Bitcoin dropped below $90,000 on Tuesday, hitting its lowest level since November, amid investor concerns over U.S. tariffs and the recent $1.5 billion Bybit exchange hack. The cryptocurrency fell 7.25% to $87,169, with altcoins like Dogecoin, Solana, and Cardano down around 20%.
Market uncertainty has been fueled by signs of weakening U.S. economic strength and U.S. President Donald Trump’s plans to impose a 25% tariff on imports from Canada and Mexico. The Bybit hack, the largest crypto theft in history, also worsened sentiment, contributing to delayed selloffs.
Optimism around Trump’s crypto-friendly stance had previously driven Bitcoin above $100,000 in December, but a lack of significant policy changes has dampened enthusiasm. Meanwhile, investors have been withdrawing funds from Bitcoin ETFs, with outflows reaching $644 million this month.