Bitcoin drops to a 3-month low below $90,000 in risk-off move
A worsening macroeconomic climate and the collapse of industry giants such as FTX and Terra have weighed on bitcoin’s price this year.
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Bitcoin fell through the $90,000 level overnight, weakened by sell pressure in equities as the crypto market awaits its next catalyst.
The price of bitcoin fell 6% to $88,519, according to Coin Metrics. Earlier, it fell as low as $87,736.
The decline puts the blue chip coin almost 20% off its all-time high reached on President Donald Trump’s inauguration day.
“Equities have faced a few difficult sessions over the last week, with top-performing stocks down many times the index, as markets grapple with increased uncertainty under the new administration,” said Steven Lubka, head…
