Bitcoin Crashes Below $109K as Trump-Putin Meeting Triggers $600M in Liquidations

Roughly 200,000 traders have been wrecked in the past 24 hours.

The bears are back in town as bitcoin just tumbled below $109,000, which is a multi-week low on some exchanges – at least those that didn’t see BTC tumbling to $101,000 last Friday.

The altcoins have also turned red, with substantial daily losses from the likes of ZEC, ASTER, PUMP, IP, and many others.

BTCUSD. Source: TradingView

What’s interesting about this correction is the timing, as it might also be related in a way to US President Donald Trump. According to multiple reports, the POTUS is in a meeting at press time with the Russian leader, Vladimir Putin, just a day before he is visited in the White House by Ukraine’s Volodymyr Zelenskiy.

BTC had already retraced from the weekly peak of $116,000 to $113,000 yesterday, before it corrected to $110,000 today. That support held initially, and BTC rebounded to $112,000 later during the day. However, it lost more than three grand in less than an hour and dipped to $108,600 (on Bitstamp).

Most altcoins are in an even worse shape, led by a massive 11% decline by ZEC. ASTER follows suit, while PUMP, IP, TAO, and ENA are next in line. ETH dropped to $3,930, while XRP is well below $2.40. BNB stands close to $1,150 as of now.

The total value of wrecked positions is on the rise again, nearing $600 million, according to CoinGlassdata. Nearly 200,000 traders have been wrecked on a daily scale. The single-largest liquidated position took place on Hyperliquid and was worth almost $10 million.

Liquidation Data on CoinGlass

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