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.

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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.

Alexander Stefanov

With over 8 years of experience in the cryptocurrency and blockchain industry, Alexander is a seasoned content creator and market analyst dedicated to making digital assets more accessible and understandable. He specializes in breaking down complex crypto trends, analyzing market movements, and producing insightful content aimed at educating both newcomers and seasoned investors. Alexander has built a reputation for delivering timely and accurate analysis, while keeping a close eye on regulatory developments, emerging technologies, and macroeconomic trends that shape the future of digital finance. His work is rooted in a passion for innovation and a firm belief that widespread education is key to accelerating global crypto adoption.