Bitcoin fell below $90,000 on Tuesday, hitting its lowest level since November 18, as investor confidence took a hit from last week’s $1.5 billion hack of ether from the Bybit exchange and growing concerns over U.S. tariffs.
The world’s largest cryptocurrency dropped 7.25% on the day to $87,169.76, extending a broader decline in the digital asset market. Smaller altcoins saw even steeper losses, with dogecoin, solana, and cardano each falling around 20%, according to CoinGecko.
Market sentiment has been shaken by signs that U.S. economic dominance may be fading, coupled with President Donald Trump’s plan to impose a 25% tariff on imports from Canada and Mexico starting in March. In response, investors have turned to safer assets, driving U.S. Treasury prices higher and pushing yields to two-month lows.