Bitcoin Tumbles Back to $110K as Crypto Bounce Fails, Ether Plunges 8%

Celý článek

Hopes for a quick reversal from the weekend crypto plunge faltered on Monday with bitcoin (BTC) slipping all the way back $110,000, just barely ahead of its then-euphoric price of $109,400 touched ahead of President Trump's Jan. 20 inauguration.

The largest crypto's recovery attempt was quickly rejected at $113,000 during the U.S. session, and fell precipitously to a seven-week low just above $110,100, CoinDesk price data shows. Recently, BTC traded just above $111,000, down 1.5% over the past 24 hours and lower by about 7% since soaring above $117,000 in wake of Fed Chair Jay Powell's dovish Friday Jackson Hole speech.

While major altcoins held up relatively well during the Sunday crash, they succumbed to the market weakness on Monday. Ethereum's ether (ETH) plummeted nearly 8% over the past 24 hours below $4,400. Solana's SOL (SOL), dogecoin (DOGE), Cardano (ADA), Chainlink (LINK) also declined 6%-8%.

What may further spook traders is weak seasonality. September brings historically the weakest returns for BTC and ETH with 3.77% and 6.42% losses on average for the month, respectively, per CoinGlass data.