Bitcoin, Ethereum, and Dogecoin Decline as Crypto Liquidations Exceed $900 Million

Leading cryptocurrencies, including Bitcoin, Ethereum, XRP, and Dogecoin, experienced a downturn on Monday, sparking liquidations exceeding $900 million in the last 24 hours.

Bitcoin fell below $110,000 for the first time since early July after a whale sold 24,000 BTC valued at $2.7 billion on Sunday, initiating a broader market decline. This drop is accompanied by renewed skepticism about possible interest rate cuts and general macroeconomic instability.

As of recently, Bitcoin was trading around $110,441, reflecting a 2.2% drop in the past 24 hours. Over the past week, BTC has decreased by more than 5%.

Joe DiPasquale, CEO of crypto fund manager BitBull Capital, informed Decrypt that “the whale sale over the weekend may have triggered the initial downturn, but the larger context indicates reduced liquidity and market unease regarding macro conditions.”

He added, “With rate-cut expectations being pushed further back and equities facing instability, the crypto market was positioned for a sharper decline once significant supply entered the market. What we observe is less about a single seller and more about a market that remains extremely responsive to significant flows against a backdrop of macro uncertainty.”

Ethereum, the second-largest digital asset, fell 8% to a price of $4,375, just one day after hitting a new all-time high. ETH exceeded $4,900 for the first time on Sunday, following its breakout from a long-standing price record set in 2021.

The cryptocurrency market is largely in the red, with Dogecoin plunging over 10% to $0.208, Solana dropping 8.5% to $186 after reaching a six-month peak on Sunday, and XRP decreasing nearly 6% to $2.85.

In the past day, more than $900 million in futures positions have been liquidated across the crypto sector, according to data from CoinGlass, with Ethereum leading at $320 million and Bitcoin at around $210 million. Long positions—bets that asset prices will rise—account for the majority of liquidations, totaling about $817 million out of the $903 million overall.

So far on Monday, approximately $895 million worth of crypto liquidations have occurred. Many users doubt there will be a single day with $1 billion in liquidations by the end of the month, estimating a roughly 36% chance as of now — though that figure has increased throughout the day as prices have fallen.

(Disclaimer: Myriad Markets is a product of Decrypt‘s parent company, DASTAN.)

These declines come as investors await the latest economic data from the U.S. and other indicators that could impact the Federal Reserve’s next interest rate decision. Last Friday, Fed Chair Jerome Powell lifted market spirits for crypto and other risk-on assets by signaling the possibility of a cut, marking the first since December. Generally, lower interest rates stimulate markets by allowing more capital for investment.

On Friday, the U.S. Bureau of Economic Analysis is set to release the July Personal Consumption Expenditures report, the Fed’s preferred measure for inflation. Analysts expect the PCE to rise to 2.9% annually, reflecting a slight increase from June. Additionally, on Tuesday, The Conference Board’s monthly index is anticipated to show a decline in consumer confidence.