On Monday, Bitcoin experienced a significant decline, dropping over 3% and falling below the $110,000 threshold for the first time since early July, hitting a low of $109,450.
This downturn triggered substantial liquidations, totaling over $880 million within a 24-hour period, as reported by CoinGlass. Among these liquidations, approximately $300 million came from Ethereum (ETH) long positions and $180 million from Bitcoin (BTC) long positions.
The price drop wiped out the gains made on Friday, which had been driven by comments from Federal Reserve Chair Jerome Powell indicating that potential rate cuts could be discussed in the upcoming September meeting.
Ethereum had surged to a new all-time high of over $4,869 on Friday and approached the $5,000 mark by Sunday, but by the latest reports, it had fallen to around $4,350.
The decline was not limited to Bitcoin and Ethereum; altcoins faced even steeper losses. Solana saw a drop of more than 8%, while XRP fell by 3%.
