Hassan Maishera
TL;DR
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Bitcoin briefly dropped below $89,000 on Tuesday amid a sharp shift in global risk sentiment.
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The dip resulted in over $1 billion worth of long positions being liquidated from the market.
BTC Dips Below $89k
The cryptocurrency market has continued its poor start to the week, with Bitcoin losing 1.7% of its value in the last 24 hours. The coin briefly dropped below $89k and is now trading at $89,100.
The bearish performance comes amid a sharp shift in global risk sentiment. It also wiped out more than $1 billion in leveraged bullish bets.
Data obtained from CoinGlass reveals that 183,066 traders were liquidated over the past 24 hours, with total liquidations reaching $1.09 billion. However, long positions accounted for nearly 92% of the total. The largest single liquidation was a $13.52 million BTCUSDT order on Bitget.
The bearish performance comes as broader financial markets turned cautious. U.S. President Donald Trump’s renewed threat to impose tariffs on European nations that rejected his proposal to purchase Greenland unsettled investors, with risk-based assets recording huge losses.
In addition to that, a selloff in Japanese government bonds added pressure, pushing global yields higher and tightening financial conditions.
Altcoins Grow Weaker
With Bitcoin trading below $90k, altcoins are also in the red. Ether has dropped below $3k after losing 4.2% of its value, while Binance’s BNB is also trading below $900. XRP retested the $1.85 support level after its 2% dip.
Monero’s XMR is the worst performer among the top 20 cryptocurrencies by market cap, down 16% in the last 24 hours. It has lost 39% of its value since hitting an all-time high price of $798 a week ago.
