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Cryptocurrency Market Dips Over $100 Million in 24 Hours Amid Profit-Booking and Speculations

The cryptocurrency market saw a major drop on January 22, resulting in over $100 million being liquidated in the past 24 hours due to investors taking profits and speculating on future market performance. Ethereum was the top cryptocurrency in terms of individual liquidations, with $22.94 million, followed closely by Bitcoin at $20.75 million and Solana at $6.53 million. Experts attribute the dip to profit-taking opportunities and traders assessing market conditions ahead of the release of Q4 prelim U.S. GDP Data and PCE inflation data this week. The global crypto market fell by 3.16% to $1.59 trillion, with overall trading volume increasing by 34.50% to $42.49 billion. Additionally, Grayscale CEO Michael Sonnenshein disagrees that high fees for GBTC are causing significant liquidations, while Galaxy Digital CEO Mike Novogratz believes investors will shift towards other ETFs like $BTCO. Binance has also announced a large-scale token burn across various chains.

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