Bitcoin's Sharp Decline

On Tuesday, Bitcoin experienced a significant drop, falling below the $87,000 mark for the first time since November 14, 2024. This decline is part of a broader trend affecting the cryptocurrency market, which has been under pressure from various factors.

Impact of Trump's Tariff Agenda

One of the key factors contributing to the market's volatility is the recent confirmation by United States President Donald Trump that his tariff agenda is progressing rapidly. This has led to increased economic uncertainty, prompting investors to reassess their positions in the global markets.

Bybit Hack Aftermath

Additionally, the cryptocurrency community is still reeling from a major hacker attack on the Bybit exchange, where over $1.5 billion in Ethereum was stolen. This incident has further shaken investor confidence in the security and stability of digital currencies.

Market Reaction

As of 5:23 am ET, Bitcoin had dropped by 5.16%, trading at $86,796. Similarly, Ethereum saw a decline of 6.25%, with its value falling to $2,356 by 5:26 am ET. These movements underscore the fragile state of the cryptocurrency market amidst ongoing challenges.