In the past 1 hour, the global cryptocurrency market cap has experienced a significant decline, falling by over 6% to $1.63 trillion. This meltdown dragged major exchanges such as Bitcoin, Ethereum, Solana, XRP, and Cardano, all of which have dropped by over 6% in just an hour. Bitcoin’s prices have also plummeted by 7% to below $41,000, wiping out earlier gains.

Volatile Week for Crypto: $600 million Liquidated

The crypto market has witnessed over $600 million in liquidations today alone. In just an hour, long positions worth over $561 million were liquidated. Crypto traders seem aware, as 176,000 traders have been closed down. The biggest liquidation order on Huobi’s BTCUSDT pair was worth $14.26 million.

Bold Forecast by Matrixport

Today Matricport made a bold prediction, which has shocked the whole crypto industry as it affected Bitcoin and other exchanges too. The company has anticipated that the SEC will reject all Bitcoin ETFs in January, which could potentially trigger a sharp decline in Bitcoin’s value from $42,000 to $36,000.

Bitcoin started the year with a bang, breaking past $45,000 as everyone buzzed about a potential spot ETF. Lately, though, things got rough with some bad news dragging the market down, but the ETF craze among investors is the same.