Bitcoin Plunges Below $90K as Crypto Market Sees $1.36B in Liquidations

Bitcoin tumbled below the $90,000 mark, hitting $88,900 after a sharp 7% drop in the past 24 hours.

The downturn wiped out significant value across the crypto market, bringing the total market cap down to $2.89 trillion, a 7.42% decline within the same period.

Ethereum faced even steeper losses, plunging 11.6% to $2,385, with its market cap now standing at $287.7 billion. Trading activity surged as Bitcoin recorded $64.5 billion in volume, while Ethereum saw $36.3 billion.

The market turbulence led to widespread liquidations, with $1.36 billion erased in the past day. Long positions suffered the most, accounting for $1.26 billion of the total, while short positions saw $98.75 million in losses.

Raydium (RAY) emerged as the worst-performing asset, plunging 20.3% in the past 24 hours and 44% over the past week, currently trading at $2.44.

The sharp downturn has fueled concerns about whether this is the start of a deeper correction or a temporary setback before the market stabilizes. Traders are now closely watching key support levels to gauge the next move.

The 1-day technical analysis from TradingView shows a very bearish sentiment – the summary and oscillators point to “sell” with 14 and 2 signals, respectively, whilte the moving averagas show “strong sell” at 12.