On January 29, Bitcoin's price dropped from over $89,000 to $84,000 levels, down by more than 5% in the past 24 hours. Bitcoin's price drop came amidst significant crypto liquidations in the past hour.
The crypto market is down by more than 4% in the past 24 hours, with a market cap of over $2.89 trillion.
Bitcoin price action
The digital asset saw a sudden price dip from above $87,000 to current levels above $84,000 in under an hour, after trading above $89,000 ealrier today. Bitcoin saw a drop in market cap from over $1.75 trillion to over $1.71 trillion.
Earlier, Bitcoin dropped to over $84,300, seeing a slight rebound at current levels above $84,700. Bitcoin reached its lowest price since April 2025.
Significant 1-hour crypto liquidations
Bitcoin price dropped amidst over $429 million in crypto liquidations in the past hour. CoinGlass data shows that almost $420 million in long positions were liquidated and almost $10 million in shorts during the past hour.
Almost $187 million in BTC long positions were liquidated, out of over $189 million in total BTC liquidations. In the past 24 hours, over $793 million in crypto positions were liquidated, with almost $318 million in BTC liquidations.
Important events for the crypto industry
Bitcoin's price drop comes amidst selling activity, ahead of tomorrow's crypto options expiry on Deribit. The digital asset's price drop debuted on January 28 from over $90,000.
Institutional interest in Bitcoin saw a break with two consecutive days of outflows from BTC ETFs in the US.
Notable recent events include the latest FOMC meeting, during which the Fed left the interest rates unchanged, but the decision was already probably priced in. Also, according to recent reports, the US Government might partially shut down again, for the first time since October 2025.
On January 29, the US Senate's Agriculture Committee is holding the first markup hearing on crypto market structure legislation, paving the way for clearer rules in the industry. The Senate has to vote on the CLARITY Act after it passed the House.
