Bitcoin falls below $90,000 for the first time since November

The price of Bitcoin has been declining in recent weeks, with the downturn worsening recently as it traded below 90,000 for the first time since last November.

At the time of publication, the price of the leading cryptocurrency is $87,503, reflecting a drop of more than 7% in the past 24 hours.

Bitcoin is not the only cryptocurrency to experience a significant collapse; others have suffered a similar decline as well.

Trump factor

It is worth noting that in early November, when Donald Trump won the U.S. presidential election, cryptocurrencies saw a spectacular rise. However, since his inauguration in January, Bitcoin's price has dropped by approximately 20%.

In fact, before Trump took office as U.S. president, Bitcoin reached $109,000.

Experts attribute the subsequent collapse following the uptrend to the trade war initiated by Trump, during which he announced plans to impose high tariffs on countries like Canada and Mexico. This led many investors to pull back from risky investments.

Bybit factor

Another factor that appears to have influenced the decline in the price of Bitcoin and other cryptocurrencies is the historic hack of the Bybit exchange platform, during which hackers stole approximately $1.4 billion in Ethereum.

Milei factor

The cryptocurrency crash is also believed to be linked to a scandal involving Argentine President Javier Milei, who promoted a cryptocurrency called $LIBRA on his X account to finance "small Argentine companies and ventures." This led to a rapid spike in the price of the digital currency, followed by a sharp decline, a common pattern associated with so-called memecoins that have little or no value, utility, or authenticity. This sparked a wave of criticism against the Argentine leader, who later deleted the post and apologized, claiming he was not adequately informed on the matter.

Despite the recent sharp declines, Bitcoin is currently trading at double its price from early 2023.