Crypto Bloodbath: Bitcoin Plunges Below $110K, XRP Tumbles 5% as ’Redtember’ Panic Grips Market

Digital assets get crushed in brutal selloff as Bitcoin breaches critical $110K support level.

Redtember Reality Check

XRP leads the carnage with a 5% nosedive while Bitcoin craters to multi-week lows. The entire crypto market cap bleeds out as fear spreads faster than a blockchain fork.

Technical Breakdown

Support levels vaporize as leveraged positions get liquidated en masse. Trading volumes spike to panic levels while 'buy the dip' chatter goes suspiciously quiet.

Market Psychology

Seasonal patterns strike again as September living up to its notorious reputation. Traders who ignored history now busy repeating it—the hard way.

Silver Linings Playbook

Volatility creates opportunity for those with dry powder and strong hands. Meanwhile traditional finance guys still trying to figure out how to short optimism.

The cryptocurrency market saw a sharp downturn in the past 24 hours, with total market capitalization dropping 3.87% to $3.75 trillion, according to CoinMarketCap data. Bitcoin dropped 3.77% to trade near $108,675. Ethereum also fell nearly 4%, sliding to $4,340. Among the top coins, XRP was one of the hardest hit, tumbling more than 5% to $2.83.

Solana slipped to $205, Dogecoin lost over 4%, and Cardano shed 4.4%, bringing it down to $0.82. This downturn followed Trump’s sudden removal of Fed Governor Lisa Cook on August 28, along with growing uncertainty over the Fed’s September rate decision. 

The September Pattern

Traders are now worried that the selloff could be the beginning of a larger correction. History shows that every major four-year crypto cycle has delivered steep September losses. In 2013, Bitcoin dropped 15% in early September. In 2017, it crashed 40% during the same month, pulling altcoins down with it. More recently, in 2021, Bitcoin lost 25% between September 7 and September 21.

With inflation data set to be released later this week, the risk of more downside is high. Analysts warn that a higher-than-expected PCE print could spark two sharp red candles similar to past cycles, possibly pushing bitcoin down another 10 to 20% and altcoins down 30 to 50%.

Outlook Ahead

If history repeats, September could bring a two-to-three-week correction before markets find their footing again. In past cycles, these shakeouts often created the conditions for strong Q4 rallies. For now, experts are watching the $100,000 support zone for Bitcoin, which could serve as a critical level heading into the final quarter of the year.