BTC Plummets Under $110K, Sparking $940M Crypto Liquidations
The cryptocurrency market experienced significant turmoil as Bitcoin (BTC) briefly fell below $109,000, triggering $940 million in liquidations. This sharp decline follows a brief period of optimism after the fed Chair jerome Powell’s speech at the Jackson Hole event.
Data from CoinGlass shows that long positions accounted for most of the liquidations, totaling $826.51 million out of the $941 million wiped out. Wiht Bitcoin leading the way, it faced $277.21 million in liquidations, representing nearly 30% of all crypto liquidations.
- CoinGlass reports mainly long positions were liquidated.
- Bitcoin suffered a 30% share of total crypto liquidations.
- The market lost $200 billion as the Fed’s speech.
Powell’s announcement hinted at potential interest rate cuts, initially boosting bitcoin to $116,960. Though, this momentum was short-lived, resulting in Bitcoin falling back to the $110k range.
Such extensive liquidations suggest heightened market volatility and possible over-leveraging. the overall crypto market capitalization dropped by $200 billion, now standing at $3.8 trillion. While Bitcoin hovers near $110,250, Ethereum (ETH) remains relatively stable at $4,429, despite a 4.9% dip.
