• Global crypto market cap drops 5.3% to $2.93T

ISTANBUL

Bitcoin fell more than 5.2% on Monday, extending its downward trend amid large liquidation concerns.

The largest cryptocurrency was trading at $86,100 at 0710GMT Monday, after falling below the $90,000 level last month for the first time since April.

According to CoinMarketCap data, the total value of the global cryptocurrency market, including Bitcoin, declined 5% in the last 24 hours to $2.93 trillion.

Bitcoin’s market capitalization dropped by 5.3% over the past day to $1.71 trillion, while the daily trading volume surged 65% to $60.4 billion.

The largest cryptocurrency weekly loss extended to 22% as of Monday. Bitcoin had previously dropped to as low as $74,400 in April 2025 after former US President Donald Trump’s tariff decisions shook global financial markets.

Bitcoin has also erased its year-to-date gains, declining 7.8% so far this year.

Ethereum, the second-largest cryptocurrency by market value, fell 5.8% to $2,825.

The dip occurred shortly after Bitcoin had a steep monthly loss at the end of November. The pressure has persisted despite improved confidence about US monetary policy, which had helped risk assets at the end of last month.

Expectations for a Federal Reserve rate cut in December have risen significantly over the past week, owing to lower US GDP indicators and signals that inflation pressures are easing.

Adding to the macroeconomic uncertainty, US President Donald Trump stated over the weekend that he already knows who he will choose as the next Federal Reserve chair, but he has not publicly revealed a name. The remark fueled speculation about potential possibilities, including former White House economic adviser Kevin Hassett, who is considered dovish on monetary policy.

Additionally, a wave of liquidations in the past few weeks also fueled the decline in the cryptocurrency market.