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 US 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