About 200,000 merchants were liquidated up to more than $ 900 million in the last 24 hours while Bitcoin fell at a seven -week -old – decimating his earnings after the president of the Federal Reserve reported interest rate drops to Jackson Hole last week.
The majority of liquidations were long positions, according to Coinglass, which came while Bitcoin (BTC) briefly dropped below $ 109,000 on Coinbase, its lowest price since July 9.
“The sale pressure has intensified as a large support has unloaded 24,000 BTC, triggering a wave of liquidations,” said Rachael Lucas, cryptographic analyst at BTC Markets.
The asset has now been corrected by 12% since its highest August 14 by just over $ 124,000, and is down 7% since Jackson Hole’s speech by Jerome Powell on Friday where he referred to the relaxation of monetary policy.
“We have to go through the difficult liquidation days so that we can go up,” the co-housekecko co-founder said Bobby NGO on Monday.
Meanwhile, Goldbug Peter Schiff predicted a fall at $ 75,000 on Tuesday before adding: “Sell now and buy back at the bottom”.
“The capital is running out of risk, with thin oscillations of amplification of liquidity of the weekend. Ethereum remains an objective for institutions, but the market now weighs if it is a break in the trend to the height or the beginning of a deeper withdrawal,” added Lucas in a note seen by Cointelegraph.
September is generally a monthly month during the years of the cryptographic bull market, with significant declines observed in the ninth month in 2017 and 2021.
Ether holds up
Following the daily drop of 2.8% Bitcoin, total market capitalization has again dropped below 4 dollars of dollars while cryptographic markets destroy all the winnings last week. Nearly $ 200 billion left space, returning the total ceiling to 3.84 dollars.
In relation: Bitcoin late long is destroyed as BTC price calls of less than $ 110,000 become stronger
Ether (ETH) fell to $ 4,340, which remains greater than last week, so it is better than Bitcoin for the moment.
However, many altcoins suffered more deeply with greater losses for Solana (soil), Dogecoin (Doge), Cardano (ADA), ChainLink (Link) and Su (Su).
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