Why Is Crypto Down Today? – January 19, 2026
The crypto market is down today, with the cryptocurrency market capitalisation having decreased by 3% over the past 24 hours to $3.21 trillion. At the time of writing, 95 of the top 100 coins have posted price falls. Also, the total crypto trading volume stands at $117 billion.
- Crypto market cap is down 3% on Monday morning (UTC);
- 95 of the top 100 coins and all top 10 coins are down;
- BTC decreased by 2.7% to $92,532, and ETH is down 3.6% to $3,192;
- We are currently in Wave IV of the major bull run;
- ‘It seems like another leg lower is likely’;
- It’s likely we’ll see further downside unless buyers step in;
- A close above $104,000 would confirm we’re starting Wave V;
- Newrez will add specific crypto holdings to qualifying assets in its mortgage underwriting process;
- US BTC spot ETFs posted outflows of $394.68 million, while ETH spot ETFs saw $4.64 million in inflows;
- Anchorage Digital is reportedly seeking up to $400 million in fresh funding ahead of an IPO;
- Steak ’n Shake, an American burger chain, bought $10 million of BTC for its treasury;
- Crypto market sentiment remained unchanged over the weekend.
Crypto Winners & Losers
As of Monday morning (UTC), all top 10 coins per market capitalisation have recorded price decreases over the past 24 hours.
Bitcoin (BTC) dropped 2.7% since this time yesterday, changing hands at $92,532.
Ethereum (ETH) decreased by 3.6%, now trading at $3,192.
The highest fall in this period is Dogecoin (DOGE)’s 7.7%, currently standing at $0.1267.
Solana (SOL) follows with a 6.7% decrease to the price of $133.
At the same time, the smallest drop is Tron (TRX)’s 0.5%, trading at $0.3176.
Of the top 100 coins per market cap, 95 are down today, with 10 posting double-digit decreases.
The highest drop in this category is 12.7% by Aster (ASTER) to the price of $0.6265.
Sui (SUI) is next, having dropped 12.5% and trading at $1.56.
As for the five green coins in this category, Dash (DASH) was the winner with a 9.3% rise, currently standing at $83.24.
Next up is Monero (XMR), which appreciated 6% to the price of $624.
The rest are up between 4.5% and 2.3% per coin.
Meanwhile, mortgage lender Newrez will add specific crypto holdings to qualifying assets in its mortgage underwriting process. Borrowers will be able to use Bitcoin, Ether and stablecoins without selling them.
Likely to take effect in February, the system will apply across the lender’s non-agency products, including home purchases, refinancing, and investment properties.
Further Downside Is Likely
In a recent email, John Glover, Chief Investment Officer of Ledn, highlighted that we are currently in Wave IV of the major bull run. Its competition target is between $71,000 and $84,000. The breakdown of any corrective wave is an A-B-C structure, as seen in the chart below.
Source: John Glover, Ledn
“The question that has yet to be answered is whether the yellow path is the full Wave IV or we will follow the purple path and therefore have another move lower to $71,000,” Glover writes. “From the breakerdown of wave C within this corrective pattern, it seems like another leg lower is likely.”
As to which path we’re following, the confirmation will come from either:
- a break and close above $104,000 (bottom of A), which would confirm that we followed the yellow path and are now starting Wave V,
- or a break below $80,000, which means a move to the low $70,000 before we head higher.
Moreover, Nic Puckrin, digital asset analyst and co-founder of the Coin Bureau, added: “Another weekend, another sell-off in digital assets on the back of tariff news and geopolitics.” BTC has broken below a key support level of $94,000, which marked the January breakout trend line.
Moreover, today “likely still has some volatility in store, not least since the US market is closed today for Martin Luther King Day,” the analyst says. “Whether we see a deeper sell-off will depend on whether Bitcoin closes the day below $90,000, which could see ETF holders exiting positions when the US market opens tomorrow.”
