Bitcoin fell to around $89,500 on Tuesday morning, its first drop below $90,000 since April.
The world’s most popular cryptocurrency surged to near $125,000 in early October, fueled in part by enthusiasm surrounding a pro-crypto administration in Washington.
At around 10 a.m. ET, bitcoin was trading around $91,500, CoinDesk reported.
Cryptocurrency-related firms are caught in a slump. Shares of Robinhood Markets, which have tripled this year on the strength of cryptocurrency trading, are down 21 percent so far in November. Crypto exchange Coinbase Global fell by 23 percent.
The decline in cryptocurrencies is part of a broader selloff in global markets this month. The S&P 500 fell nearly three percent, as did Germany’s DAX, while Japan’s Nikkei fell seven percent.
Nvidia, a symbol of the artificial intelligence frenzy, fell by nine percent, the Associated Press reports.
(Vijesti.ba / FENA)
