Bitcoin fell below $90,000 as a rally that began after Donald Trump’s election victory stalled under pressure from his trade tariffs and industry woes. About this informs Bloomberg.
Bitcoin fell 6.1%, hitting its lowest level since November 15, before partially recovering to trade at $89,700. Before that, it fell to a minimum since November 18. Meanwhile, other cryptocurrencies including Ethereum, XRP and Solana also suffered significant losses during the trading session.
Bitcoin has lost nearly 20% of its value since Trump’s inauguration in January. This is due to his aggressive trade policy, which has shaken investor confidence, as well as fears of a possible rise in inflation.
Additionally, recent events in the crypto industry, including the largest-ever hack of the Bybit cryptocurrency exchange and the memecoin scandal involving Argentina’s president, Javier Millay, have also had a negative impact on the market. In addition, memecoins launched by Trump and his wife Melania ahead of the inauguration performed poorly, further undermining the credibility of his cryptocurrency policies.
