Bitcoin Plummets Below $109K as Whale Dump Triggers Major Sell-off

The cryptocurrency market experienced a dramatic downturn following a significant Bitcoin sell-off initiated by a large whale. Trading volume spiked, with around $205 billion exiting the market within the last 24 hours, leading to a drop in total market capitalization to $3.84 trillion. This is the lowest level since August 6th, yet still falls within a six-week sideways trading range. CoinGlass reported the liquidation of over 205,000 traders, resulting in more than $930 million in losses due to leveraged Bitcoin positions being liquidated.