Bitcoin fell 2.57% over the last day to $92,606 after global markets reacted to Trump’s surprise tariff announcement.
Over $866 million in leveraged crypto positions were liquidated, mostly from bullish traders.
Altcoins like Solana, XRP, and Cardano fell sharply as risk appetite dropped.
Crypto prices today, on January 19, faced heavy selling. Bitcoin was trading at $92,606 at press time, and XRP slipped to $1.96. The world’s top altcoins followed suit, with most seeing losses of over 4% over the last 24 hours, trading in the red zone. The global crypto market cap was down 2.79% to $ 3.13 trillion. The sell-off was triggered by US President Donald Trump's unexpected announcement of tariffs on eight European nations related to Greenland. The news sent shockwaves through risk assets globally. Here’s everything that happened in the crypto market today based on CoinMarketCap data.
Bitcoin price dropped 2.57% over the past 24 hours to $92,606.86l. The world's largest cryptocurrency saw its market capitalization fall to $1.85 trillion. Although Bitcoin’s trading volume surged 79% to $32.12 billion, panic selling gripped the market.
CoinSwitch Markets Desk noted, “BTC traded sideways mainly between $94,500 and $96,000, reflecting consolidation over the weekend after recent volatility, before breaking below $93,000 as markets reacted to renewed US-EU trade war concerns. The $95,000 level had held multiple times, indicating steady buying interest, though this support has now weakened as risk-off sentiment increased. Institutional signals remain constructive, with last week BTC ETFs recording $1.4 billion in inflows, pointing to sustained institutional conviction.”
CoinSwitch further explained, “At the same time, mid- to large-sized holders continue to accumulate aggressively. Over the past 30 days, wallets holding 10–1,000 BTC added roughly 110,000 BTC, the strongest monthly accumulation since the 2022 FTX-driven market bottom. A sustained move above $94,000 resistance could support a rebound, while a break below $92,000 support may invite short-term weakness.”
Ethereum price declined 3.08% to $3,207.99, with its market cap slipping to $387.18 billion. Earlier reports showed that Ethereum had briefly fallen below the key support level of $3,200 to $3,195.84.
XRP price dropped 4.22% to $1.96, falling below the critical $2 support level. The token experienced heavy liquidation, especially in long positions. It slid from around $2.06 to an intraday low of $1.906 before stabilizing in the $1.93-$1.94 range. XRP long positions saw heavy losses, contributing to the broader market carnage.
Cardano was the biggest loser among the world’s top ten coins today. It declined 7.58% to $0.3643. Solana was a close-second, with its price plunging 6.26% to $133.72. BNB dropped 2.33% to $925.80, performing slightly better than Bitcoin and Ethereum. Dogecoin, the only meme coin on the list, dipped 7.23% to $0.1272.
TRON (TRX) was the only coin among the world’s top ten to have defied the downward trend today. It, instead, rose 0.31% to $0.3202, making it one of the few gainers among crypto prices today.
Stablecoins proved their worth as safe havens. Tether (USDT) was flat at $0.9994. Its trading volume surged 58.97% to $81.92 billion as investors fled to stability. USDC also held steady at $0.9999, showing just a 0.01% decline with its market cap at $75.96 billion.
Also Read: Ethereum News Today: ETH Staking Inflows Surge to Multi-Year Highs as Exit Queue Hits Zero
Here are the top global headlines impacting crypto prices today.
The primary driver behind bearish momentum in crypto prices today was President Trump's January 17 announcement of a 10% tariff on eight European countries. These include Denmark, Finland, France, Germany, Norway, Sweden, the Netherlands, and the UK.
Trump stated these could rise to 25% in June unless ‘a deal is reached for the complete and total purchase of Greenland.’ The fresh tariffs would come into effect from February 1. This geopolitical shock sent investors scrambling for safe-haven assets, with gold and silver hitting record highs. Meanwhile, risk assets, including cryptocurrencies, were sold off sharply.
The volatility triggered massive liquidation. According to Coinglass data, total liquidations reached $866 million over 24 hours. Long positions bore the brunt at $783 million compared to just $82.3 million in shorts.
Around $600 million in bullish cryptocurrency bets were liquidated initially, with the total eventually climbing to $866 million. A staggering 242,718 traders globally were liquidated, with the largest single liquidation occurring on Hyperliquid's BTC-USDT pair valued at $25.83 million.
Bitcoin also saw $222 million in long bets wiped out compared to just $6.7 million in shorts. At the same time, Ethereum longs lost $118 million while Ethereum shorts totaled only $35.7 million in liquidations.
Despite the broader downtrend, Bitcoin dominance increased slightly to 59.1%, up 0.06%. The jump came as traders fled smaller altcoins for the relative safety of the largest cryptocurrency. Ethereum held 12.4% of the market (up 0.32%), while other tokens comprised 28.5% (down 0.38%) of total crypto market share.
Also Read: Senate Crypto Bill Draft Could Expand Institutional Access to XRP, Solana, Dogecoin
Crypto prices today showed cautious investor sentiment amid global uncertainties. Experts expect short-term volatility until more updates on Trump tariff policies and their broader impact on risk assets. The key support levels for Bitcoin and XRP price are at $92,000 and $1.93, respectively. A fall below these price points may signal that this is more than just a temporary shakeout and the start of a deeper correction.
1. Why did Bitcoin fall below $93,000 today?
Bitcoin plummeting beneath $93,000 today was due to stocks taking a hit as traders responded to President Trump's imposition of tariffs on certain European nations. It led many to panic-sell Bitcoin, compounded by significant liquidation consequences from leveraged or trading positions.
2. What does $866 million in crypto liquidations mean?
$866 million in liquidated trading positions resulted from falling Bitcoin prices, which forced leveraged traders out of their long positions (investors who purchase when they think the price will rise).
3. Why were altcoins hit harder than Bitcoin?
Altcoins are typically sold off sooner than Bitcoin when fear takes precedence in the market, as they are more volatile. So, Altcoins like Solana, XRP, Cardano, and even the meme coin Dogecoin have endured much larger losses than Bitcoin amid today's investor panic selling.
4. Why did stablecoins perform better during the crash?
Stablecoins like USDT and USDC maintain stable prices through peg mechanisms during periods of high volatility. This happened as traders transferred funds from other volatile cryptocurrencies to one of these stablecoins to avoid losses. Hence, these coins experienced increased transaction volumes without price disparities.
5. What key levels should traders watch next?
A majority of traders are monitoring two critical price points for Bitcoin and XRP. The next immediate essential support level for Bitcoin is around $92,000, and, subsequently, XRP has a critical price zone near $1.93. If either coin can maintain its price point, it will have greater stability in the coming days. However, if either of those price levels gives way, there will likely be an even deeper, larger correction across both coins and the market in the short run.
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