Crypto Market Plummets as Bitcoin Drops Below $90,000
NYSE, NASDAQ, OTCQB:
* SOL-USD: -6.60%
* BTC-USD: -7.32%
* COIN: -7.48%
* RIOT: -11.66%
* ETH-USD: -9.08%
Crypto heavyweights, Strategy (MSTR) and Coinbase (COIN), led the declines:
* MSTR: -10.46%
* COIN: -3%
Bitcoin's plunge of nearly 7% on Tuesday drove these declines, marking its lowest level since November 2021. The cryptocurrency has lost almost 15% in value over the past month.
Uncertainty surrounding interest rates and geopolitical tensions have fueled inflation fears, pressuring stocks across industries, including crypto stocks.
Additional factors contributing to the downturn:
* Crypto exchange Bybit suffered a massive hack, with hackers stealing $1.5 billion in digital assets.
* Bitcoin's decline was mirrored by other cryptocurrencies: Ether (ETH-USD) fell 10%, Solana (SOL-USD) dropped 13%.
Strategy, a major Bitcoin investor, purchased an additional $2 billion worth of the cryptocurrency on Monday. However, this move failed to stem the losses as the company's stock fell significantly.
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