Bitcoin extended its November slump on Wednesday, briefly dipping below $89,000 as traders braced for Nvidia’s closely watched earnings and a broader tech-led sell-off across U.S. equities.
According to CoinGecko data, Bitcoin traded around $89,000–$89,300 intraday, down about 4% over the past 24 hours and nearly 13% on the week, after falling from highs above $103,000 just days ago.
The move pushed BTC to its lowest level since April and erased most of its 2025 gains, with the market cap slipping to roughly $1.77 trillion and 24-hour volumes topping $70 billion as forced liquidations and de-risking rippled through futures markets.
Ethereum mirrored the move, sliding 7% in 24 hours to $2,926, while Solana, XRP, BNB, Dogecoin, Cardano, and other large-cap assets posted losses between 5% and 12%. Nearly the entire top 100 traded lower as traders reduced exposure and liquidity thinned across spot and derivatives markets.
The weakness in crypto is unfolding alongside a fragile mood in traditional markets. The S&P 500 was roughly flat to slightly negative on Wednesday after a four-day slide driven by profit-taking in mega-cap tech. Nvidia — now the largest name in the index — reports earnings after the bell, with Wall Street expecting another blockbuster quarter powered by AI chip demand.
Bitcoin’s dip below $90,000 on both Tuesday and Wednesday underscores how tightly it is trading with risk sentiment.
According to CoinGlass, 154,664 traders were liquidated in the past 24 hours, with total liquidations reaching $443.43 million.
