Liquidations of cryptocurrencies such as Bitcoin (BTC) and Ethereum (ETH) exceeded $1 billion U.S. over the past 24 hours as the selloff of digital assets worsens.
Bitcoin is currently trading just below $109,000 U.S., its lowest level in a month. Ethereum has dropped below $3,900 U.S., down from an all-time high of nearly $5,000 U.S. in August.
Ethereum’s price has declined 8% in the past 24 hours and has now lost 22% of its value since hitting the August all-time high.
The accelerating selloff comes as the third quarter draws to a close and many professional traders and institutional investors sell their cryptocurrency holdings, say analysts.
The decline is also hitting crypto stocks, with names such as Strategy (MSTR), Coinbase Global (COIN), and Circle Internet Group (CRCL) all seeing their share prices slump.
Bitcoin miners MARA Holdings (MARA) and Riot Platforms (RIOT) fell as much as 8% on Sept. 25 as investors move out of risk assets such as cryptocurrencies and get more defensive.
Analysts say they’re now looking for Bitcoin to find support around $107,000 U.S. A breakdown below that level could see the price of BTC fall below the key level of $100,000 U.S.
Bitcoin is up 17% on the year.
