BNB, ICP, ARB, SEI: Four tokens unstirred by BTC dip as markets record largest altcoin liquidations in 2 years

Binance Coin (BNB), Internet Computer (ICP), Arbitrum (ARB), and Sei (SEI), these four tokens stood their ground during the January 3 trading session as the cryptocurrency market reacted to a concerning report from an analysts with Matrixport Technologies.

Also Read: Arbitrum price shows signs of exhaustion even as ARB TVL records new seven-month high

BNB, ICP, ARB and SEI survive a broader market crash

Binance Coin, Internet Computer, Arbitrum, and Sei token prices have surged 2%, 4%, 7%, and 10% respectively on the day, with double and triple-digit gains in trading volumes amid increasing investor attention for the tokens.

BNB/USDT 1-day chart, ARB/USDT 1-day chart, SEI/USDT 1-day chart, ICP/USDT 1-day chart

The four altcoins managed to survive the cascading effect of a bearish report from a Matrixport analyst, who opined that the US Securities and Exchange Commission (SEC) could reject the spot BTC exchange-traded funds (ETFs) applications.

As news of the report broke, Bitcoin price retracted almost 7%, and with it, altcoins, causing up to $540 million in total liquidations across the market within a four-hour span. For Bitcoin, up to $166.37 million positions were liquidated, comprising $138.55 million longs against $27.81 shorts. This means that up to $373.63 million altcoin positions were liquidated, marking the largest altcoin liquidation event in two years.

Crypto liquidations

 For BNB, ICP, ARB, and SEI prices, the upside potential remains plausible considering the Relative Strength Index (RSI) remains north bound, suggesting momentum continues to rise. The Average Directional Index (ADX) indicator, which quantifies strength also points to a continuation the uptrend.