Bitcoin Drops Below $110K as $904 Million Liquidated in 24 Hours

The crypto market faced a sharp selloff as Bitcoin dropped to a seven-week low, briefly trading below $109,000 on Coinbase. Nearly $900 million in liquidations occurred in 24 hours, mostly from long positions, affecting around 200,000 traders. A single large holder selling 24,000 BTC intensified selling pressure, while Federal Reserve Chair Jerome Powell’s comments on possible rate cuts shifted investor risk pricing. Since peaking above $124,000 on August 14, Bitcoin has corrected more than 10%, including a 7% drop since Powell’s speech. The total crypto market value slid back below $4 trillion, falling to about $3.83 trillion. Ether held near $4,340, showing relative resilience, while altcoins like Solana, Dogecoin, Cardano, Chainlink, and Sui suffered heavier losses. Analysts noted that thin weekend liquidity and seasonal September corrections exacerbated volatility.