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HomeBitcoinBitcoin Price Tanks Below $109K After Whale Dump in Brutal Market Flush

Bitcoin Price Tanks Below $109K After Whale Dump in Brutal Market Flush

Around $205 billion has exited crypto markets over the past 24 hours, sending total market capitalization plummeting back to $3.84 trillion.

It is the lowest level total cap has been since August 6, but it still remains within a six-week sideways channel despite the massive sell-off.

CoinGlass reported that around 205,000 traders were liquidated over the past day, with total liquidations coming in over $930 million as leveraged long Bitcoin positions got flushed. Other analysts were suggesting that exchanges were dumping crypto assets in order to liquidate the long positions.

Todayโ€™s painful, but not out of the ordinary, market slump has resulted in a 9% correction for overall crypto markets since their peak on August 14.

Bitcoin Dragging Markets Down

The big dump has been caused by Bitcoin, which crashed to a seven-week low of under $109,000 in early Asian trading on Tuesday morning on most exchanges.

BTCUSD. Source: TradingView
BTCUSD. Source: TradingView

This was caused by a Bitcoin whale selling an entire batch of 24,000 BTC worth over $2.7 billion, causing the asset to plummet $4,000 a few hours that followed.

According to Glassnode, Bitcoin has dropped below the average cost basis ($110,800) of one to three-month-old investors who accumulated during the May to July rally. โ€œHistorically, failure to hold above this level has often led to multi-month market weakness and potential deeper corrections,โ€ it cautioned.

The total BTC correction now stands at 12%, which is still much shallower than the pullbacks in September 2017 and 2021, during the bull market years when the asset retreated by 36% and 24%, respectively.

A retreat between these two levels this September could see Bitcoin prices back at $87,000 before the bull market resumes.

Altcoins Bleed Out

As usual, the altcoins are suffering much more with major losses for Solana dumping over 11% to $186, Dogecoin dropping 10% in a fall to $0.21, Cardano sliding 9% to $0.83, and Chainlink tanking 11% to $23.30.

Other altcoins in pain include Hyperliquid, Sui, Avalanche, and Litecoin. Ethereum has lost 7% on the day, but it remains within its sideways channel and had already started to recover at the time of writing, trading above $4,400 again. However, ETH has lost over 11% since its all-time high just two days ago.

โ€œIt never โ€œfeels goodโ€ when you buy the dip. The dip comes when sentiment drops. Writing the number down can be a good form of discipline,โ€ advised Bitwise CIO Matt Hougan.

The post Bitcoin Price Tanks Below $109K After Whale Dump in Brutal Market Flush appeared first on CryptoPotato.

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