Bitcoin Falls Below $89K as Sell Pressures Hit Cryptos

Sustained sell pressures have sank the market value of all cryptocurrencies below $3 trillion, with Bitcoin trading below $89,000

The cryptocurrency market experienced a downturn on Wednesday, with sustained sell pressures sinking the market value of all cryptocurrencies below $3 trillion.

Bitcoin dropped below the $89,000 mark during trading hours.

The sustained sell-off pushed the global crypto market cap to trend below the $3 trillion mark, specifically settling at $2.94 trillion.

However, there was a touch of early rally, and traders noted that usually, during times of uncertainty, any price movements tend to be more 'violent' in the crypto market compared to the traditional market.

Major digital assets slumped on Tuesday, with Bitcoin (BTC) tumbling below $89,000. The CoinDesk Market Index, which tracks dozens of digital assets including Bitcoin, slumped 6.1% in the past 24 hours.

The Nasdaq 100 dropped 1.3% in late trading, the S&P 500 shed 0.4% and the Dow Jones Industrial Average rose 0.3%.

Bitcoin slid 6.5% to $88,179, according to CoinMarketCap data, which also showed the most popular cryptocurrency’s 24-hour trading volume more than doubled to $91 billion.

The second-largest digital asset, Ethereum fell 6% to $2,497.

XRP dropped 6.1%, BNB eased 1.7%, and Solana declined 4.8%. Dogecoin was 6.5% lower, while Cardano lost 5.9%.

The U.S. 10-year Treasury yield slid to 4.296% from 4.391% on Monday, while the five-year yield slipped to 4.129% from 4.226%.

The global cryptocurrency market value decreased 5.3% yesterday due to a selloff in digital assets.