Bitcoin fell below $90,000 on Tuesday, marking a three-month low for the popular cryptocurrency.
The price of Bitcoin dropped more than 8 percent to $87,262 as of Tuesday afternoon, according to Coinbase. This was the crypto coin’s the lowest value since November, when it slid to about $86,128.
Tuesday’s plunge put bitcoin about 20 percent off its all-time high on President Trump’s inauguration day following a weeks-long rally after the president’s election victory last November.
Other cryptocurrencies experienced notable losses on Tuesday, with Ethereum (ETH) falling by more than 7 percent to below $2,500 and XRP losing 9 percent of its value with a trading price of $2.25.
The crypto market cap also declined 7.4 percent to $2.88 trillion over the past 24 hours, according to CoinMarket Cap.
The drops come amid concerns about a breach at Bybit, a major cryptocurrency exchange. North Korea hackers allegedly stole $1.5 billion worth of digital currency from the exchange, stirring uncertainty in the market.
Observers told CNBC this is coupled with uncertainty under a new administration despite Trump’s assurances he plans to make the United States the “crypto capital of the world.”
Trump’s assurances prompted a historic rally for Bitcoin, which topped more than $100,000 in the weeks after his election and leading up to his inauguration.
The optimism stretched into the new year and Bitcoin hit an all-time high of $109,026 last month.
Trump has taken various steps towards this goal, including the creation of an AI and crypto czar role to help oversee the administration’s pro-crypto policies. He signed a largely anticipated executive order on crypto during his first week of office, though it did not include language on a strategic bitcoin reserve.
As a result, the market has lagged with little catalyst to push prices back up.
