As the article was prepared, the king of cryptocurrencies, Bitcoin 
$77,243, has dipped below $90,000, triggering significant liquidations in altcoins. The rapid sell-offs have intensified following a negative opening in US markets, leading Bitcoin to plummet further.
Bitcoin Declines
Recent US economic data has worsened the macroeconomic outlook. Moreover, it is anticipated that billions of dollars worth of Silkroad Bitcoin, which the US government received permission to sell before Trump’s inauguration, will be sold in the upcoming five days. Additionally, inflation data expected this week is projected to show an increase, with market expectations suggesting inflation could approach 3% compared to the previous month.
Due to the bearish opening in US markets, the price of Bitcoin has declined to $89,256 at the time of writing. In the altcoin market, losses have exceeded 10%, with the only strong performer being XRP Coin. In the last hour alone, liquidations have amounted to a total of $137 million.
