Bitcoin falls below $88K to a new 2026 low with $150M liquidated in one hour

Bitcoin fell below $88,000 after a short-lived rebound toward $90,000 was fully retraced. The move marked a new low for 2026 with prices returning to levels last seen at the start of the year when Bitcoin opened near $88,000.

The market continues to struggle to reclaim the $90,000 psychological threshold, which was briefly breached on Tuesday. The renewed selloff triggered more than $150 million in liquidations over the past hour and over $850 million in the past 24 hours, largely driven by long positions in Bitcoin and Ether, according to CoinGlass data.

Major tokens moved lower alongside Bitcoin. Ether traded near $2,900, Solana at $126, and XRP at $1.88. Hyperliquid’s HYPE token hovered near $20 as most of the crypto market traded in the red.

Total crypto market capitalization slipped toward $3 trillion, down about 2% on the day.

Traditional markets also showed signs of weakness after a brief rally earlier Wednesday. Precious metals consolidated after reaching record highs on Tuesday, with gold topping $4,850 and silver touching $95.