Bitcoin falls below $110K, sparking $880M in liquidations

Bitcoin dropped more than 3% on Monday, falling below the $110,000 mark for the first time since early July and reaching a low of $109,450.

The move sparked over $880 million in liquidations in the past 24 hours, according to CoinGlass data, including $300 million from ETH longs and $180 million from BTC longs.

The decline erased all of Friday’s gains, which were fueled by Federal Reserve Chair Jerome Powell’s comments suggesting that rate cuts could be on the table at the Fed’s September meeting. Ethereum had reached a new all-time high above $4,869 on Friday and climbed near the $5K mark on Sunday, but by press time had slipped to around $4,350.

Altcoins were hit even harder. Solana plunged more than 8% on the day, XRP fell 6%, and smaller tokens like PENDLE, LDO, and PENGU recorded double-digit losses, with drops of up to 13%.

The downturn comes as August draws to a close, with traders eyeing September cautiously. Historically, the month has been one of the worst for Bitcoin. CoinGlass data shows BTC has closed red in eight of the past twelve Septembers, averaging a monthly loss of 3.77%.