Cryptocurrency markets tumbled on Sept 22 as more than US$1.5 billion in bullish bets were liquidated, triggering the steepest wave of losses since March and wiping hundreds of billions off digital-asset valuations, Bloomberg reported.
Ether, the world’s second-largest token, plunged as much as 9% to US$4,075 after nearly half a billion dollars of leveraged long positions were liquidated, according to Coinglass. Bitcoin sank 3% to US$111,998 before clawing back some losses, while other coins such as Solana, Algorand and Avalanche also dropped.
Data showed over 407,000 traders saw their positions liquidated in 24 hours, dragging the overall crypto market below US$4 trillion, CoinGecko reported. By mid-morning in London, Bitcoin was trading around US$112,700 and Ether at US$4,170, both still lower on the day.
Analysts noted the selloff was broad and deep, though without a clear catalyst. “Unless Bitcoin can get back above US$115,000 and hold, the risk of deeper downside remains,” market commentators warned.
The rout comes just weeks after Bitcoin and Ether hit record highs in August, fuelled by demand from listed vehicles hoarding tokens. That momentum has since cooled as shares of digital-asset treasury firms, including Michael Saylor’s Strategy and Japan’s Metaplanet Inc, retreated.
Bitcoin has largely traded in a narrow US$110,100-US$120,000 band since July, even as gold — often compared to the original crypto — surged to fresh records near US$3,720 an oz.
While easing US monetary policy has lifted equities and precious metals, crypto markets have struggled to sustain gains, with several top tokens nursing double-digit losses over the past week.
