New york: Bitcoin saw its price drop nearly 6% Tuesday amid a strengthening US dollar and a wave of $1.3 billion in crypto liquidations. The price of the largest cryptocurrency was $100,980 at 1850GMT, briefly falling below $100,000 for the first time in four months.

According to Anadolu Agency, data from the CoinMarketCap analysis firm indicated that the value of the global cryptocurrency market, including Bitcoin, fell approximately 5.8% in the past 24 hours to $3.35 trillion. Bitcoin's market capitalization also decreased 5.8% in the past 24 hours to $2 trillion, with a daily trading volume of $92 billion, marking an increase of more than 39%.

Despite the recent drop, the price of Bitcoin is up almost 7.7% since the start of 2025. The price of Ethereum, the second-largest cryptocurrency by market capitalization, declined 9.8% in value, falling to $3,290.

The US dollar index surpassed 100 for the first time Tuesday since August, driven by uncertainty regarding the Fed's interest rate cut process. The dollar index gained 0.3% Tuesday to reach 100.17.

Additionally, according to CoinGlass data, the largest wave of liquidations in weeks occurred in the last 24 hours, wiping out almost $1.27 billion in leveraged futures contracts across cryptocurrencies.