD | -12.44% | $0.3505 |
What Happened: Bitcoin plummeted from $106,180 to $99,622 in three hours, eroding $130 billion worth of investors' wealth.
Similarly, Ethereum tanked from $3,414 to $3,150, marking a 4.61% decline in the last 24 hours.
The broader market slump coincided with a significant drop in the OFFICIAL TRUMP token launched a couple of days ago.
The enthusiasm linked with the coin evolved into negativity as incoming First Lady Melania Trump launched her own meme coin on Sunday.
Over $1 billion was liquidated from the cryptocurrency market in the last 24 hours, with long liquidations accounting for $925 million.
Bitcoin's Open Interest fell 2.05% in the last 24 hours to $66.77 billion. That said, the majority of derivatives traders were bullish on the asset, as indicated by the Long/Short Ratio.
That said, more than half of derivatives traders on Binance placed short bets on Bitcoin, expecting a correction.
The market sentiment entered the "Extreme Greed" zone, according to the Crypto Fear & Greed Index, sparking concerns of further market correction.
Top Gainers (24-Hours)
| Cryptocurrency | Gains +/- | Price (Recorded at 8:30 p.m. ET) |
| OFFICIAL TRUMP (TRUMP) | +74.00% | $46.06 |
| Fartcoin (FARTCOIN) | +9.95% | $1.92 |
| DeXe (DEXE) | +2.10% | $17.55 |
The global cryptocurrency market capitalization stood at $3.45 trillion, contracting by 5.15% in the last 24 hours.
Stock futures edged slightly lower Sunday evening. The Dow Jones Industrial Average Futures fell 30 points, or 0.07%, as of 9 p.m. EDT. Futures tied to the S&P 500 dipped 0.07%, while Nasdaq 100 Futures slipped 0.13%.
The moves come after major averages posted their biggest weekly gain since the presidential elections in November. The Dow Jones Industrial Average and the S&P 500 rose 3.19% and 3.40%, respectively.
The New York Stock Exchange and Nasdaq will remain closed on Monday to commemorate Martin Luther King Jr. Day.
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Analyst Notes: Widely followed cryptocurrency analyst Rekt Capital identified $104,500 as a crucial resistance level for Bitcoin.
"Weekly close above red [$104,500] followed by a successful retest would likely confirm the breakout to new ATHs," the analyst stated, adding a caveat.
"However, a weekly close below red and it’s possible BTC could pullback again, however likely for a shallower retrace compared to the one of mid-December 2024."
Meanwhile, Michaël van de Poppe, another popular cryptocurrency market commentator, maintained his bullish view on altcoins.
"I expect that we’ll see strength on Ethereum, Chainlink, Aave, and a lot of altcoins in the coming week as yields are going down and the DXY becomes weaker," he added. "Great times are ahead of us."
Photo by CMP_NZ on Shutterstock
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