The cryptocurrency market has faced a sharp decline, with Bitcoin (BTC) dropping over 7% in the last 24 hours, falling below $90,000. Ethereum (ETH) also saw a significant decrease of over 9%, alongside notable losses in Solana (SOL), Ripple (XRP), and Dogwifhat (WIF). The market's total capitalization has decreased by 6.50% to $2.94 trillion. Analysts attribute the downturn to a mix of liquidations, profit-taking, and macroeconomic uncertainties. Market makers are reportedly struggling with liquidity issues, as highlighted by Tom Lee of BitMine Immersion Technologies, who pointed out that balance sheet gaps are worsening the situation. Meanwhile, a report by Cornerstone Research indicates a 25% reduction in SEC enforcement actions under Chair Paul Atkins in 2025.