(Bloomberg) — Bitcoin tumbled below $90,000 to hit the lowest since mid-November, as the rally that followed Donald Trump’s election to the White House fizzles.
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Bitcoin dropped as much as 6.1% to its lowest point since Nov. 15 and traded at around 89,400 at 8a.m. London on Tuesday after hitting its lowest point since Nov. 18. Other cryptocurrencies also fell, with Ether and Solana down roughly 10% for the session.
The recent turmoil in digital assets is a stark shift from the risk-on rally that drove crypto markets higher following Trump’s election in early November. Bitcoin has tumbled almost 20% since his January inauguration, as Trump’s combative stance against allies and geopolitical rivals alike shake investor confidence, and concerns about elevated inflation linger.
“The fall in Bitcoin prices is likely related to broader macro uncertainty that has hit most financial markets in the last couple of days and is linked to the various tariffs being announced by President Trump,” said Adrian Przelozny, chief executive of crypto exchange Independent Reserve.
Sentiment has also turned bearish following a series of recent industry-specific setbacks, including the biggest-ever crypto hack and a memecoin scandal involving Argentina’s President Javier Milei.
“The Bybit hack was the latest in a string of events, such as questionable memecoin launches, that have brought back unhappy memories for crypto market participants,” said Caroline Mauron, co-founder of Orbit Markets, a provider of liquidity for crypto derivatives.
–With assistance from Sidhartha Shukla.
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