Bitcoin plunged to seven-week lows below $109,000 briefly, erasing all gains since the Fed Chair’s Jackson Hole speech on Friday.
Around 200,000 traders have been liquidated to the tune of more than $900 million over the past 24 hours as Bitcoin fell to a seven-week low — decimating its gains after the Federal Reserve chair signaled interest rate cuts at Jackson Hole last week.
The majority of liquidations were long positions, according to CoinGlass, which came as Bitcoin (BTC) briefly dropped below $109,000 on Coinbase, its lowest price since July 9.
“Selling pressure intensified as a large holder offloaded 24,000 BTC, triggering a wave of liquidations,” said Rachael Lucas, crypto analyst at BTC Markets.
