(MENAFN) Bitcoin dropped more than 5.2% on Monday, continuing a downward trend fueled by concerns over large-scale liquidations. The cryptocurrency was trading around $86,100 at 0710 GMT, having fallen below the $90,000 mark last month for the first time since April.

Data from CoinMarketCap shows that the total global cryptocurrency market, including Bitcoin, fell 5% over the past 24 hours to $2.93 trillion. Bitcoin’s market capitalization dropped 5.3% to $1.71 trillion, while daily trading volume surged 65% to $60.4 billion. The weekly loss for the largest cryptocurrency now stands at 22%.

Bitcoin had previously declined to $74,400 in April 2025 following U.S. President Donald Trump’s tariff decisions, which rattled global financial markets. Year-to-date, the cryptocurrency has erased its gains, falling 7.8% so far this year. Ethereum, the second-largest cryptocurrency, also slipped 5.8% to $2,825.

The sell-off followed a steep monthly loss at the end of November, despite renewed confidence in U.S. monetary policy that had previously supported risk assets. Expectations for a Federal Reserve rate cut in December have grown due to weaker U.S. GDP figures and easing inflation pressures.

Adding to market uncertainty, Trump commented over the weekend that he has decided on a nominee for the next Federal Reserve chair, without revealing a name. Speculation has focused on former White House economic adviser Kevin Hassett, considered dovish on monetary policy.

Recent waves of liquidations in the cryptocurrency market have also contributed to the decline, intensifying downward pressure across major digital assets.

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