Volatility has once again gripped the cryptocurrency market as Bitcoin's price fell below the crucial $90,000 level. This decline occurred despite investor expectations of renewed support for digital assets following President Donald Trump's return to power. The current situation has left crypto investors disappointed.
Bitcoin Price Decline
Bitcoin, the world's most popular cryptocurrency, was trading around $89,000 on Tuesday morning when the US stock market opened. It had previously reached $106,000 around the time of Trump's inauguration. According to cryptocurrency exchange data, this drop is a result of sudden market selling.
Bitcoin's decline has impacted other major cryptocurrencies. Ethereum, Solana, Binance Coin, and numerous other digital assets have also experienced price drops. Market experts attribute this decline to decreased consumer confidence and recently released economic reports.
"Buy the Dip" – Eric Trump's Crypto Advice
President Donald Trump's son, Eric Trump, advised investors on the social media platform X to view this dip as an opportunity and buy Bitcoin. He included the Bitcoin symbol 'B' in his post, stating, "Buy the dip!" However, caution is necessary for investors given the extreme volatility of the crypto market.
Recent weeks have witnessed a mix of positive and negative developments for the crypto industry. Many members of the US Congress have expressed support for cryptocurrencies and pledged to create favorable regulations for the industry. Conversely, the US Securities and Exchange Commission (SEC) has hinted at slowing down investigations and legal actions against cryptocurrency exchanges.
$1.5 Billion Stolen in Bybit Exchange Cyberattack
Amidst the market turmoil, Dubai-based cryptocurrency exchange Bybit announced last week that it had been the victim of a major cyberattack, resulting in the theft of approximately $1.5 billion worth of digital assets. This incident has further fueled concerns regarding the security of the cryptocurrency market. The price of "Melania Meme Coin," a meme coin promoted by supporters of President Donald Trump, has also plummeted. This coin reached $13 at its launch but is now trading at just $0.90. Other meme cryptocurrencies are also experiencing significant price swings.
