Bitcoin Falls Below $90K: Market Reactions to Recent Trends
Bitcoin Plummets Below $90K
Bitcoin falls below $90,000 for the first time in three months, dropping more than 8% to $87,262 on Tuesday afternoon, according to Coinbase. This is the lowest price since November, when it fell to approximately $86,128. This recent decline puts Bitcoin about 20% off its all-time high, reached on President Trump's inauguration day, after a notable rally fueled by election optimism.
Market Overview and Concerns
Other cryptocurrencies also saw significant losses: Ethereum (ETH) decreased by over 7% to under $2,500 and XRP dropped 9% to $2.25. The overall crypto market cap shrank by 7.4%, reaching $2.88 trillion amidst these declines.
The downturn follows alarming news regarding a breach at Bybit, a major exchange where North Korean hackers reportedly stole $1.5 billion in digital currency. This incident adds to market skepticism, despite assurances from Trump that he aims to establish the U.S. as the "crypto capital of the world".
Future of Bitcoin Post-Trump Assurances
While Bitcoin reached an all-time high of $109,026 last month, the market now awaits more decisive actions from Trump’s administration following his executive order promoting pro-crypto policies. Observers remain cautious as hopes for a strategic Bitcoin reserve have not been concretely articulated.
This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.