Crypto Market Plunges as Bitcoin Crashes to $115K
The crypto market is facing a sharp downturn today after Bitcoin slipped to $115K, erasing billions in value and sparking widespread panic among traders.
Key Highlights:
- Bitcoin tumbled from its recent ATH of $124.4K to $115K, pulling the entire market down.
- Over $550M in liquidations were triggered, led by Ethereum long positions.
- Hot U.S. PPI data, whale profit-taking, and escalating geopolitical risks fueled the crash.
After days of bullish sentiment, bears have taken control. Bitcoin, Ethereum, XRP, and most altcoins are suffering steep corrections, with total market cap sinking to $3.97T. 
Why the Market is Down Today
Macroeconomic Pressures
- U.S. PPI came in hotter than expected, raising doubts over the Fed’s September rate cuts despite pressure from President Trump.
- Retail earnings reports due this week add uncertainty.
- Gold demand from central banks has surged, diverting capital away from crypto.
- Treasury Secretary Scott Bessent confirmed the U.S. has no plans to build a Bitcoin reserve, dampening sentiment.
Geopolitical Tensions
- Trump’s failed peace talks with Putin and his upcoming meeting with Ukraine’s President Zelenskyy have heightened caution.
- The ongoing war continues to weigh on global risk assets.
Profit-Taking & Technicals
- XRP overheated, with 94% of holders in profit, sparking mass selling.
- Ethereum saw $272M in outflows on Aug 15, with whales moving large sums to exchanges. One wallet shifted $54M worth of ETH alone.
- RSI and MACD show bearish divergence across top assets.
$550M Liquidated in 24 Hours
CoinGlass data shows $550M liquidated in the past day, hitting 131,459 traders.
- Ethereum: $179M liquidated (the largest share).
- Bitcoin: $123M liquidated.
- Biggest single liquidation: $7.83M on Bitmex (XBTZ25).
Bitcoin now trades near $115.2K, with Ethereum sliding to $4.2K and XRP under $3. The crypto market heatmap is bleeding red as investors grapple with macro uncertainty, profit-taking, and global instability.
