Bitcoin Crashes to $89,500 — Lowest Price Since April Shocks Markets

Bitcoin slipped below $90,000 overnight, extending a selloff that has moved through cryptocurrencies and several of this year’s most heavily traded technology stocks. The decline briefly pushed the asset to about $89,500, its lowest level since April, before prices steadied early Tuesday.

Bitcoin had reached nearly $125,000 in early October, helped by strong trading activity and expectations that a crypto-friendly administration in Washington would set a more predictable policy environment for the industry. The current pullback marks a sharp reversal from those levels. By 10 a.m. ET, bitcoin was trading near $91,500, according to CoinDesk data.

The downturn has weighed on companies whose revenue is closely tied to digital-asset trading. Robinhood Markets, which earlier in the year benefited from a surge in cryptocurrency activity on its platform, has fallen 21% so far in November. Coinbase Global, one of the largest U.S. cryptocurrency exchanges, has dropped 23% over the same period as volumes cooled.

The weakness in crypto is occurring alongside declines in major global indexes. The S&P 500 is down almost 3% this month, Germany’s DAX has posted a similar loss, and Japan’s Nikkei has slid roughly 7%. Shares of Nvidia, whose rapid climb earlier in the year was tied to strong demand for AI-related hardware, are down 9% in November.

Recent trading data shows investors have been pulling back from assets that saw large run-ups earlier in the year. Cryptocurrencies, fast-rising tech stocks, and companies tied to AI have been among the areas where selling has been most concentrated in November.

Bitcoin’s drop below the $90,000 threshold places the cryptocurrency back near levels seen earlier in the spring, ending a nearly six-month stretch in which it held above that mark.

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