Bitcoin reverses early gains, drops below $88,000 as Nasdaq futures wilt

Bitcoin reversed Asian session gains, dropping below $88,000 and affecting major altcoins.\nWhat to know : Bitcoin reversed Asian session gains, dropping below $88,000 and dragging major altcoins lower. The decline aligns with a drop in Nasdaq futures, highlighting their strong positive correlation. Traders have reduced their leveraged positions as open interest in futures has decreased, reflecting cautious market sentiment.