The bears are back in town as bitcoin just tumbled below $109,000, which is a multi-week low on some exchanges – at least those that didn’t see BTC tumbling to $101,000 last Friday.
The altcoins have also turned red, with substantial daily losses from the likes of ZEC, ASTER, PUMP, IP, and many others.
What’s interesting about this correction is the timing, as it might also be related in a way to US President Donald Trump. According to multiple reports, the POTUS is in a meeting at press time with the Russian leader, Vladimir Putin, just a day before he is visited in the White House by Ukraine’s Volodymyr Zelenskiy.
BTC had already retraced from the weekly peak of $116,000 to $113,000 yesterday, before it corrected to $110,000 today. That support held initially, and BTC rebounded to $112,000 later during the day. However, it lost more than three grand in less than an hour and dipped to $108,600 (on Bitstamp).
Most altcoins are in an even worse shape, led by a massive 11% decline by ZEC. ASTER follows suit, while PUMP, IP, TAO, and ENA are next in line. ETH dropped to $3,930, while XRP is well below $2.40. BNB stands close to $1,150 as of now.
The total value of wrecked positions is on the rise again, nearing $600 million, according to CoinGlassdata. Nearly 200,000 traders have been wrecked on a daily scale. The single-largest liquidated position took place on Hyperliquid and was worth almost $10 million.
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