At the same time, “investors holding out for a rotation from metals to altcoins will be sorely disappointed,” Puckrin writes, “as the uncertainty and fears around Greenland are likely to get worse before they get better.”
Levels & Events to Watch Next
At the time of writing on Monday morning, BTC was changing hands at $92,532. The coin began the day at the $95,000 level, trading sideways for a while. After hitting the intraday high of $95,467, BTC plunged to the low of $92,263.
Over the past week, BTC is up 1%. It’s been trading in the $90,321-$97,538 range. Notably, it’s down 26.6% from its all-time high of $126,080 seen in October 2025.
Market participants are now looking to see if BTC will hold the $92,000 or will drop to $91,000. Should this happen, it may dip below the $90,000 zone. However, an increase could allow the coin to reclaim the $95,000 territory.
Bitcoin Price Chart. Source: TradingView
At the same time, Ethereum was trading at $3,192. Initially trading sideways, the price reached the day’s highest point of $3,364. It then dived to the intraday low of $3,190. ETH has been trading at this level at the time of writing.
Moreover, ETH appreciated 1.6% over the past 7 days. It moved between $3,089 and $3,379. On the other hand, it’s down 35.3% from the August 2025 ATH of $4,946.
ETH could fall further to the $3,100 level, which may potentially lead it below $3,000. Yet, should it hold the current level, a market rise could enable it to return to the $3,300-$3,500 range.
Meanwhile, the crypto market sentiment has remained largely unchanged over the weekend.
The crypto fear and greed index fell from 50 to 49 on Friday. It has stood at 49 over the past couple of days, firmly in the neutral zone.
The metric indicates market uncertainty. Market participants await additional macroeconomic and geopolitical signals that would point to the near-term market movements.
Source: CoinMarketCap
ETFs Paint Mixed Picture
The US BTC spot exchange-traded funds (ETFs) closed the previous week with a break of a green streak, recording $394.68 million in negative flows. The total net inflow pulled back below $58 billion, currently standing at $57.82 billion.
Of the twelve ETFs, only one posted positive flows, while four recorded outflows. The one green fund was BlackRock, which took in $15.09 million.
At the same time, Grayscale let go of the highest amount among the twelve on Friday, with outflows of $205.22 million. It’s followed by Bitwise’s $90.38 million.
Source: SoSoValue
On the other hand, the US ETH ETFs posted inflows, albeit a minor amount. On 16 January, these funds together took in $4.64 million. That said, this was their fifth consecutive day of positive flows. The total net inflow remained unchanged, standing at $12.91 billion.
Of the nine funds, one ETH ETF posted inflows, and one saw outflows at the same time.
BlackRock recorded $14.87 million in positive flows, while Grayscale recorded $10.22 million in negative flows.
Source: SoSoValue
Meanwhile, Steak ’n Shake, an American burger chain, announced a $10 million purchase of BTC for its treasury. This is the company’s first disclosed direct allocation since it began accepting crypto payments in May 2025.
The move formalises what the restaurant chain calls a “Strategic Bitcoin Reserve,” a system that channels all BTC received from customers directly into its treasury rather than converting it into cash.
Additionally, Anchorage Digital is reportedly preparing a significant capital raise as it positions itself for a potential public listing.
The company is seeking between $200 million and $400 million in fresh funding, with an initial public offering (IPO) under consideration for next year.
Quick FAQ
- Did crypto move with stocks today?
The crypto market posted another drop over the last 24 hours. Meanwhile, the US stock market closed the Friday session and the week lower. By the closing time on 16 January, the S&P 500 was down 0.064%, the Nasdaq-100 decreased by 0.07%, and the Dow Jones Industrial Average fell by 0.17%. Treasury yields jumped to a four-month high amid uncertainty about the US Federal Reserve’s next steps.
- Is this drop sustainable?
The decrease may continue in the short term. It’s yet unclear how long it may last, and market participants wait for additional signals that could clarify that. That said, analysts argue that further increases are not only possible but likely to occur.
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