Bitcoin plunged to a seven-week low below $110,000, erasing all gains since Federal Reserve Chair Jerome Powell’s Jackson Hole speech last Friday. Over the past 24 hours, approximately 200,000 traders were liquidated, with total losses exceeding $900 million. 

The majority of liquidations targeted long positions, as a large holder’s sale of 24,000 BTC triggered a wave of sell-offs that intensified downward pressure. Since its all-time high above $124,000 on August 14, Bitcoin has corrected by 12% and declined 7% since Powell’s dovish remarks. 

Analyst Bobby Ong noted the market is going through a tough liquidation phase before resuming an upward trend. Meanwhile, gold advocate Peter Schiff predicted the price of gold could fall well below $75,000, advising to sell now and buy at lower prices.

source: cointelegraph.com

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