Bitcoin's price fell below $88,000 over the weekend, extending a week-long downturn and dragging most major altcoins into the red. The primary cryptocurrency registered a new multi-day low of $87,500, with its market capitalization dropping to $1.770 trillion. Bitcoin's dominance over the altcoin market stands near 57.5%.
The sell-off accelerated as the opening of Asian stock and futures markets neared, mirroring a pattern from the previous Monday. Analysts, including those from The Kobeissi Letter, attribute the sharp correction to escalating geopolitical tensions. President Trump's threat to impose 100% tariffs on Canada if it signs a major deal with China, coupled with expectations of a second US government shutdown following the Minneapolis shooting, has fueled market uncertainty.
The downturn triggered a massive wave of liquidations. Over the past day, more than $250 million in leveraged positions were liquidated, with over $131 million of that occurring in a single hour. More than 130,000 traders were affected, with the single largest liquidated position—worth $6.3 million—taking place on the Hyperliquid exchange.
The altcoin market suffered significant losses alongside Bitcoin. Ethereum (ETH) solidified its position below $3,000, plunging a further 1.5% in one hour to struggle beneath $2,900. Monero (XMR) led losses among larger-cap altcoins with a daily drop of over 7% to $480. Other major assets like Binance Coin (BNB), XRP, Cardano (ADA), and Dogecoin (DOGE) also traded in the red. Solana (SOL), Sui (SUI), Arbitrum (ARB), Pepe (PEPE), and Ethena (ENA) all saw hourly declines exceeding 2%.
The total cryptocurrency market capitalization fell by over $40 billion to $3.080 trillion, indicating a broad-based market retreat.
