Bitcoin hovered close to its weakest level since April on Monday, after an aggressive weekend sell-off dragged prices toward the $75,000 zone. The decline was driven by heavy liquidations in leveraged positions and rising macroeconomic uncertainty, which continued to pressure market sentiment.
The world’s largest cryptocurrency was last trading 2.2% lower at $76,825.4 by 03:06 ET (08:06 GMT), after briefly sliding to $74,635.5. These levels were last seen nearly ten months ago.
Bitcoin now sits just above a potential 15-month low near $70,000, as persistent selling pressure keeps buyers on the sidelines.
Bitcoin tumbles as liquidations accelerate
The sell-off spilled across the broader digital asset market. Around $111 billion was erased from total cryptocurrency market capitalisation in the past 24 hours, according to data from CoinGecko, highlighting the severity of the downturn.
Roughly $1.6 billion worth of leveraged positions were liquidated, based on figures from Coinglass. Falling prices forced traders to rapidly unwind bullish bets, intensifying downside momentum.
Thin liquidity during weekend trading sessions worsened the move. As Bitcoin broke through key technical levels, stop-loss orders and margin calls were triggered, creating a cascade effect that amplified volatility across major cryptocurrencies.
Bitcoin’s weakness has also been linked to a broader risk-off shift in global markets, as investors reassess expectations around U.S. monetary policy.
Trump’s Fed pick adds pressure to crypto markets
U.S. President Donald Trump has nominated Kevin Warsh as the next chair of the Federal Reserve, prompting markets to reassess the outlook for interest rates and liquidity.
Warsh, a former Federal Reserve governor, is widely regarded as holding a hawkish stance, particularly on inflation control and balance-sheet discipline.
His policy outlook suggests tighter financial conditions than previously anticipated, reducing appetite for speculative assets such as cryptocurrencies, which typically benefit from abundant liquidity and low borrowing costs.
According to David Scutt, market analyst at StoneX Group, Warsh’s past criticism of quantitative easing and the Fed’s balance-sheet expansion triggered an immediate unwind of trades tied to currency debasement concerns, including Bitcoin and other crypto assets.
Bitcoin has now fallen sharply from record highs reached last year, giving back a large portion of gains that were driven by optimism around institutional adoption and looser financial conditions.
Crypto prices today: altcoins deepen losses
Altcoins extended their declines on Monday, adding to steep weekend losses.
Ethereum, the second-largest cryptocurrency, dropped 6.6% to $2,290.92, hovering near seven-month lows set in the prior session.
XRP fell 4.4% to $1.59, while Solana slid a further 3%. Cardano and Polygon both declined around 1.5%.
Among meme tokens, Dogecoin and $TRUMP also edged lower, reflecting continued risk aversion across the crypto market.
