Bitcoin falls below the key $90,000 level Tuesday
Bitcoin's descent triggered a wave of long liquidations, which forces traders to sell their assets at market price to settle their debts. Centralized exchanged have seen $614.5 million in long liquidations in the past 24 hours, according to CoinGlass.
Bitcoin kicked off the year in rally mode, fueled by optimism about the positive changes the new Trump administration was expected to make for the crypto industry. However, since the President issued his widely anticipated executive order on crypto at the end of January – the contents of which were well received by the industry despite its tamer than hoped for language on a strategic bitcoin reserve – the market has had little to look forward to.