Bitcoin, the world’s most popular cryptocurrency, was trading at about $89,000 as the U.S. stock market opened. That’s down from about $106,000, which was the price around Trump’s inauguration. The decline in bitcoin and other crypto assets accelerated after a report showed a bigger-than-expected drop in consumer confidence for this month.

"Do not buy the dip yet. A move to the low 80s is on," the Standard Chartered analyst Geoff Kendrick said of the latest sell-off.

Investors entered the New Year cheerful about the prospects of a business- and crypto-friendly Trump administration. Yet two months into 2025, US stocks have lagged Europe and Chinese stocks, bitcoin is sliding and concerns about inflation are mounting.

The price of the world’s most valuable cryptocurrency stood at $88,780 early on Tuesday, down nearly 7.5% over the previous 24 hours. The token’s value has fallen more than 19% since it hit an all-time high of $109,

Bitcoin plunged on Tuesday to a three-month low below $90,000 after a string of weak economic reports and Trump’s threatened tariffs pushed investors to abandon risky assets. By Tuesday afternoon in New York,