Bitcoin Hits Yearly Low of $86,888 Amid Market Sell-Off
Bitcoin (BTC) reached a yearly low of $86,888 amid a market downturn, resulting in over $1.5 billion in liquidations affecting 394,944 traders within 24 hours. Key points include:
- BTC dropped 7.6% in the last 24 hours after trading in the mid-$90,000 range.
- Other cryptocurrencies also declined: Ethereum (ETH) by 10.5%, XRP by 14.5%, and Solana (SOL) by 18.2%.
- Total crypto market cap decreased by 9%, from $3.3 trillion to $3.01 trillion.
- Geoff Kendrick from Standard Chartered indicated BTC could face further losses, potentially reaching the low $80,000s.
- US Treasury yields' decline may benefit BTC in the long run but large outflows from Bitcoin ETFs suggest caution.
- US trade tariffs proposed by President Trump are anticipated to impact equity markets negatively, affecting cryptocurrencies.
- Crypto Fear and Greed Index hit a five-month low of 25, indicating "extreme fear" in the market.
- Analyst Ali Martinez warned that breaking below $93,400 could lead to significant volatility for BTC.
- Declining network activity may reflect reduced interest in BTC, although it still outperforms traditional assets like gold and stocks.
At press time, BTC is trading at $88,150, down 7.6% in the past 24 hours.
