After reaching new heights above $93,000, Bitcoin dropped significantly, causing a decline in major cryptocurrencies, including Ethereum and Dogecoin. Currently trading at around $87,805, Bitcoin has seen a drop of over 6% in the last 24 hours. Ethereum has seen an even sharper decline of about 8%, now priced at $3,083. The downturn has led to approximately $617 million in liquidated positions across the cryptocurrency market, with $444 million of that from long positions. Bitcoin alone accounted for $179 million of these liquidations, including $135 million in long positions. This volatility comes as investors await a speech from Federal Reserve Chair Jerome Powell, expected to provide insights on future monetary policy. Despite the dip, cryptocurrencies remain significantly up from previous weeks, fueled by optimistic market sentiment following the recent election. The intertwining of Bitcoin's fluctuations and investor reactions underscores the ongoing volatility of the crypto market.

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