Crypto Market Slide Deepens as Bitcoin Drops Back Under $110K, Ether Sheds 8%

The crypto market extended its losses late Monday, erasing hopes of a quick rebound from the weekend’s flash crash.

Bitcoin (BTC) slipped back below $110,000 during the U.S. session, touching $109,795 — just above its pre-inauguration level of $109,400 from January 2025. The attempted recovery ran out of steam at $113,000 before sellers regained control, driving the asset to a seven-week low, according to CoinDesk data. BTC recently traded near $109,700, down 2.7% on the day and off roughly 7% since briefly topping $117,000 following Fed Chair Jerome Powell’s dovish comments at Jackson Hole last Friday.

Altcoins, which had shown relative resilience during Sunday’s drop, also succumbed to the broader weakness. Ethereum’s ether (ETH) plunged nearly 8% in the past 24 hours, slipping under $4,400. Solana (SOL), Dogecoin (DOGE), Cardano (ADA), and Chainlink (LINK) each fell between 6% and 8%.

The sell-off triggered almost $700 million in liquidations across crypto derivatives markets, according to CoinGlass, surpassing Sunday’s wipeout. Of that total, around $627 million came from long positions betting on further price gains.

Adding to the bearish sentiment, traders face unfavorable seasonality. September has historically been the weakest month for both BTC and ETH, averaging losses of 3.77% and 6.42% respectively, CoinGlass data shows.