Bitcoin plummeted to a seven-week low, dropping below $109,000 and erasing all gains made since the Federal Reserve Chair's Jackson Hole speech. Over the past 24 hours, approximately 200,000 traders were liquidated, leading to losses exceeding $900 million, primarily from long positions. The sell-off intensified after a major holder sold 24,000 BTC, triggering a cascade of liquidations. Since reaching an all-time high of over $124,000 on August 14, Bitcoin has declined by 12%. Analysts are questioning whether this decline marks a temporary pause in the market or the onset of a deeper correction, as September historically sees significant pullbacks in crypto markets. While Bitcoin's market cap dipped below $4 trillion with almost $200 billion exiting the market, Ethereum managed to hold above recent lows, reflecting stronger resistance compared to Bitcoin. Meanwhile, several altcoins faced greater losses, indicating broader market volatility.

Source 🔗