Bitcoin drops to a 3-month low below $90,000 in risk-off move
Bitcoin fell through the $90,000 level overnight, weakened by sell pressure in equities as the crypto market awaits its next market catalyst.
Bitcoin fell through the $90,000 level overnight, weakened by sell pressure in equities as the crypto market awaits its next catalyst.
The price of bitcoin was last lower by 8% to $86,730.81, according to Coin Metrics. Earlier, it slid as low as $86,128.21, its lowest level since November.
Tuesday's decline puts the blue chip coin almost 20% off its all-time high reached on President Donald Trump's inauguration day.
Some crypto investors acting like it’s the end of the world, but give it a week, and they'll be calling for $200K again. I'll just say it's the same movie, just different year
Anyone who is in this industry more than 3 weeks should understand volatility. It is amazing how so many lose their crap when things crash.
Hell right now everything is crashing. Stocks. Gold. Commodities.
wait 🤣🤣🤣👀👀👀👀👀 I didn't even check the stocks woah it's a blood bath in finances everywhere, who did this to the world 🤣🤣🤣 ... I think it was Bound to happen. From your opinion do you think bull run is over
For this season or year
"Equities have faced a few difficult sessions over the last week, with top-performing stocks down many times the index, as markets grapple with increased uncertainty under the new administration," said Steven Lubka, head of private clients and family offices at Swan Bitcoin. "This pressure has spilled over into bitcoin and crypto markets."
The S&P 500 on Monday posted a three-day losing streak as it failed to recover from last week's sell-off, driven by concern over a slowing economy and sticky inflation.
"Ultimately, the lack of visible short-term catalysts and pressure from equities creates an environment for profit-taking and pressure from shorts," Lubka added.