Today I saw Bitcoin drop below 90,000 USD, and all the gains made this year are gone. The current price is lower than the highest of 126,000 USD in October, having dropped nearly 30%. This afternoon in Asia, its price fell another 2%, leaving it at 89,953 USD.

Recently, the price of BTC has surged, and many institutions and early investors chose to take profits at high levels. Another key reason is the uncertainty regarding whether the Federal Reserve will cut interest rates in the future, leading to instability in market sentiment after a prolonged rise. A combination of factors has resulted in the current wave of sell-offs.

Matthew Dibb, Chief Investment Officer of Astronaut Capital, stated: "Overall, the sentiment in the crypto market is very bleak, and it has been since the leverage washout in October. The next key support level is at 75,000 USD, and if market volatility remains high, Bitcoin may test that level."