Bitcoin Plummets to $90,000 as Investors React to Market Turmoil

New York: Bitcoin has taken a hit, dropping to $90,000 as the week kicks off. This follows a rough weekend where investors were offloading tech stocks.

The flagship cryptocurrency fell about 4%, sitting at $90,413.80, according to Coin Metrics. Since Saturday, it’s lost around 7%, and over the past week, it’s down 11%.

Ether also took a hit, losing 7% on Monday, while the broader crypto market dropped more than 6%. In premarket trading, Coinbase and MicroStrategy shares fell by 4% and 5%, respectively. Mara Holdings and Core Scientific also saw declines of 5% and 3%.

The decline in crypto assets started last week after strong payroll numbers led to rising bond yields. Concerns about President-elect Donald Trump’s tariff plans added to the pressure, boosting the dollar and weighing down Bitcoin and other risk assets.

Investors were feeling optimistic about 2025, hoping for a pro-crypto Congress and White House. But that optimism has been shaken by recent events.

Now, some investors are warning that the first quarter of this year might be bumpier for crypto than they initially thought. Bitcoin had a fantastic 2024, growing 120%, but it’s down 3% so far this year.