Bitcoin dropped below $90,000 on Tuesday morning, falling over 3% as escalating trade tensions sent risk assets lower across global markets.
The largest crypto asset by market capitalization has faced sustained downward pressure since Sunday, when President Trump announced new tariffs and threatened a trade war against European countries opposing his bid to acquire Greenland.
Bitcoin fell from $95,000 to $92,000 on Monday morning and continued declining through the week, breaking below the $90,000 level on Tuesday.
The sharp move lower triggered over $580 million in liquidations over the past 24 hours, with nearly $150 million occurring in the past hour alone, according to CoinGlass data. Long positions on Bitcoin and Ethereum accounted for the majority of forced closures.
The broader crypto market fell alongside Bitcoin, with total market capitalization down about 3% to $3.1 trillion, CoinGecko data showed.
Major altcoins also tumbled. Ethereum retreated to near $3,000, while Solana traded at $127 and XRP fell to $1.91.
Monero posted the steepest decline among major crypto assets, dropping over 11% to $538. The privacy-focused coin has now fallen more than 32% since reaching a new all-time high near $800 last week.
Hyperliquid also saw significant losses, falling 7% over the past 24 hours to trade near $22.