#What is Happening to Bitcoin?
Bitcoin has recently fallen below $88,000 after a brief attempt to reach the $90,000 mark, which ultimately failed. This downward movement signifies a new low for 2026, positioning Bitcoin at levels reminiscent of its opening price at the start of the year.
As the market continues to grapple with the challenge of regaining the critical $90,000 psychological level, a renewed selloff has occurred, resulting in over $150 million in liquidations within just the past hour. Over the last 24 hours, this figure escalated to more than $850 million, predominantly affecting long positions on both Bitcoin and Ether, as highlighted by data from CoinGlass.
#How Are Other Cryptocurrencies Performing?
In conjunction with Bitcoin's decline, major cryptocurrencies saw a downward shift.
- Ether is trading near $2,900
- Solana is valued at approximately $126
- XRP has dipped to $1.88
- Hyperliquid’s HYPE token is around $20
Such substantial drops largely contributed to an overall downward trend in the cryptocurrency landscape, as most assets traded in negative territory.
#What About the Cryptocurrency Market as a Whole?
The total market capitalization for cryptocurrencies has also fallen towards $3 trillion, reflecting a decrease of about 2% within the day. This downward shift underscores the delicate balance the market currently faces.
#Signs of Weakness in Traditional Markets
Traditional financial markets are likewise showing signs of vulnerability, following a brief rally earlier in the week. Precious metals, which had peaked at record highs on Tuesday, are consolidating. Gold has risen to over $4,850 while silver has reached approximately $95.
In summary, the volatility in Bitcoin and other major cryptocurrencies highlights the ongoing uncertainty within both crypto and traditional markets. Investors should remain vigilant and informed as they navigate through these fluctuating conditions.