Abrupt Fall in Bitcoin Value to $88K Coincides with $500M Surge in Liquidations

Bitcoin's recent stability above $90,000 was short-lived as its value plummeted to a 5-day low of $88,000, instigating a rise in overall liquidations to $500 million. This comes after Bitcoin rebounded from a substantial drop, managing to exceed $90,000 and even approaching $94,000 at some points. However, it failed to breach that level, settling around $92,000 by Friday before dropping to $88,000. This dip also affected altcoins such as Ethereum, which is nearing a break below $3,000 following a 4.6% drop, and XRP, which has slipped to $2.04. The total cryptocurrency market has lost $80 billion, reducing its worth to $3.1 trillion. Within the past 24 hours, liquidations have increased to $500 million, with longs accounting for $420 million of this.