Washington: The price of bitcoin fell below $90,000 and other cryptocurrencies saw large drops Tuesday morning, erasing some of the gains they made since President Donald Trump took office.
Bitcoin was trading at about $89,000 as the US stock market opened. That’s down from about $106,000, which was the price around Trump’s inauguration. The decline accelerated after a report showed a bigger-than-expected drop in consumer confidence for this month.
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. It’s been a mixed bag for the cryptocurrency industry in recent weeks.