Bitcoin Drops Below $90,000 Amid a Massive Sell-Off
Cryptocurrencies have experienced a significant decline,
with Bitcoin falling below $90,000 amid a sell-off that impacted the market following the diminishing effect of Donald Trump’s election victory.
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Cryptocurrencies
Crypto Declines as Trump’s Influence Fades
Bitcoin’s value dropped below $90,000, hitting its lowest level since mid-November,
as the post-election rally following Donald Trump’s victory began to fade.
The cryptocurrency lost approximately 7.6%, trading at around $88,300 as of 11:38 AM on Tuesday in London,
marking its lowest level since mid-November.
Other cryptocurrencies also suffered losses, with Ethereum and Solana declining by nearly 10% during the session.
Bitcoin
Bitcoin Down 20% Since Trump’s Inauguration
The digital asset market has sharply reversed from the risk-driven rally that followed Trump’s election win.
Bitcoin has dropped about 20% since the U.S. president took office in January,
as his tough stance on allies and geopolitical rivals alike has shaken investor confidence and raised concerns about persistent inflation.
According to Adrian Przelozny, CEO of the cryptocurrency exchange Independent Reserve,
“Bitcoin’s decline is likely linked to overall macroeconomic uncertainty,
which has negatively affected most financial markets over the past two days,
particularly due to the various tariffs announced by President Trump.”
Successive Setbacks
Crypto Market Faces Continued Challenges
Market sentiment has turned pessimistic after a series of industry setbacks.
Among the most significant events was the largest-ever cryptocurrency security breach,
along with a scandal involving a meme coin promoted by Argentine President Javier Milei.
Caroline Moron, co-founder of Orbit Markets, a firm specializing in cryptocurrency derivatives liquidity, stated,
“The Bybit hack is the latest in a series of troubling events, such as the launch of questionable meme coins,
which have brought back unpleasant memories for crypto traders.”
Bitcoin Drops Below $90,000 Amid a Massive Sell-Off