Bitcoin Falls Below US$90,000 for the First Time in More Than a Month

The decline came amid a broad selloff in the crypto market. Sentiment has turned bearish following a series of recent setbacks including the biggest-ever crypto hack at Bybit

Bitcoin dropped below $90,000 for the first time in more than a month on Tuesday, as a widening rout in cryptocurrencies deepened with the latest setback being a hack at exchange Bybit.

Bitcoin was trading down 1.2% at around $89,000 at 9.25am SAST. The coin hit its lowest point since 18 November earlier in the session.

The decline in bitcoin comes amid a broader selloff in the crypto market, with sentiment turning bearish following a string of recent setbacks.

These include the biggest-ever crypto hack at exchange Bybit and a memecoin scandal involving Argentina’s president, Javier Milei.

“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.

“The crypto market had been rallying strongly since US President Donald Trump was elected on 5 November, with bitcoin hitting new highs almost every day. But the recent setbacks have weighed on sentiment, leading to a sell-off in the market.”

The recent turmoil in the crypto market is a stark shift from the risk-on rally that drove bitcoin higher following Trump’s election. The coin surged following Trump’s election win on 5 November but is slightly down this year-to-date. — Suvashree Ghosh, with Sidhartha Shukla, (c) 2025 Bloomberg LP