In the past 24 hours, approximately 200,000 traders have been liquidated, with a total amount exceeding $900 million, as Bitcoin fell to a seven-week low, completely reversing the gains made after the Federal Reserve Chairman hinted at interest rate cuts in Jackson Hole.
Data from the CoinGlass platform shows that most liquidations were long positions. Bitcoin (BTC) briefly dropped below $109,000 on Coinbase, marking its lowest price since July 9.
BTC Markets crypto analyst Rachael Lucas pointed out, "A large holder sold 24,000 BTC, intensifying the selling pressure and triggering a new wave of liquidations."
Since reaching an all-time high of over $124,000 on August 14, the asset has retraced 12%. Bitcoin has fallen 7% since Powell's speech in Jackson Hole, where he hinted at monetary policy easing.
Bobby Ong stated that the market needs to go through a tough liquidation day to continue rising.
Meanwhile, gold supporter Peter Schiff predicted on Tuesday that Bitcoin would drop to $75,000, adding that he suggests selling now and buying back at a lower price.
Lucas added in a report obtained by Cointelegraph, "Funds are fleeing high-risk assets, and the thin liquidity over the weekend has exacerbated market volatility. Ethereum remains a focus for institutions, but the market is weighing whether this is a temporary pause in the upward trend or the beginning of a deeper correction."
In years of crypto bull markets, September typically performs as a bear market, with significant corrections occurring in both September 2017 and September 2021.
Due to a daily drop of 2.8% in Bitcoin, the total cryptocurrency market cap has once again fallen below $400 billion, with the market giving back all the gains from last week. Nearly $200 billion has flowed out, bringing the total market cap down to $384 billion.
Ethereum (ETH) has temporarily outperformed Bitcoin, dropping to $4,340, still above last week's low.
However, many altcoins have seen larger declines, with Solana (SOL), Dogecoin (DOGE), Cardano (ADA), Chainlink (LINK), and Sui (SUI) showing weaker performance.
Related: Preston Pysh: The skepticism of Bitcoin (BTC) holders towards institutions is hard to eliminate
Original: “As Bitcoin (BTC) Gives Back 'Jackson Hole' Gains, Crypto Market Liquidations Reach $900 Million”
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