Major Price Drops:
- Bitcoin fell below $109,000 (down 4% in 24 hours, 12% from its recent all-time high of $124,128)
- Ethereum dropped to around $4,295 (down 6% daily, 13% from Sunday’s record high of $4,946)
- Other major cryptocurrencies also declined: XRP down 6% to $2.84, Solana down 3% to $209
Market Impact:
- Over $535 million in total crypto liquidations occurred in 24 hours
- $446 million specifically in long positions (bets that prices would rise) were wiped out
- The selloff was triggered by inflation data showing core PCE at 2.9% in July
Context:
- The decline coincided with stock market drops as traders reacted to the inflation figures
- Both Bitcoin and Ethereum had recently hit new all-time highs earlier this month
- September is historically a challenging month for cryptocurrency performance
- Despite the recent drops, Ethereum remains significantly up over longer timeframes (16.6% monthly, 73.2% over three months)
The article suggests this was a broad risk-off move across markets rather than crypto-specific issues, with inflation concerns driving the selloff in both digital assets and traditional stocks.