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Crypto Market Crash: Bitcoin Plummets, Altcoins Suffer Double-Digit Losses

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CRYPTOCURRENCY,BITCOIN,ALTCOINS

The cryptocurrency market experienced a significant downturn on Tuesday, with the total market cap shrinking 6% to $3.2 trillion. Bitcoin plunged to $97,000, down 4% from its recent rally, while prominent altcoins like Avalanche, Chainlink, and Ripple (XRP) also suffered double-digit losses. Over $500 million in liquidations were recorded as traders reacted to upbeat US jobs data, hinting at a hawkish Federal Reserve.

The cryptocurrency sector shrank 6% in 24 hours as the aggregate market cap dropped to $3.2 trillion on Tuesday. Cryptocurrencies traders witnessed over $500 million in liquidations as markets reacted negatively to upbeat US jobs data. Bitcoin price plunged as low as $97,000, down 4% from the $102,750 rally recorded after US Fed VP Barr resigned on Monday. BTC, ETH and XRP market caps suffered losses in excess of 5%, with prominent memecoins DOGE, SHIB and PEPE taking double-digit haircuts.

Chair Rostin Behnam Resigns, Calls for Stronger Crypto Oversight Rostin Behnam, Chair of the U.S. Commodity Futures Trading Commission , has announced his resignation effective January 20. His four-year tenure was defined by aggressive enforcement actions in the digital asset space and calls for stricter regulatory oversight of crypto markets. Behnam emphasized the need for disciplined regulation to address the growing regulatory gaps in the sector.

took significant actions, including securing a $4.3 billion settlement with Binance for operating an unlicensed derivatives platform in the U.S. Canadian PM Front-Runner Pierre Poilievre Advocates for Crypto and DeFi Pierre Poilievre, leader of Canada’s Conservative Party and a front-runner for the position of Prime Minister, following Justin Trudeau’s resignation, has emerged as a strong proponent of cryptocurrency and decentralized finance .

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