Bitcoin (BTC) traders faced over $746 million in liquidations in the past 24 hours, according to Coinglass data. Meme coins led the market crash last week, with developments surrounding LIBRA and MELANIA and the $1.4 billion Bybit hack, where stolen funds were laundered through Solana meme coins.

Bitcoin falls 6% to $88,245, while Ether plunges 11% to $2,333 amid a major crypto sell-off, weak sentiment, and fallout from the $1.5B Bybit hack.

Bitcoin slid below $90,000 on Tuesday, hitting a level not seen since November, amid a broader struggle for cryptocurrencies this year so far. The No. 1 cryptocurrency was down 6.5% to $89,896, around levels not seen since mid-November.

The cryptocurrency market faced a sharp downturn on Monday, with Bitcoin (BTC) plunging to $90,000 and leading altcoins following suit. Ethereum (ETH), XRP, and Solana (SOL) saw steep declines as investor sentiment turned bearish amid mounting concerns over global trade tensions.

Over the past five months, the crypto market saw impressive growth, with total market capitalisation surging from $2.11 trillion back in October to a peak of $3.72 trillion. This bull run was triggered by various positive developments that gave a huge boost of confidence to the crypto community.