The price of Bitcoin has dipped below $90,000, as the market continues to undergo liquidations in the wake of a bear market.
The month of November has been rough for most bluechip cryptos in the market as well with the price of Bitcoin fluctuating between $85,000 to $92,000.
At the time of writing, Bitcoin is trading at $86,642.74, registering a drop of 5% over the past 24 hours according to Coinmarketcap.com. Ethereum too has gone through a downturn of more than 5%,and is currently trading at $2,837.
According to CoinGlass, the market witnessed a total of $640 million in liquidations, which affected 217,000 traders.
The dips are reminiscent of the 2021 November bear market, which was followed by market exits from large-size crypto firms such as Three Arrows Capital and FTX.
The update comes amid anticipation of a fed rate cut. The Coinmarketcap 20 Index DTF—a market benchmark that tracks the top twenty cryptocurrencies by market capitalization—was down by 5.85%.