The collapse of Bitcoin amid increasing pressure in the cryptocurrency market
The price of Bitcoin fell today to below 90 thousand dollars, causing the cryptocurrency market to lose about 170 billion dollars in 24 hours. These declines came as a result of several factors, the most significant of which are: weak liquidity, negative signals on the blockchain, and recent decisions by the Federal Reserve, including interest rate cuts and the purchase of 40 billion dollars in treasury bonds. This decline led to massive liquidations exceeding 520 million dollars, with a clear dominance of sellers in the market while Bitcoin attempts to maintain support at the 90 thousand dollar level with the possibility of declining to 87 thousand dollars if the pressure continues.