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Bitcoin Dips Below $116K; Over 115,000 Traders Liquidated in 24 Hours
Bitcoin’s price remained steady over the weekend but dropped sharply on Monday morning, falling to an 11-day low of $115,000. This decline coincided with the reopening of US futures markets and early Asian trading hours.
Altcoins Follow Bitcoin’s Lead
Most major altcoins mirrored Bitcoin’s downward move. Ethereum (ETH) fell to $4,300, and XRP is testing a critical resistance level at $3. Other coins like Solana (SOL) and Dogecoin (DOGE) saw daily losses between 4-5%. Chainlink (LINK) was a notable exception, gaining 5% during the same period.
Impact of Ukraine-Russia Conflict on Markets
Market volatility may be linked to recent geopolitical developments. Over the weekend, no conclusive agreement was reached between Trump and Putin on resolving the Ukraine-Russia war. US President Joe Biden suggested there had been progress on Russia but pointed to Ukraine’s President Zelenskyy as holding the key to ending the conflict.
Market Impact and Trader Losses
Bitcoin has so far held the $115,000 level but dragged many altcoins down with it. According to CoinGlass, more than $450 million worth of positions were liquidated in the last 24 hours. Over 115,000 traders faced liquidations, with long positions accounting for the majority of losses.
As US and European leaders prepare for talks with Ukraine’s Zelenskyy, traders should watch Bitcoin and altcoin price movements closely. Continued geopolitical uncertainty may keep markets volatile in the near term.
