Bitcoin fell below $90,000, reaching its lowest level since mid-November, as the rally following Donald Trump’s election victory reversed due to macroeconomic factors and industry setbacks. Bitcoin dropped as much as 7.6%, trading around $88,300 at 11:38 a.m. London time on Tuesday. Other cryptocurrencies, including Ether, XRP, and Solana, also experienced sharp declines, with an index tracking top digital tokens heading for its largest four-day drop since early August.
The downturn has been fueled by Trump’s trade tariffs and a series of challenges within the crypto industry, eroding investor confidence. Bitcoin is now down nearly 20% since Trump’s inauguration.
— news from Bloomberg