Bitcoin fell below $90,000 on Tuesday, marking a three-month low for the popular cryptocurrency.
The price of Bitcoin dropped more than 8 percent to $87,262 as of Tuesday afternoon, according to Coinbase. This was the crypto coin's the lowest value since November, when it slid to about $86,128.
Tuesday's plunge put bitcoin about 20 percent off its all-time high on President Trump's inauguration day following a weeks-long rally after the president's election victory last November.
Other cryptocurrencies experienced notable losses on Tuesday, with Ethereum (ETH) falling by more than 7 percent to below $2,500 and XRP losing 9 percent of its value with a trading price of $2.25.
The crypto market cap also declined 7.4 percent to $2.88 trillion over the past 24 hours, according to CoinMarket Cap.
The drops come amid concerns about a breach at Bybit, a major cryptocurrency exchange. North Korea hackers allegedly stole $1.5 billion worth of digital currency from the exchange, stirring uncertainty in the market.
Observers told CNBC this is coupled with uncertainty under a new administration despite Trump's assurances he plans to make the United States the "crypto capital of the world."
Trump's assurances prompted a historic rally for Bitcoin, which topped more than $100,000 in the weeks after his election and leading up to his inauguration.
The optimism stretched into the new year and Bitcoin hit an all-time high of $109,026 last month.
Trump has taken various steps towards this goal, including the creation of an AI and crypto czar role to help oversee the administration's pro-crypto policies. He signed a largely anticipated executive order on crypto during his first week of office, though it did not include language on a strategic bitcoin reserve.
As a result, the market has lagged with little catalyst to push prices back up.
Hence then, the article about bitcoin falls below 90k in 3 month low was published today ( ) and is available on The Hill ( Middle East ) The editorial team at PressBee has edited and verified it, and it may have been modified, fully republished, or quoted. You can read and follow the updates of this news or article from its original source.
Read More Details
Finally We wish PressBee provided you with enough information of ( Bitcoin falls below 90K in 3-month low )
Also on site :
- The Current State of NVIDIA RTX 50 GPUs: Our Exclusive Report On GeForce Production, AIC Supply, Memory Shortages, Their Impact On Prices & Rumors of EOL
- Amazon's newly-announced Fallout reality show will plop competitors inside a vault to find out just how SPECIAL they are
- ‘We Won’t Implement GenAI Into Our Games Without Prior Notice’, Vows Granblue Developer Cygames