Bitcoin Coughs: 260,824 Traders Lose $721 million

The pioneer crypto asset fell below the symbolic threshold of $90k on Monday afternoon.

Written by: Olumide Adesina • Monday, January 13, 2025 • 1 min read

• Last updated: Monday, January 13, 2025

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The pioneer crypto asset fell below the symbolic threshold of $90k on Monday afternoon. Bitcoin returned above $92k at the time of writing, down by 10% in one week.

Investors developed cold feet as the dominant cryptocurrency on the market has pulled down most altcoins, such as ether, Solana, and dogecoin, and suffered far more severe losses.

Coinglass data showed 260,824 traders were liquidated for the day. The total liquidations comes in at $727.51 million. The largest single liquidation order happened on Binance – BTCUSDT valued at $8.21 million.

According to the Federal Reserve’s (Fed) mid-December meeting minutes released this Wednesday, January 8, the Fed wants to halt its monetary easing program, which could devalue riskier assets like cryptocurrencies. Bitcoin’s bears were triggered by the stronger dollar and rising US Treasury yields.

The US Department of Justice (DOJ) may sell over 69,000 bitcoins—worth $6.05 billion at the current exchange rate—that have been seized in court cases. This is another disruptive factor.

However, Michael Saylor shared an update on MicroStrategy’s Bitcoin purchase tracker, he might make another Bitcoin purchase amid market correction.

It is another matter entirely whether it would counteract the negative sentiment in the market. The company paid about $100 million for the acquisition last Monday, which had little effect on the market but highlights the company’s continued demand.

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ABOUT THE AUTHOR See More

Olumide Adesina

Financial Market Writer

Olumide Adesina is a French-born Nigerian financial writer. He tracks the financial markets with over 15 years of working experience in investment trading.