What happened in crypto today? Trump shock, $1.7B liquidations & more…
President Trump's plan to nominate Kevin Warsh as the next Fed chair triggered significant market volatility, causing a nearly 10% drop in gold and dragging down the crypto market. Over $1.7 billion in positions were liquidated in 24 hours, affecting more than 270,000 traders, with leveraged long positions accounting for $1.6 billion in losses. Bitcoin briefly fell to $81,000, threatening its $80,000 support level, while Ethereum lost $2,800 and Solana dropped 10%. The overall crypto market cap declined by $200 billion, falling from $3.0 trillion to $2.8 trillion. Additionally, over $2 billion exited the stablecoin sector this week, reducing market liquidity. Institutional caution was evident as put options hedged against potential further declines, with some traders betting on Bitcoin falling to $78,000 or $75,000.
ambcrypto01/30 10:47