Major Cryptocurrencies Experience Sharp Decline

Major cryptocurrencies faced significant losses on Monday, with Ethereum dropping more than 4% after reaching a record high over the weekend. Bitcoin also declined more than 2% to approximately $110,900, marking its lowest level since July 10, following its own all-time high earlier this month.

Fed Comments and Liquidations Drive Market Movement

The downturn reversed gains triggered on Friday when Federal Reserve Chair Jerome Powell suggested potential rate cuts, which had sparked a broad rally in risk assets. Forced liquidations intensified the pressure, with over $245 million in Ethereum and $175 million in Bitcoin long positions being unwound within the past 24 hours.

Latest Price Updates

As of 7:48 am ET, Bitcoin was trading at $111,107, down 2.08%, while Ethereum stood at $4,592.07, down 3.93%.