Hope for a quick turn from the weekend Crypto Plunge wobbled Monday with Bitcoin To slip all the way back under $ 110,000, just in front of its then euphoric award of $ 109,400 affected in front of President Trump’s January 20 inauguration.
The largest crypto recovery attempt was quickly rejected to $ 113,000 during the US session, and it dropped the precipitate to a seven-week low, Coindesk price data showing. Recently, BTC traded with $ 109,700, down 2.7% over the last 24 hours and lower by approx. 7%, since he shot over $ 117,000 in the wake of Fed -Chairman Jay Powells Dovish Friday Jackson Hole speech.
While larger altcoins stayed relatively well during the Sunday accident, they bowed to the market’s weakness on Monday. Ethereums ether (Eth) dropped almost 8% over the past 24 hours under $ 4,400. Solana’s sun (Sun)Dogecoin Cardano Chainlink also dropped 6%-8%.
Today’s price swing liquidated nearly $ 700 million in geared trade positions across all cryptoderivatives surpassing the Sunday chicken, Coinglass data shows. About $ 627 million of the liquidated trades were along expected higher prices.
What can be further spooked is weak seasonal provision as the end of August approaches. September has historically brought the weakest return for BTC and ETH with 3.77% and 6.42% losses per month respectively. Coinglass data.
Update (25 August, 20:28 UTC): Adds liquidation data to coinglass.
