{"id":54762,"date":"2026-01-21T04:00:51","date_gmt":"2026-01-21T04:00:51","guid":{"rendered":"https:\/\/emilynews.com\/blog\/?p=54762"},"modified":"2026-01-21T04:02:08","modified_gmt":"2026-01-21T04:02:08","slug":"1-8b-liquidated-in-48-hours-as-bitcoin-wipes-out-2026-gains","status":"publish","type":"post","link":"https:\/\/emilynews.com\/blog\/?p=54762","title":{"rendered":"$1.8B liquidated in 48 hours as Bitcoin wipes out 2026 gains"},"content":{"rendered":"\n

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Bitcoin erased its gains for the month and fell below $88,000 as crypto markets shed $225 billion, with analysts linking the crash to a \u201csell America\u201d trade and Japanese bond market woes.<\/p>\n

Bitcoin dropped another 4% on Tuesday, with more than $1.8 billion liquidated over the past 48 hours amid tariff threats from US President Donald Trump and Japanese bond turmoil.<\/p>\n

Bitcoin fell to $87,790 on Coinbase in late trading on Tuesday, its lowest level since Dec. 31. Over the past 48 hours, more than $1.8 billion has been liquidated, around 93% of them long positions, reported Coinglass.<\/p>\n

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BTC slumps 10% in a week, wiping out all January gains. Source: <\/em>TradingView<\/em><\/figcaption>\n<\/figure>\n


The asset has now wiped out all gains made so far this year and is down 10% from its year-to-date high of just under $98,000. It has also fallen below the 50-day exponential moving average (EMA), which served as support in the recent rally.\u00a0<\/p>\n

Crypto markets have collectively shed $225 billion in market capitalization, their largest decline since mid-November, with total capitalization now at $3.08 trillion.<\/p>\n

Japanese bond market blowout or \u2018sell America\u2019 trade<\/h2>\n

Trump\u2019s renewed tariff threats prompted a repeat of the so-called \u201cSell America\u201d trade that emerged after last April\u2019s tariff announcement, reported Reuters.\u00a0<\/p>\n

However, while many attribute the market volatility to Trump\u2019s trade war escalation, there could be other factors at play.\u00a0<\/p>\n

Related: <\/strong><\/em>Bitcoin institutional demand remains strong: CryptoQuant<\/strong><\/em><\/p>\n

Founder and CEO of 50T Funds, Dan Tapiero, said the \u201cwipeout\u201d was caused by \u201ccomplete annihilation in Japanese bond markets infecting all markets right now.\u201d<\/p>\n

Tapiero predicted more gains for gold, which hit an all-time high of $4,835 per ounce on Tuesday, with Bitcoin to follow.\u00a0<\/p>\n

US Treasury Secretary Scott Bessent said the same thing on Tuesday: \u201cI believe markets are going down because the Japanese [10-year] bond market had a six-standard-deviation move over the past two days.\u201d\u00a0<\/p>\n

This has \u201cnothing to do with Greenland,\u201d he said.\u00a0<\/p>\n

Japanese 10-year government bond yields surged almost 19 basis points in two days, while 30-year yields posted their biggest daily jump since 2003 as investors braced for increased government spending and reduced liquidity, reported Reuters.\u00a0<\/p>\n

Tightening critical source of global liquidity<\/h2>\n

Jeff Ko, chief analyst at CoinEx Research, told Cointelegraph that the surge in Japanese bonds was driven by fiscal uncertainty and market volatility ahead of the snap election.\u00a0<\/p>\n

\u201cThis threatens to accelerate the carry trade unwind, further tightening a critical source of global liquidity,\u201d he said. \u201cBeyond the trade war, a capital war appears to be emerging,\u201d he continued.\u00a0<\/p>\n

\u201cFund flows are shifting away from US assets as geopolitical tensions mount. Bitcoin finds itself caught in a tug-of-war \u2014 while it shares characteristics with hard assets like gold, it\u2019s currently being sold off due to its heightened sensitivity to liquidity conditions.\u201d<\/blockquote>\n

The S&P 500 index fell 1.9%, while gold prices surged to a new all-time high on Tuesday. The total cryptocurrency market capitalization dropped to $2.71 trillion on Tuesday, down from nearly $3 trillion the previous Wednesday.<\/p>\n

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Gold\/USD (left) vs. Total crypto capitalization\/USD (right). Source: <\/em>TradingView.com<\/em><\/figcaption>\n<\/figure>\n

Yields on the 5-year US Treasury climbed to their highest level in almost six months, a move often linked to fears of recession or rising inflation. Investors demanded higher returns to hold US government debt, signaling weakening confidence.<\/p>\n

Billionaire investor and hedge fund manager Ray Dalio told CNBC that a \u201cnew phase of global financial conflict\u201d may be emerging as foreign governments reassess their exposure to US assets amid growing uncertainty and economic strain. Dalio noted that history provides several examples where economic disputes expanded beyond trade into capital flows.<\/p>\n

In the past, Dalio has raised concerns about declining confidence in the US dollar. While this backdrop could appear favorable to those who view cryptocurrencies as an alternative monetary system, silver has been the standout performer so far, rising 64% since December. The precious metal\u2019s market capitalization has climbed to $5.3 trillion.<\/p>\n

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Top global tradable assets market capitalization, USD. Source: 8marketcap<\/em><\/figcaption>\n<\/figure>\n

European Commission President Ursula von der Leyen warned on Tuesday that any response to US threats would be \u201cunflinching, united, and proportional,\u201d increasing fears of negative spillovers into equity markets.<\/p>\n\n

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Bitcoin erased its gains for the month and fell below $88,000 as crypto markets shed $225 billion, with analysts linking the crash to a \u201csell America\u201d trade and Japanese bond market woes. 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