Nearly 200,000 traders have been wiped out in the last 24 hours.
The bears are back in town as Bitcoin dropped below $109,000, its lowest level in several weeks on some exchanges - at least those that didn't see Bitcoin drop to $101,000 last Friday.
Alternative currencies also turned red, with significant daily losses from the likes of ZEC, ASTER, PUMP, IP, and many other coins.
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The striking aspect of this correction is its timing, as it may be somehow related to US President Donald Trump. According to multiple reports, the US president is meeting with Russian President Vladimir Putin at the time of this report's publication, just one day before Ukrainian President Volodymyr Zelensky's visit to him at the White House.
The price of Bitcoin had already declined from its weekly peak of $116,000 to $113,000 yesterday, before correcting to $110,000 today. This support initially held, then bounced back to $112,000 later during the day. However, it lost over three thousand dollars in less than an hour, dropping to $108,600 (on Bitstamp).
Most alternative currencies are in worse shape, driven by a sharp 11% drop in ZEC. It was followed by ASTER, then PUMP, IP, TAO, and ENA. The price of Ethereum has dropped to $3930, while the price of Ripple has fallen well below $2.40. BNB's price is approaching $1150 so far.
The total value of destroyed positions has risen again, nearing $600 million, according to CoinGlassdata. Approximately 200,000 traders suffered daily losses. The largest destroyed position on the Hyperliquid platform was worth about $10 million.