Bitcoin adds to recent pullback as crypto liquidations swell

Bitcoin (BTC-USD) extended its recent slide from all-time highs earlier in the month, as increased crypto liquidations pushed prices lower.

The cryptocurrency dipped 1.5% to $115.7K in the last 24 hours at 9:15 a.m. ET, leaving bitcoin (BTC-USD) around 7% off the $123.6K record last week. Ether (ETH-USD) decreased 2.8% to $4.35K, Aero Coin (AERO-USD) -6%, Skycoin (SKY-USD) -5% and Story (IP-USD) -4.9%.

Some 131.1K traders were liquidated in the past 24 hours, with losses amounting to $565.4M, according to data from CoinGlass. Of that total, bitcoin (BTC-USD) long liquidations totaled $110.2M and ether (ETH-USD) long liquidations were $145.0M.

In both cases, market participants were wiped out at market prices to cover margin calls, adding to the downward pressure on prices.

Crypto prices had reached new records at the beginning of last week on the back of favorable regulatory developments, though subsequent hotter-than-expected wholesale inflation data drove a pullback.

In the meantime, other risk assets like U.S. stock index futures were more muted, as traders turned their attention to retail earnings and Federal Reserve Chair Jerome Powell's speech at Jackson Hole later in the week.

Strategy (MSTR), which earlier Monday disclosed another round of bitcoin purchases, saw its shares slip 1.6% in premarket trading. Crypto exchange Coinbase Global (COIN) retreated 2% and crypto investment firm Galaxy Digital (GLXY) (OTCPK:BRPHF) shed 2.3%. Bitcoin miners MARA Holdings (MARA) -2.7% and Riot Platforms (RIOT) -1.3% also changed hands in the red.