Bitcoin slid to its lowest level in more than a week, falling below $90,000 for the first time since Jan. 9 as a global market selloff deepened amid geopolitical tensions.
The cryptocurrency dropped as much as 4% on Tuesday and extended losses into Wednesday’s Asian session, slipping 0.5% to $88,894 by 9:27 a.m. in Singapore. The move tracked declines across equities, long-dated US Treasuries and Japanese bonds as investors cut risk.
“Ninety-thousand has ‘proven to be a critical level that we’ve seen hold as support since the early days of the year and is likely an important inflection point in the short term,’” said Karim Dandashy of Flowdesk.
Smaller tokens fell more sharply, with Ether down over 7% and Solana sliding 5.3%. Crypto-related stocks also retreated, as Coinbase Global Inc. dropped 5.6% and Strategy Inc. fell nearly 8%.
“Bitcoin’s sharp drop over the weekend mirrors a broader exodus from risk assets,” said Shiliang Tang of Monarq Asset Management, citing US tariff threats and geopolitical frictions over Greenland.
Japanese bond yields surged after election-related tax cut pledges raised fiscal concerns, while Strategy announced a $2.13 billion Bitcoin purchase — its largest since July — highlighting continued institutional interest.
“Today’s news MSTR’s largest purchase in 7 months suggests there’s still significant retail and institutional appetite for Bitcoin exposure through equity wrappers,” said Jake Ostrovskis of Wintermute.
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