Bitcoin’s price had a quiet weekend, but it headed straight south on Monday morning by dropping to an 11-day low of $115,000.
Almost all altcoins have followed suit, with ETH dumping to $4,300, while XRP is testing the crucial $3 resistance.
The latest correction transpired as the US futures markets reopened, but also during the early Asian trading hours. Perhaps a large portion of this volatility can be attributed to the latest developments in the Ukraine-Russia war.
As reported on Saturday morning, Trump and Putin failed to reach a conclusive deal on how the war should end. However, the US President said later on that there has been “big progress on Russia,” and advised people to stay tuned.
On Sunday, the POTUS made another comment, saying that the ball is now in Volodymyr Zelenskyy’s court:
“President Zelenskyy of Ukraine can end the war with Russia almost immediately, if he wants to, or he can continue to fight. Remember how it started. No getting back Obama given Crimea (12 years ago, without a shot being fired!), and NO GOING INTO NATO BY UKRAINE. Some things never change.”
Recall that the US President is set to meet with European leaders today, including Ukraine’s Zelenskyy.
In terms of BTC price actions, the past several hours have been quite painful as the asset slumped by over three grand in a fall to an 11-day low of $115,000. It has managed to defend that level for now, but the move south has dragged most altcoins with it.
ETH is down by 3%, XRP has slipped to $3, while SOL and DOGE have marked 4-5% daily declines. LINK is among the few exceptions, posting another daily jump of 5%.
The total value of wrecked positions has risen to over $450 million, according to CoinGlass data. More than 115,000 traders have been wrecked daily, and longs as responsible for the lion’s share.
