The cryptocurrency market experienced a significant drop in prices, resulting in losses of $770 million for bullish bets within a 24-hour period. Bitcoin fell below $100,000, causing other major cryptocurrencies like Solana's SOL, dogecoin (DOGE), ether (ETH), BNB Chain's bnb, xrp (XRP), and Cardano's ADA to lose momentum and decrease by 10% to 9%. The overall market cap also fell by 8.5%. Additionally, smaller tokens outside the top twenty, including pepe (PEPE), Aptos (APT), Gate.io's GATE, and Virtuals (VIRTUALS), suffered losses of up to 18%. However, Jupiter's JUP was an exception, gaining 3.5% due to a decision to repurchase tokens using trading platform fees. Bitcoin's decline was influenced by profit-taking ahead of the first U.S. FOMC meeting of the year and losses in U.S. stock futures related to news about China-based DeepSeek. Futures markets were also impacted, resulting in losses of $238 million for BTC-tracked products, $50 million for SOL and DOGE bets, $138 million for altcoin-tracked products, and $84 million for ether-tracked futures. The largest liquidation order occurred on HTX, a tether-margined BTC trade worth $98.4 million. Liquidations are common in the volatile crypto market and can indicate an overstretched market or act as support or resistance levels. However, some traders may see this as a buying opportunity or validation for short positions.



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