Bitcoin Tumbles Back Below $110K as Crypto Bounce Fails, Ether Plunges 8%

Hopes for a quick reversal from the weekend crypto plunge faltered on Monday with bitcoin (BTC) slipping all the way back below $110,000, just barely ahead of its then-euphoric price of $109,400 touched ahead of President Trump's Jan. 20 ￰0￱ largest crypto's recovery attempt was quickly rejected at $113,000 during the U. S. session, and it fell precipitously to a seven-week low, CoinDesk price data shows. Recently, BTC traded at $109,700, down 2.7% over the past 24 hours and lower by about 7% since soaring above $117,000 in wake of Fed Chair Jay Powell's dovish Friday Jackson Hole ￰1￱ major altcoins held up relatively well during the Sunday crash, they succumbed to the market weakness on Monday.

Ethereum's ether (ETH) plummeted nearly 8% over the past 24 hours below $4,400. Solana's SOL (SOL), dogecoin (DOGE), Cardano (ADA), Chainlink (LINK) also declined 6%-8%. Today's price swing liquidated nearly $700 million in leveraged trading positions across all crypto derivatives, surpassing the Sunday flush, CoinGlass data ￰2￱ $627 million of the liquidated trades were longs anticipating higher ￰3￱ may further spook traders is weak seasonality as the end of August ￰4￱ has brought historically the weakest returns for BTC and ETH with 3.77% and 6.42% losses on average for the month, respectively, per CoinGlass ￰5￱ (Aug. 25, 20:28 UTC): Adds liquidation data by CoinGlass.