Bitcoin Slips Below $86k, Wiping Out $140B in Crypto Market Cap

TL;DR

• BTC is down 5.5% in the last 24 hours and is now trading below $86k.

• The slump saw over $140 billion wiped out from the total cryptocurrency market cap.

BTC Down 5.5% to Dip Below $86k

The cryptocurrency market has opened the new monthly candle bearish as Bitcoin and other major digital assets are currently in the red. Bitcoin, the leading cryptocurrency by market cap, lost 5.5% of its value in the last 24 hours and is now trading below $86k per coin.

The bearish performance comes after Bitcoin reclaimed the $93k level last week. However, failure to overcome the $93k resistance level has seen Bitcoin decline and lose some of its recent gain.

The total cryptocurrency market cap has also dropped below $3 trillion, wiping out $140 billion over the past 24 hours. 

Altcoins are also bleeding. Ether, the second-largest cryptocurrency by market cap, has dropped to the $2,800 region after losing 5.8% of its value in the last 24 hours. Ripple’s XRP risks dropping below $2.0 if the selloff continues. 

Thanks to the massive selloff in the last few hours, over $500 million worth of bullish positions were liquidated, with Binance, Bybit, and Hyperliquid accounting for 90% of that volume.