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The price of Bitcoin dropped below the $90,000 mark on Tuesday, hitting its lowest level since mid-November. This decline comes amid a broader selloff in the cryptocurrency market, which has been shaken by the largest crypto token theft in history and several controversies involving meme coins.
Bitcoin’s Value Drops Sharply
The world’s most valuable cryptocurrency was priced at $88,780 early Tuesday morning, marking a significant 7.5% decline in just 24 hours. Since reaching its all-time high of $109,114 on January 20—the day of President Donald Trump’s inauguration—Bitcoin’s value has fallen by more than 19%.
Ether and Other Cryptos Also Face Losses
Ethereum (Ether), the second-largest cryptocurrency by market capitalization, experienced an even sharper drop, falling by over 11% in the past 24 hours to reach $2,390 on Tuesday morning.
Other major cryptocurrencies also faced significant losses. Ripple Labs’ XRP saw a steep decline of 14.3%, Binance’s BNB dropped by 6.4%, and Solana’s SOL experienced the largest drop among them, falling by 15% within a day.
Market Uncertainty and Investor Concerns
The recent downturn in the crypto market is largely attributed to a combination of factors, including the historic token theft that shook investor confidence. Additionally, the ongoing controversies surrounding certain meme coins have further added to the market’s instability.
As the cryptocurrency market continues to face uncertainty, investors are closely monitoring the situation for any signs of recovery or further declines.
