Crypto Price Analysis 9-23: BITCOIN: BTC, ETHEREUM: ETH, SOLANA: SOL, CELESTIA: TIA, INTERNET COMPUTER: ICP

The cryptocurrency market dropped over 2% in the past 24 hours after being hit by nearly $1.7 billion in liquidations as leveraged positions were wiped ￰0￱ market also came under pressure from token unlocks and mixed macroeconomic ￰1￱ stocks also tumbled as investors didn’t take too kindly to the latest acquisition spree from treasury ￰2￱ (BTC) registered a sharp decline on Monday, falling from around the $116,000 mark to a low of $111,676 during the ongoing session. However, it rebounded from this level to reclaim $112,000. BTC is down nearly 2% over the past 24 hours, trading around $112,753. Meanwhile, Ethereum (ETH) registered an even larger decline, falling from $4,500 to a low of $4,150 before moving to its current ￰3￱ altcoin is trading around $4,188, down 2% in the past 24 ￰4￱ (XRP) fell below the $3 mark on Monday as markets plunged.

However, it has steadied itself and is marginally down over the past 24 hours, trading around $2.87. Solana (SOL) is down almost 6% and trading around $217, while Dogecoin (DOGE) is down 3% at $0.240. Cardano (ADA) and Chainlink (LINK) also registered notable declines on Monday, along with Stellar (XLM) , Hedera (HBAR) , Litecoin (LTC) , Toncoin (TON) , and Polkadot (DOT) . Crypto Market Suffers Liquidation Rout The cryptocurrency market was pummeled at the start of the week as Bitcoin (BTC) crashed below $112,000, while Ethereum (ETH), Ripple (XRP), and other altcoins recorded heavy ￰5￱ market registered roughly $1.7 billion in liquidations as leveraged positions unwound thanks to the ￰6￱ to CoinGlass, this was the largest liquidation event since December 2024.

However, crypto ETFs continued registering inflows, with spot Bitcoin ETFs recording $886 million in inflows last week, while spot Ethereum ETFs recorded $556 million in net inflows during the same ￰7￱ experts called the sell-off a leverage flush rather than a fundamental ￰8￱ Vujinovic, CEO and co-founder of FG Nexus, stated, “Roughly $1.7B in liquidations reflects excess leverage, not failing ￰9￱ funding post-Fed left traders exposed; once BTC rolled over, forced unwinds hit ETH and alt-books ￰10￱ history shows that these ‘leverage washes’ often mark a healthier ￰11￱ spot demand, ETF flows, and stablecoin rails intact, we’re more likely heading into consolidation than capitulation, and that typically precedes the next sustained leg higher.” The Federal Reserve cut interest rates by 25 basis points last week, and suggested the possibility of two further rate cuts before the end of the ￰12￱ decision buoyed market sentiment.

However, sentiment cooled following an announcement by ￰13￱ defunct cryptocurrency exchange stated that it will begin its third distribution on September ￰14￱ latest distribution will see the platform return around $1.6 billion to holders of allowed ￰15￱ a result, social gauges turned cautious, with traders betting that the price of BTC will go ￰16￱ Denies It Abandoned $500M Uruguay Crypto Project Tether has denied reports that it is exiting Uruguay over a $4.8 million debt dispute with one of the country’s state-owned electricity ￰17￱ local news reports claimed Tether had abandoned mining operations and plans after a dispute with ￰18￱ to Telemundo, Tether failed to pay a $2 million electricity bill for ￰19￱ also claimed that Tether owed around $2.8 million for other projects, bringing its total liabilities to $4.8 million.

However, Tether issued a denial and clarification, stating, “We continue to evaluate the best way forward in Uruguay and the region more ￰20￱ reports have speculated an exit from the region, these do not accurately reflect the situation.” However, the company acknowledged the debt, stating it was in ongoing discussions with the government and other parties involved to resolve the situation. “Tether remains supportive of these efforts and of a constructive path forward that reflects our long-term commitment to sustainable opportunities in the region.” Crypto Stocks Fall During Market Rout Cryptocurrency stocks were mixed on Monday as investors pulled back after crypto treasury firms’ latest buying ￰21￱ stocks fell during early trading on the US and Canadian markets after BTC slumped below $112,000 as the hype after the Federal Reserve’s rate cut ￰22￱ device company Helius Medical Technologies (HSDT) registered the largest drop, ending the day down over 33% after announcing its first Solana (SOL) ￰23￱ purchased 760,190 SOL for over $175 million, at an average cost of $231 per ￰24￱ of Changpeng Zhao-backed CEA Industries (BNC) fell 19.5% after announcing a $500 million share deal on ￰25￱ Immersion Technologies (BMNR) ended the day down 10% after announcing a $1.1 billion ETH ￰26￱ of Michael Saylor’s Strategy also shed over 2%.

