The cryptocurrency market faced a sharp downturn today as the Bitcoin price tumbled to $82,360.28, marking a 6.6% decline within a single day. Investors are reacting to a mix of macroeconomic uncertainty and heavy liquidations that have swept through the digital asset space, causing the total market capitalization to shrink. This rapid price correction has caught many traders off guard as the leading digital currency struggled to maintain its previous support levels on January 30, 2026.
Global Crypto Market Faces Massive Liquidation Event
Heavy selling pressure started late yesterday and accelerated through the morning hours. Traders across the globe watched as Bitcoin led the retreat, pulling the broader altcoin market down with it.
Market analysts point to several factors, including uncertainty regarding the Federal Reserve’s next moves and a shift in risk appetite among institutional holders. According to CoinMarketCap, the global crypto market cap slipped over 5.5% during this period as liquidations in leveraged positions surpassed the billion-dollar mark.
Experts suggest that the current volatility mirrors scenes often depicted in high-stakes financial dramas like “Billions,” where market sentiment can flip in an instant. Vikram Subburaj, CEO of Giottus, noted that the drop followed a break below the $85,000 support zone.
“The immediate trigger was a decisive break below the $85,000 support zone,” Subburaj explained, highlighting how that level had acted as a floor throughout mid-January.
Altcoins Suffer Steep Losses Alongside Bitcoin
While Bitcoin grabbed the headlines with its 6.6% slide, several prominent altcoins experienced even harsher percentage drops. Investors moved away from riskier assets, causing a ripple effect across the top 10 digital currencies.
Ethereum felt the heat, dropping 7.1% to $2,746. Other major players followed the same downward trajectory, showing no signs of immediate recovery.
- Solana (SOL): Fell 7.4% as it struggled to maintain its recent momentum.
- Cardano (ADA): Dropped 7.4%, matching declines seen across other smart contract platforms.
- XRP: Decreased by 6.4%, reflecting the general bearish mood.
- Dogecoin (DOGE): Slid 6.8% as the meme coin sector lost its recent spark.
- BNB: Lost roughly 7% of its value during the intraday selloff.
According to The Economic Times, the uncertainty surrounding the Fed chairmanship has rattled risky assets, pushing investors into a risk-off mindset. Traders remain cautious as they watch for signs of a potential rebound or further slides toward the psychological $80,000 mark.
For now, the market remains in a state of high alert as it digests these heavy losses.
