Bitcoin falls below $90,000, hits lowest level since mid-November
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The cryptocurrency reached its lowest point since mid-November when it witnessed a surge that reached an all-time high of more than $100,000.
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Bitcoin logos are displayed at the Inside Bitcoins conference and trade show, on April 7, 2014, in New York (AP)
The price of Bitcoin fell below 90,000 dollars on Tuesday, reaching its lowest price since mid-November as the rally that followed Donald Trump’s election to the White House reversed amid a broader retreat from risky assets, Bloomberg reported.
The cryptocurrency reached its highest price of 103,332 USD on December 4, 2024.
Bitcoin saw a drop of 6.1%, reaching 89,700 USD at 8:50 am (GMT) on Tuesday. Meanwhile, other cryptocurrencies like Ether, XRP, and Solana also saw a sharp slump. BTC has plunged 20% since Trump's inauguration in January.
“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,” explained Adrian Przelozny, chief executive of crypto exchange Independent Reserve, as cited by Bloomberg.
Bitcoin hits all-time high
Bitcoin surged to a peak of $103,800 following a remarkable rally since US President-elect Donald Trump's election win on November 5 and his pledge to make the United States the "bitcoin and cryptocurrency capital of the world,"
The digital currency climbed over 50% since Trump's victory, with its value rising 140%, as the US president announced Paul Atkins as his pick for chair of the Securities & Exchange Commission (SEC).
Before that, Bitcoin witnessed a quick surge in price, reaching $80,000 for the first time in its history on November 10, 2024, and it continued in its rise to reach 86,000$ the next day, surpassing the $97,000 mark on November 21.
