Tuesday’s sell-off wiped $713M in leveraged positions and came after Trump’s Greenland tariff threats.
Crypto markets fell on Tuesday, Jan. 20, as trade-war fears tied to President Donald Trump’s Greenland tariff threats intensified.
Bitcoin (BTC) is trading at $89,402, down 3.8% over the past 24 hours, while Ether (ETH) is changing hands at $2,991, down roughly 7% on the day, according to CoinGecko.
Among other large-cap tokens, BNB fell 3.4% to $893, while XRP dropped 5.5% to $1.89. Solana (SOL) slipped 5.2% to $127, extending its weekly decline to nearly 12%.
The total cryptocurrency market capitalization stood at roughly $3.10 trillion, down 4% over the past 24 hours, while total trading volume rose to about $148.2 billion.
Canton (CC) led today’s gainers, rising 9%, while Provenance Blockchain (HASH) climbed 5% and MemeCore (M) added 5%.
On the downside, Monero (XMR) fell 17.5% to $507, while Hyperliquid (HYPE) dropped 10.4% to $21.36 and Quant (QNT) slid 7.4% to $77.73.
Liquidations & ETF Flows
Roughly $713.4 million in leveraged positions were wiped out over the past 24 hours, according to CoinGlass. Long liquidations accounted for about $653 million, while short liquidations totaled $60.5 million.
Ethereum recorded the largest share of liquidations at around $269.4 million, followed by Bitcoin at $243 million. CoinGlass also reported that about 165,751 traders were liquidated over the past day.
In the exchange-traded fund (ETF) market, flows were mixed. U.S. Bitcoin spot ETFs recorded about $394.7 million in outflows on Jan. 16, while U.S. Ether spot ETFs posted $4.6 million in inflows.
Meanwhile, U.S. XRP spot ETFs saw about $1.1 million in inflows, while U.S. Solana spot ETFs recorded $2.2 million in outflows.
Geopolitical Uncertainty
The crypto market downturn comes as global markets plunged after U.S. President Donald Trump stoked trade-war fears by threatening tariffs on several European countries and the U.K. unless they supported his push for American control of Greenland, NBC reported.
U.S. stocks fell sharply today, with the S&P 500 posting its worst day since October and the Nasdaq also sliding more than 2%. European markets also moved lower for a second straight day.
Investors also rotated into safe-haven assets as gold climbed to another record high, trading around $4,763 per ounce, up about 1.8% on the day. Silver traded near $94.57.
