Financial markets turned red early Monday amid fears that U.S. interest rates will remain high in 2025—and Bitcoin and other leading cryptocurrencies felt the weight of that concern.

Bitcoin plunged to a price of nearly $90,000, reaching its lowest price since November at $90,198, per data from CoinGecko. The top coin by market cap is now down over 4% on the day and nearly 9% over the last week at a current price of $90,700.

Just last week, Bitcoin briefly reclaimed a price point above the $100,000 mark, but it didn't last for long as mixed economic data helped push the price down starting last Tuesday. Bitcoin is now down 16% from its all-time high mark above $108,000, which was set in December.

Other major cryptocurrencies have fallen even harder than Bitcoin on the day, with Ethereum falling over 7% to $3,044 while XRP is down nearly 6% to $2.37. Solana has fallen about 7% to $175, with Dogecoin dipping over 6% to $0.317.

Liquidations on futures contracts betting on the future price of cryptocurrencies piled up early Monday, with some $544 million worth of positions liquidated over the past 24 hours, per data from CoinGlass.

The vast majority of the liquidations came with long positions, or bets that an asset's price would go up in the future, with $472 million worth. Bitcoin leads the pack with over $112 million worth of liquidations.

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