As of 7:25 AM London time on Tuesday, the price of Bitcoin was approximately $89,000 — the lowest level since November 18.
Analysts point out that the decline occurred amid a general drop in cryptocurrency values. Market sentiment worsened following a series of negative events, including the largest hack in history of the Bybit cryptocurrency exchange and a scandal involving meme coins linked to Argentine President Javier Milei.
“The Bybit hack has been the latest in a series of events, including questionable launches of meme coins that evoke unpleasant memories for participants in the crypto market,” noted Caroline Moron, co-founder of Orbit Markets, a liquidity provider for crypto derivatives.