Bitcoin fell below the $88,000 level on Sunday as crypto markets weakened in tight weekend trading, extending the pullback that has weighed on the crypto market over the past week.
According to data from CoinGecko, BTC traded at around $87,800 in the afternoon in the United States, down around 2% over 24 hours. Ether fell to $2,880, while Solana, XRP, and Cardano each saw losses between 3% and 5% on the day. Most major tokens remain sharply down over seven days, reflecting fragile market sentiment.
The move resulted in $224 million in liquidations on bullish bets, led by $68 million on futures contracts tracked by Bitcoin and $45 million on ether-based futures contracts.
Weekend moves are often driven less by new information than by positioning adjustments, particularly after periods of heightened volatility earlier in the week.
Traders enter the new week on heightened alert over possible intervention in the Japanese yen after Prime Minister Sanae Takaichi warned of “abnormal” market movements, comments that followed a sudden reversal in the yen late Friday.
The currency’s sharp rise prompted caution on Asian trading desks, although officials did not confirm any action, according to Bloomberg.
Elsewhere, political risk in the United States has added to an already unstable context.
Senate Democratic Leader Chuck Schumer said his party would block a major spending package unless funding for the Department of Homeland Security was cut, raising the risk of a partial government shutdown.
While such impasses are familiar, they can tighten short-term liquidity conditions and weigh on risky asset sentiment, particularly during periods of elevated positioning.
The latest drop follows a period in which Bitcoin briefly lost the $90,000 mark amid heavy selloffs and broader macroeconomic uncertainty. More than $1 billion in leveraged positions were wiped out earlier in the week as traders reduced their exposure following sharp moves in the currency and bond markets.
Attention now turns to the week ahead, with investors also expecting a heavy earnings week that includes results from several mega-cap technology companies.
The Federal Reserve is widely expected to keep rates steady at its next meeting, reinforcing its wait-and-see attitude after last year’s easing cycle.
