Bitcoin sinks below $88,000, crypto market cap drops below $3 trillion — What’s the next support level?

The cryptocurrency market took a dive on 1 December, in a fresh selloff, with Bitcoin down 4.3% to below $88,000 early in Asia trade, and Ether slumped 6% to below $2,900, Bloomberg reported.

According to data on CoinMarketCap, the market drop over the last 24 hours has extended a 30-day decline of 19.85%, amplified by leveraged liquidations and macro jitters. Market capitalisation is at $2.94 trillion, with trading volumes over the past 24 hours at $116.18 billion.