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Breaking: Bitcoin drops below $90,000 amid heavy selling.
Bitcoin (BTC) has fallen below $90,000 as intense selling pressure sweeps the crypto market, reflecting heightened investor concerns following a series of recent crises.
Lowest Level Since November
BTC was trading at $89,000 on Tuesday morning (Riyadh time), marking its lowest level since November 18, amid a broader decline in crypto assets.
Key Factors Behind the Sharp Drop
The decline was triggered by a market-wide sell-off, fueled by several negative developments, including:
Bybit’s biggest-ever exchange hack.
The “memecoin” scandal involving Argentine President Javier Milei.
Renewed fears over crypto market regulations and economic uncertainties.
Expert Insights
Shadi Abdo, Chief Technical Analyst at Point Trader Group, commented:
"The Bybit security breach, coupled with suspicious memecoins, has revived memories of past market crashes that shook crypto traders."
Impact on Other Cryptos
Solana (SOL) dropped 14% in a single day, bringing its weekly losses to over 20%.
Dogecoin (DOGE), XRP, and Ethereum (ETH) plunged by more than 8%.
Economic Data Impact
The U.S. Consumer Price Index (CPI) rose 0.5% in January, exceeding expectations and fueling concerns about future monetary policies.
Investors fear that continued monetary tightening could keep Bitcoin under pressure, while any signs of easing may support both gold and crypto assets.
