Leading cryptocurrencies fell sharply Sunday evening amid the launch of meme coins tied to President-elect Donald Trump and his family.
| Cryptocurrency | Gains +/- | Price (Recorded at 8:30 p.m. ET) |
| Bitcoin BTC/USD | -3.89% | $100,239.24 |
| Ethereum ETH/USD | -4.61% | $3,189.30 |
| Dogecoin DOGE/USD | -12.44% | $0.3505 |
What Happened: Bitcoin plummeted from $106,180 to $99,622 in three hours, eroding $130 billion worth of investors' wealth.
Similarly, Ethereum tanked from $3,414 to $3,150, marking a 4.61% decline in the last 24 hours.
The broader market slump coincided with a significant drop in the OFFICIAL TRUMP token launched a couple of days ago.
The enthusiasm linked with the coin evolved into negativity as incoming First Lady Melania Trump launched her own meme coin on Sunday.
Over $1 billion was liquidated from the cryptocurrency market in the last 24 hours, with long liquidations accounting for $925 million.
Bitcoin's Open Interest fell 2.05% in the last 24 hours to $66.77 billion. That said, the majority of derivatives traders were bullish on the asset, as indicated by the Long/Short Ratio.
That said, more than half of derivatives traders on Binance placed short bets on Bitcoin, expecting a correction.
The market sentiment entered the "Extreme Greed" zone, according to the Crypto Fear & Greed Index, sparking concerns of further market correction.
Top Gainers (24-Hours)
| Cryptocurrency | Gains +/- | Price (Recorded at 8:30 p.m. ET) |
| OFFICIAL TRUMP (TRUMP) | +74.00% | $46.06 |
| Fartcoin (FARTCOIN) | +9.95% | $1.92 |
| DeXe (DEXE) | +2.10% | $17.55 |
The global cryptocurrency market capitalization stood at $3.45 trillion, contracting by 5.15% in the last 24 hours.
Stock futures edged slightly lower Sunday evening. The Dow Jones Industrial Average Futures fell 30 points, or 0.07%, as of 9 p.m. EDT. Futures tied to the S&P 500 dipped 0.07%, while Nasdaq 100 Futures slipped 0.13%.
The moves come after major averages posted their biggest weekly gain since the presidential elections in November. The Dow Jones Industrial Average and the S&P 500 rose 3.19% and 3.40%, respectively.
The New York Stock Exchange and Nasdaq will remain closed on Monday to commemorate Martin Luther King Jr. Day.
See More: Best Cryptocurrency Scanners
Analyst Notes: Widely followed cryptocurrency analyst Rekt Capital identified $104,500 as a crucial resistance level for Bitcoin.
"Weekly close above red [$104,500] followed by a successful retest would likely confirm the breakout to new ATHs," the analyst stated, adding a caveat.
"However, a weekly close below red and it’s possible BTC could pullback again, however likely for a shallower retrace compared to the one of mid-December 2024."
Meanwhile, Michaël van de Poppe, another popular cryptocurrency market commentator, maintained his bullish view on altcoins.
"I expect that we’ll see strength on Ethereum, Chainlink, Aave, and a lot of altcoins in the coming week as yields are going down and the DXY becomes weaker," he added. "Great times are ahead of us."
Photo by CMP_NZ on Shutterstock
Read Next:
© 2025 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
