Bitcoin briefly dropped below the $90,000 mark on Monday, extending its slide as investors continue to dump growth oriented assets like crypto and tech stocks.
The price of the flagship cryptocurrency was last lower by 3% at $91,358.66 to start the week, according to Coin Metrics. Earlier, it fell as low as $89,259.00. Bitcoin is down 10% in the past week.
Bitcoin extends its slide as growth-oriented assets continue to get hit
Ether lost 7% Monday and the broader crypto market, as measured by the CoinDesk 20 index, dropped more than 5%. Shares of Coinbase and MicroStrategy slid 4% and 3%, respectively. Mara Holdings declined 4% and Core Scientific retreated by 2%.
Crypto assets’ decline began last week after stronger-than-expected payroll numbers caused a spike in bond yields and amid concerns about President-elect Donald Trump’s tariff plans – both of which gave a boost to the dollar while pressuring bitcoin and other risk assets.
Investor sentiment was optimistic coming into 2025, with markets looking forward to having a pro-crypto Congress and White House. That hope had outweighed any concern about macroeconomic-related speedbumps, until last week.
Investors are now warning that the first quarter of this year could be more turbulent for crypto than previously anticipated.
Bitcoin’s price grew 120% in 2024 but is down 3% so far in the new year.
Read More: Bitcoin accelerates its slide, falling toward $90,000 to start the week
