Bitcoin fell under US$90 000 for the primary time in additional than a month, changing into the most recent sufferer of a widening rout in cryptocurrencies.
The coin traded at round $89 000 at 9.25am SAST on Tuesday after hitting its lowest level since 18 November.
The decline got here amid a broad selloff within the crypto market. Sentiment has turned bearish following a collection of latest setbacks together with the biggest-ever crypto hack at Bybit, an alternate, and a memecoin scandal involving Argentina’s president, Javier Milei.
“The Bybit hack was the most recent in a string of occasions, akin to questionable memecoin launches, which have introduced again sad recollections for crypto market individuals,” mentioned Caroline Mauron, co-founder of Orbit Markets, a supplier of liquidity for crypto derivatives.
Learn: Surging gold value is leaving bitcoin behind
The latest turmoil within the crypto market is a stark shift from the risk-on rally that drove bitcoin increased following the election of US President Donald Trump. The coin surged following Trump’s election win on 5 November however is barely down this year-to-date. — Suvashree Ghosh, with Sidhartha Shukla, (c) 2025 Bloomberg LP
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