Bitcoin Drops Below $110,000 as Market Weakness Persists
Bitcoin (BTC) experienced a decline, dropping below $110,000 after failing to recover from a weekend plunge. Key points include:
- BTC fell to a seven-week low, trading at $109,700, down 2.7% in 24 hours and approximately 7% since peaking above $117,000.
- Recovery attempts at $113,000 were unsuccessful during U.S. market hours.
- Major altcoins also faced losses: Ethereum's ether (ETH) decreased nearly 8% to below $4,400, while Solana (SOL), dogecoin (DOGE), Cardano (ADA), and Chainlink (LINK) declined by 6%-8%.
- Nearly $700 million in leveraged positions were liquidated today, including $627 million in long trades expecting price increases.
- Historical data shows September typically brings weak returns for BTC and ETH, averaging losses of 3.77% and 6.42%, respectively.