Lawmakers Urge SEC To Act On Crypto Retirement Plan Several US lawmakers have called on the United States Securities and Exchange Commission (SEC) Chair Paul Atkins to accelerate the executive order allowing crypto in 401(k) retirement ￰27￱ lawmakers, including House Financial Services Committee Chairperson French Hill and Subcommittee on Capital Markets Chairman Ann Wagner, urged Atkins to assist the Secretary of Labor and make necessary adjustments to current regulations and ￰28￱ also noted that President Trump’s executive order instructed the SEC to make alternative assets, including crypto, more accessible in participant-directed retirement plans.

“We are hopeful that such actions will help the 90 million Americans who are currently restricted from investing in alternative assets to secure a dignified, comfortable retirement.” Democrats Indicate Support For Bipartisan Solution To Market Structure Bill A group of Democratic senators has indicated their willingness to work with Republicans on advancing legislation to establish a digital asset market structure ￰29￱ democrats, including members of the Senate Banking Committee and the Senate Agriculture Committee, issued a statement ahead of an expected vote on a crypto market structure bill, set to be published by Republican leadership. “We hope our Republican colleagues will agree to a bipartisan authorship process, as is the norm for legislation of this ￰30￱ our shared interest in moving forward quickly on this issue, we hope they will agree to reasonable requests to allow for true collaboration.” Bitcoin (BTC) Price Analysis Bitcoin (BTC) is attempting to recover during the ongoing session after registering a substantial decline on ￰31￱ flagship cryptocurrency plunged on Monday after the market was hit by the largest liquidation wave since December 2024, with $1.7 billion worth of leveraged positions ￰32￱ a result, BTC fell over 2% on Monday, dropping to an intraday low of $111,761 before settling at $112,736.

Selling pressure persisted during the ongoing session as the price fell to an intraday low of $111,554. However, it has rebounded from this level and is trading around $113,120. BTC tested a crucial daily demand zone between $110,700 and $113,200. The drop also puts the price at risk of losing support from the 50-day exponential moving average (EMA) if it closes below $113,200.

BTC registered a short-lived rally after the Federal Reserve announced an interest rate cut on Wednesday. However, it failed to maintain momentum and fell back over the weekend, with selling pressure ￰33￱ the correction, the overall sentiment remains bullish and ￰34￱ data suggested investors were aggressively buying the dip, indicating that spot demand was acting as a barrier against a deeper ￰35￱ researcher Axel Adler ￰36￱ that spot demand has been constant over the past month, with demand totalling around 95,800 ￰37￱ sustained accumulation has helped keep prices near the upper band of BTC’s range, even as futures demand indicates short-term weakness.

Furthermore, around $280 million in BTC futures positions were liquidated during Monday’s decline, flushing out leverage that had built during BTC’s push above $117,000. With excessive leverage gone, the market could continue pushing higher if demand persists. BTC’s first demand zone sits between $110,700 and $113,200. A rebound from this zone will confirm the recent drawdown was a leverage ￰38￱ analyst noted that such liquidation events often reset market conditions, creating room for a push higher.

A rebound could drive the price beyond $117,000 in the short ￰39￱ ended the previous weekend in the red, dropping 0.56% and settling at $115,314. The price faced volatility on Monday as buyers and sellers struggled to establish ￰40￱ ultimately gained the upper hand as BTC registered a marginal increase and settled at $115,381. Bullish sentiment intensified on Tuesday as the price rose 1.26% to cross $116,000 and settle at $116,832. Selling pressure returned on Wednesday as BTC fell to an intraday low of $114,724.

