Cryptocurrency markets were in a bear market on December 1, with Bitcoin down 4.3% to below $88,000 in early Asian trading, while Ether fell 6% to below $2,900.
CoinMarketCap data shows the decline in the past 24 hours continued a 30-day trend of a 19.85% drop, driven by leverage liquidation and weak macro sentiment.
The market capitalization is now at $2.94 trillion, with a 24-hour trading volume of $116.18 billion.
Concerns that the Bank of Japan (BoJ) may raise interest rates, even as Japanese bond yields are at a 15-year high, have sparked selling pressure in Asian markets.
Crypto market leverage has reportedly been quieter, with only $16 million in Bitcoin liquidation recorded in the past 24 hours.
The fall comes after about $19 billion in leveraged bets were wiped out in early October, days after Bitcoin hit an all-time high of $126,251.
CoinMarketCap analysis shows Bitcoin has broken through critical support at $90,954, accelerating the sell-off to the $87,000 Fibonacci level.
Markets are now watching to see if the liquidation will push the world’s largest cryptocurrency to its October low of $80,659.
