by Suvashree Ghosh
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 reverses under the weight of his trade tariffs and a string of industry setbacks.
Bitcoin dropped as much as 6.1% to its lowest point since Nov. 15 before recovering slightly to trade at 89,700 at 8:50 a.m. London on Tuesday after hitting its lowest point since Nov. 18. Other cryptocurrencies also fell, with Ether, XRP and Solana down sharply 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 shakes 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.
In derivatives markets, more than $1.34 billion of bullish crypto positions were liquidated over a 24-hour period, according to data on CoinGlass.
Sentiment has also soured following a series of recent industry-specific setbacks, including the biggest-ever crypto hack targeting exchange Bybit and a memecoin scandal involving Argentina’s President Javier Milei. That helps explain why digital coins have underperformed other risk assets like technology stocks in recent weeks.
The Bybit hack, in particular, has added to fears about the safety of digital-asset platforms. Hackers which analysts say are linked to North Korea made off with about $1.5 billion of Ether in last week’s attack and have started quickly laundering the haul. Several researchers say the heist revealed a rising level of sophistication among North Korea’s army of hackers.
Memecoins launched by Trump and his wife Melania just before the inauguration have also performed poorly, undermining confidence in his pro-crypto policies. The Trump token has tumbled more than 80% since peaking almost immediately after he launched it, based on CoinGecko data.
“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.
Copyright Bloomberg News
Canadian stocks are on a roll in 2025 as the country prepares to name a new Prime Minister.
Two C-level leaders reveal the new time-saving tools they've implemented and what advisors are doing with their newly freed-up hours.
The RIA led by Merrill Lynch veteran John Thiel is helping its advisors take part in the growing trend toward fee-based annuities.
Driven by robust transaction activity amid market turbulence and increased focus on billion-dollar plus targets, Echelon Partners expects another all-time high in 2025.
The looming threat of federal funding cuts to state and local governments has lawmakers weighing a levy that was phased out in 1981.
RIAs face rising regulatory pressure in 2025. Forward-looking firms are responding with embedded technology, not more paperwork.
As inheritances are set to reshape client portfolios and next-gen heirs demand digital-first experiences, firms are retooling their wealth tech stacks and succession models in real time.
