Crypto Market Wipeout: Nearly $1B Liquidated as Bitcoin Falls Below $110K

The cryptocurrency market faced heavy turbulence over the past 24 hours, with Bitcoin plunging to a three-week low under $109,000 and dragging most major altcoins down with it. The sharp downturn triggered close to $1 billion in leveraged liquidations, according to data from CoinGlass.

Bitcoin Struggles at Key Levels

Just days ago, Bitcoin traded above $118,000 following the US Federal Reserve’s first rate cut of the year. However, momentum quickly faded. After an initial drop to $112,000 earlier in the week, bears forced another selloff on September 25, pushing BTC as low as $108,600 on Bitstamp before recovering slightly above $109,000. Analyst Ali Martinez identified $110,000 as a crucial support zone, with $108,530 emerging as the next line of defense. Market observers remain split on what comes next: while Peter Schiff suggested the pullback could be the start of a deeper bear cycle, others like Captain Fabrik argue the correction is healthy and could reset momentum for a push toward $140,000 if BTC regains $113,000.

Altcoins Hit Harder

The selloff wasn’t confined to Bitcoin. Ethereum slipped below $3,900, breaking through the $4,000 support, while XRP dropped nearly 10% weekly, hovering around $2.80. Other major altcoins followed suit, amplifying the red across the board.

$1B in Liquidations

The volatility proved brutal for leveraged traders. Data shows that over 225,000 traders were liquidated in the past 24 hours, with the total wiped-out positions nearing the $1 billion mark. The spike in forced closures highlights how fragile market sentiment has become after weeks of high volatility. With BTC teetering at key support and altcoins bleeding, traders now await whether this is a short-term shakeout—or the beginning of a larger trend reversal.