Tokens outside the top twenty have also experienced significant losses. For instance, the meme coin Pepe (PEPE), the layer one blockchain Aptos (APT), the Gate.io token (GATE), and the AI agent creation platform Virtuals (VIRTUALS) have all dropped by up to 18%.
The only token that saw a price increase was Jupiter (JUP), which rose by 3.5% in the last 24 hours. This increase was driven by the decision to buy back tokens from the open market using the commissions earned on its trading platform—potentially adding hundreds of millions of dollars to purchase volumes over the year.
The price of Bitcoin fell to $98.1K on Monday morning, January 27, as traders began to lock in profits ahead of the first Federal Open Market Committee (FOMC) meeting of the year in the U.S. This trend coincided with a decline in U.S. stock futures, prompted by discussions about the costs and capabilities of the Chinese platform DeepSeek, which challenges expensive projects led by OpenAI.
Futures markets also reflected the losses in the crypto market: traders of BTC-linked products lost $238 million in the last 24 hours, with the largest losses occurring during trading in Europe and Asia. Bets on SOL and DOGE lost a total of $50 million, altcoin-linked products saw a loss of $138 million, while Ethereum-related futures lost $84 million.