Bitcoin slides over 5% as liquidation pressures mount

Bitcoin dropped more than 5% on Monday, deepening its recent slide as concerns over large-scale liquidations continued to weigh on the cryptocurrency market. The leading digital asset was trading around $86,100 at 0710 GMT, after dipping below $90,000 last month for the first time since April.

Data from CoinMarketCap showed the total global crypto market value fell 5% in the past day to $2.93 trillion. Bitcoin’s own market capitalization declined 5.3% to $1.71 trillion, while trading volume jumped 65% to $60.4 billion as volatility intensified.

The cryptocurrency has now lost 22% over the past week and erased its gains for the year, down 7.8% so far. Bitcoin last experienced similar pressure in April 2025, when it briefly fell to $74,400 amid market turmoil triggered by tariff moves under former U.S. President Donald Trump.

Ethereum also declined, sliding 5.8% to $2,825.

The latest drop comes shortly after Bitcoin ended November with a sharp monthly loss. The downturn has persisted even as expectations grow for a U.S. Federal Reserve interest rate cut in December, driven by softer GDP readings and signs of easing inflation.

Adding to market uncertainty, President Trump said over the weekend that he has already chosen a candidate for the next Federal Reserve chair but has not yet disclosed the name. Speculation has centered on figures such as former White House economic adviser Kevin Hassett, known for relatively dovish policy views.

The broader selloff has been exacerbated by a wave of liquidations in recent weeks, further pressuring cryptocurrency markets.