The post Crypto market suffers the biggest drop this month; why is the market bleeding? appeared on BitcoinEthereumNews.com.

The crypto market experienced a major sell-off on January 7 amid rough economic data. The price of Bitcoin dropped drastically after topping $100K the day prior. The dip also affected major cryptocurrencies and caused over $150 million in liquidations. As of the time of publication, Bitcoin’s price dropped by more than 4% in the last 24 hours and hovers around $97,000. Ethereum also experienced an 8% dip in the last 24-hour period, while Solana dropped by more than 7% and XRP dropped by around 5%. Among the top digital assets, Avalanche (AVAX), Dogecoin (DOGE), and Chainlink (LINK) plummeted more than 9% each. Crypto market correction leads to major liquidations Crypto Market Suffers Biggest Drop In A Month The crypto market experienced its largest sell-off in nearly a month today. Bitcoin dropped over 5%, Ethereum fell around 8%, and Solana and XRP also saw declines. The total market cap decreased by 7.6% to $3.6 trillion, with $507… pic.twitter.com/f8nXKWbDat — The Wolf Of All Streets (@scottmelker) January 8, 2025 The crypto market correction led to major liquidations, as data from CoinGlass showed that $388 million worth of long and short positions were nuked over the last 24 hours. The data also revealed that $230 million worth of liquidations came in the last four hours alone, with long positions making up the vast majority of the liquidations at $212 million. The data indicated that the figure was lower than the single largest 24-hour or hourly liquidation seen in the last month, which was around $856.7 million. The figures also revealed that more than 129,900 cryptocurrency traders were liquidated over the past 24 hours. The CoinGlass data highlighted that the largest single liquidation order was an ETHUSDT position on Binance, valued at more than $11.9 million. Crypto stocks MicroStrategy and Coinbase also dropped by…

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Filed under: News - @ January 8, 2025 7:27 am