Bitcoin has fallen below $90,000, making it the lowest level since November as volatility continues to plague the cryptocurrency market. Over the past day, the leading digital asset has tumbled more than 6% and is currently around $88,000; ether has plunged more than 10%, shaking investors. A source of concern, however, is broader market uncertainty and confidence shaken by last week’s $1.5 billion hack of ether from Bybit. The risk of security threats has been on the rise recently, and this has led to the continued depreciation of cryptocurrencies. Last year, Bitcoin rose after the victory of Donald Trump but that momentum seems to be waning. The decline shows how the crypto market remains highly unpredictable and how price fluctuations are a major issue for investors. In addition, Tesla is also doing poorly; sales in Europe have gone down dramatically. It sold only 9,945 cars in January, which is 45 percent lower than the 18,161 cars it sold in the same month last year, according to data from the European Automobile Manufacturers’ Association. Indeed, Tesla’s market share in Europe has gone from 1.8% to 1%, due to concerns about demand. The decline in Bitcoin and Tesla indicates a change in the market’s direction as investors try to orient themselves in an environment of shifting risks. Whether Bitcoin will stabilize and for how long remains to be seen, as traders keep a close eye on the market.
Bitcoin Plunges Below $90,000 Amid Crypto Market Turmoil
