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Bitcoin Price Crumbles Under $110,000 Amid Macro Jitters
Bitcoin (BTC), the industry’s largest crypto, which has already been trading weakly over the past few days, plummeted below $110,000 to its lowest price since early September before reversing to $109,490, down 3.5% over the past 24 hours.
Ethereum has taken a much harder hit on the day. Data from CoinGecko shows that the second-largest cryptocurrency by market cap traded hands at $3,905 as of publication time, down 15% from seven days ago.
While the U.S. Federal Reserve lowered interest rates in September, the 25 basis point rate cut failed to trigger a parabolic bull surge as once anticipated. One of the factors was Chairman Jerome Powell’s comments, which tapered expectations for the Fed to slash interest rates further next month.
Another notable headwind for Ether is the reduced inflows for spot ETH exchange-traded funds (ETFs) this month, signaling weaker institutional demand that could push the price lower. So far in September, the ETH funds have collectively pulled in a mere $110 million, while August’s net inflows surpassed $3.7 billion.
 
Major altcoins like XRP have also plunged, with the Ripple-promoted asset sliding as much as 5.1% on the day to a price of $2.80. Dogecoin remains the biggest loser in the top 10 coins. The OG meme coin and eighth-largest cryptocurrency was trading close to $0.2287.
Over $1 Billion In Bullish Bets Get Rekt
Amid Thursday’s carnage, liquidations have only accelerated across the crypto market with CoinGlass data showing $1.14 billion worth of “rekt” positions over the last 24 hours. Ethereum is leading the charge there with about $434 million worth, followed by Bitcoin at $276 million.
The vast majority of the liquidations are longs — or bets that an asset’s price will soar — at $1.04 billion worth.
Meanwhile, sentiment in the industry remains poor, with the Crypto Fear and Greed Index slipping to ‘fear’, reaching a score of 44.