Throughout the day, the cryptocurrency market experienced relentless selling pressure, causing Bitcoin to dip below the $90,000 threshold.
At present, Bitcoin (BTC) is valued at $89,522, marking a decline of nearly 4% over the past 24 hours.
The significant downturn in prices was largely influenced by global economic factors that dampened investors’ willingness to take risks. Turbulence in Japan’s government bond market triggered widespread panic selling of high-risk assets. Meanwhile, US President Donald Trump reignited concerns by threatening tariffs on Europe and suggesting he might leverage tariffs in negotiations over Greenland. These developments heightened uncertainty across international markets. Concurrently, precious metals surged to record highs as investors sought refuge in safer investments.
This downward trend extended beyond Bitcoin into other cryptocurrencies as well. Ethereum (ETH) dropped 7.19% to $2,985; Binance Coin (BNB) declined by 3.95%; XRP fell 5.33%; and Solana (SOL) decreased by 5.63% within the same timeframe.
The mounting sell-off also led to substantial liquidations within derivative trading platforms. Over the last day alone, approximately $685.49 million worth of positions were forcibly closed—$626.15 million from long positions and $59.34 million from shorts.
*Please note this does not constitute financial advice.