The cryptocurrency market is facing substantial losses, with Bitcoin falling below $90,000 for the first time since November 2024, marking a 7% decline in just 24 hours. This downturn is significant considering the backdrop of the rally that occurred post-Trump's election and inauguration. Ethereum, XRP, Solana, Dogecoin, and even the meme coin Official Trump are experiencing notable losses, with drops ranging from 10% to 14% over the same time frame. Analysts attribute this crash to the inherent volatility of cryptocurrencies compounded by shifting market sentiment.
Bitcoin's dramatic drop below $90,000 marks a significant decline, representing a staggering 20% decrease since Trump's inauguration, defying the earlier optimism surrounding his presidency.
With most major cryptocurrencies scrambling to hold value, Ethereum's almost 10% drop in 24 hours highlights the wider market slump following Bitcoin's plunge below crucial thresholds.
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