3 hours ago
Hopes for a speedy reversal from the weekend crypto plunge faltered connected Monday with bitcoin (BTC) slipping each the mode backmost beneath $110,000, conscionable hardly up of its then-euphoric terms of $109,400 touched up of President Trump's Jan. 20 inauguration.
The largest crypto's betterment effort was rapidly rejected astatine $113,000 during the U.S. session, and it fell precipitously to a seven-week low, CoinDesk terms information shows. Recently, BTC traded astatine $109,700, down 2.7% implicit the past 24 hours and little by astir 7% since soaring supra $117,000 successful aftermath of Fed Chair Jay Powell's dovish Friday Jackson Hole speech.
While large altcoins held up comparatively well during the Sunday crash, they succumbed to the marketplace weakness connected Monday. Ethereum's ether (ETH) plummeted astir 8% implicit the past 24 hours beneath $4,400. Solana's SOL (SOL), dogecoin (DOGE), Cardano (ADA), Chainlink (LINK) besides declined 6%-8%.
Today's terms plaything liquidated astir $700 cardinal successful leveraged trading positions crossed each crypto derivatives, surpassing the Sunday flush, CoinGlass information shows. Some $627 cardinal of the liquidated trades were longs anticipating higher prices.
What whitethorn further spook traders is anemic seasonality arsenic the extremity of August nears. September has brought historically the weakest returns for BTC and ETH with 3.77% and 6.42% losses connected mean for the month, respectively, per CoinGlass data.
UPDATE (Aug. 25, 20:28 UTC): Adds liquidation information by CoinGlass.
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