Bitcoin falls to $90,500 over sell pressures

Agency Report

The market price of Bitcoin fell to $90,500 level during early trading hours on Monday as sell pressures persisted on the back of global economic uncertainties. Retail selloffs have been heated up due to weakening cryptos’ investors’ sentiment. The major digital asset slump has reduced the value of all cryptocurrencies. 

Bitcoin (BTC-USD) has lost about 4% in the last 24 hours in the crypto market, settling at the $90,500 level at the press time. The world’s largest digital asset by market valuation has lost about 9% of its market value in the last seven days.

BT-USD has slowly pulled away from record high of $108,000 hit back in mid-December. Despite a strong start to the New Year, Bitcoin has lost sight of the six digits as investors pulled out their cash from the Bitcoin exchange-traded funds.

On Wednesday, a total of $583 million got yanked out—it was the second-highest daily outflow since the vehicles’ debut in January 2024. Ethereum price has declined by more than 6% in the last 24 hours, trading at $3,060 range at press time. ETH-USD has lost more than 16% in the last seven days in the market.

Solana (SOL-USD) is trading negative, falling by about 6% in a day. This asset has also lost about 19% in the last seven trading sessions. Doge coin is down, losing about 18% in 7 days in the market. According to data from CoinMarketCap.com, the global crypto market cap dropped to $3.15 trillion, representing a 4.45% decrease over the last day.

The total crypto market volume over the last 24 hours reached $111.68 billion, which makes a 61.10% increase over the day. Also, the total volume in DeFi is currently $7.35 billion, accounting for 6.58% of the total crypto market 24-hour volume.

Data from the cryptocurrencies exchange revealed that the volume of all stable coins printed at $103.76 billion, which is 92.91% of the total crypto market 24-hour volume.