The price of bitcoin fell below $90,000 and other cryptocurrencies saw large drops Tuesday morning, erasing some of the gains digital assets have made since President Donald Trump took office on a pro-crypto agenda.
Bitcoin, the world’s most popular cryptocurrency, was trading at about $89,000 as the U.S. stock market opened. That’s down from about $106,000, which was the price around Trump’s inauguration. The decline in bitcoin and other crypto assets accelerated after a report showed a bigger-than-expected drop in consumer confidence for this month.
Cryptocurrency is highly volatile, and prices can change rapidly. Even with Tuesday’s drop, bitcoin is still up significantly since Trump won last year’s election. Supporters said the price drops represent a good investment opportunity.
“Buy the dips!!!” Eric Trump, the president’s son, said on the social media platform X. He replaced the letter B with the symbol for bitcoin.
It’s been a mixed bag for the cryptocurrency industry in recent weeks. The president and pro-crypto members of Congress have promised to usher in a golden age for the industry and pledged quick action to craft friendly regulations. And in recent weeks, regulators at the Securities and Exchange Commission have signaled plans to drop enforcement actions against key industry players, like Coinbase and Robinhood.
But a large hack of a major cryptocurrency exchange — one of the biggest thefts of all time — and a major scandal involving the president of Argentina and a meme coin have highlighted some of the vulnerabilitie