It recovered from this level to settle at $116,484, ultimately dropping 0.30%.) Price Analysis Ethereum (ETH) crashed spectacularly on Monday as markets turned bearish after the largest liquidation event since December ￰41￱ a result, the altcoin fell nearly 6%, dropping to a low of $4,083 before settling at $4,202. ETH is marginally up during the ongoing session, trading around $4,226. The dramatic correction aligned with the broader market decline. However, the liquidations were offset by stable open interest.

Monday’s market registered a large correction, thanks to over $500 million in forced liquidations. However, buyers stepped in and prevented the price from dropping below $4,000. ETH’s decline. However, ETH futures showed substantially higher 24-hour liquidations, reflecting elevated open interest and a wider use of derivatives such as ￰42￱ can assess whether traders shifted their outlook after the sudden decline by looking at the ETH monthly futures ￰43￱ neutral conditions, these contracts trade 5% to 10% above spot market prices.

However, strong demand for short positions can push premiums lower. ETH’s annualized monthly futures premium fell to its lowest level in three months, indicating weak demand for leveraged ￰44￱ have been hesitant since Saturday, when the premium fell below the 5% neutral ￰45￱ ended the previous weekend in the red, dropping 1.27% and settling at $4,608. Sellers retained control on Monday as the price fell nearly 2%, slipping below $4,600 and settling at $4,527. ETH dropped 0.55% on Tuesday, settling at $4,502.

Despite the overwhelming selling pressure, the price recovered on Wednesday, rising 1.99% and settling at $4,591. However, it was back in the red on Thursday, registering a marginal decline and settling at $4,589.) Price Analysis Solana (SOL) traded in the red for the third consecutive day as sellers continue to dictate price ￰46￱ altcoin ended the weekend with a 1.34% drop and settled at $236. Selling pressure intensified on Monday as the market turned ￰47￱ a result, SOL fell nearly 7%, dropping to a low of $214 before settling at $220. The price has fallen almost 1% during the ongoing session, trading around $218.

SOL’s dramatic decline comes despite Helius Medical announcing the purchase of 760,000 SOL for $167 ￰48￱ purchase is part of the company’s digital asset treasury ￰49￱ firm also revealed an excess of $335 million in cash reserves, which it plans to allocate towards advancing its treasury ￰50￱ Chee, Executive Chairman of Helius Medical, stated, “It has been gratifying to receive shows of support from multiple stakeholders across the Solana ecosystem, including staking providers, DeFi protocols, and others.” Helius Medical revealed an interest in SOL last week after announcing a $1.25 billion capital ￰51￱ funding included over $500 million in potential proceeds from a private investment in public equity (PIPE) deal, and $750 million from a sales ￰52￱ Jiang, Board Observer at HSDT and General Partner at Pantera Capital, stated, “The initial accumulation at a lower cost basis than recent market prices, while still retaining the large majority of its capital raised for more opportunistic purchases, showcases how laser-focused the team is on maximizing shareholder value by having market awareness and being responsible stewards of capital.” Solana (SOL) reached an intraday high of $249 on Sunday (September 14).

However, it could not stay at this level and settled at $240, dropping 0.99%. Selling pressure intensified on Monday as the price fell by over 2% to $234. Despite the overwhelming selling pressure, SOL recovered on Tuesday, rising 1.06% and settling at $226. Bullish sentiment intensified on Wednesday as the price rose over 3% to cross $240 and settle at $244.) Price Analysis Celestia (TIA) started the previous week in bearish territory, dropping almost 4% and settling at $1.69.

Despite the overwhelming selling pressure, the price recovered on Tuesday, rising 0.44% and settling at $1.70. Bullish sentiment intensified on Wednesday as TIA rallied, rising nearly 5% and settling at $41.78. The price continued pushing higher on Thursday, rising almost 2% to cross $1.80 and settle at $1.81.) Price Analysis Internet Computer (ICP) ended the previous weekend in the red, dropping nearly 4% on Sunday and settling at $4.86. Sellers retained control on Monday as the price fell over 4% to $4.66.

ICP recovered on Tuesday, rising 2.15% and settling at $4.76. It fell to an intraday low of $4.65 on Wednesday as selling pressure returned. However, it rebounded from this level to reclaim $4.80 and settle at $4.83, ultimately rising 1.47%. Buyers retained control on Thursday as ICP rose over 2% and settled at $4.93.