Financial markets turned red early Monday on fears of a rise in U.S. interest rates. remain high in 2025-And Bitcoin and other leading cryptocurrencies have felt the brunt of this concern.
Bitcoin plunged to a price of nearly $90,000, hitting its lowest price since November at $90,198, according to data from CoinGecko. The largest coin by market cap is now down more than 4% on the day and almost 9% over the past week at the current price of $90,700.
Last week, Bitcoin briefly reclaimed a price above the $100,000 mark, but that didn’t last long as mixed economic data helped push the price lower starting last Tuesday. Bitcoin is now down 16% from its all-time high above $108,000which took place in December.
Other major cryptocurrencies fell even harder than Bitcoin that day, with Ethereum down more than 7% to $3,044 while XRP is down almost 6% to $2.37. Solana fell about 7% to $175, with Dogecoin down more than 6% to $0.317.
Liquidations of futures contracts betting on the future price of cryptocurrencies piled up early Monday, with some $544 million in positions liquidated in the past 24 hours, data from CoinGlass.
The vast majority of liquidations involved long positions, or bets on a future rise in the price of an asset, worth $472 million. Bitcoin leads the pack with over $112 million in liquidations.
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