Bitcoin prices have plunged again in the past 24 hours, hitting a seven-week low below $109,000 before making a small rebound. The decline adds to losses that have been ongoing since last week, although it managed to surge above $117,000 after Fed Chairman Jerome Powell’s speech. However, the brief consolidation failed to hold as selling pressure once again dominated the market.
On Sunday night, BTC plunged below $111,000, triggering over $300 million in liquidity in just an hour. Monday’s attempted recovery was short-lived, and early Tuesday the price fell again to a near seven-week low below $109,000. At the time of writing, Bitcoin was trading slightly below $110,000, but still more than 1% lower on the day, with a market cap below $2.2 trillion.
Altcoins have seen even worse losses. Ethereum (ETH), which had previously held firm, has now fallen nearly $600 from its all-time high and is trading around $4,400, down more than 4% on the day. Other tokens including SOL, DOGE, and LINK have fallen even more, with Chainlink down more than 8% to $23. Other major alternative cryptocurrencies such as XRP, TRX, BNB, XLM, BCH, AVAX, and TON are also in the red.
A similar trend is seen in mid-cap altcoins, with the total crypto market cap losing about $60 billion overnight to $3.870 trillion, according to CoinGecko. The broad decline underscores that selling pressure is still gripping the crypto market, with investors cautiously awaiting the direction of Fed policy and the potential for additional volatility in the coming weeks.
