Bitcoin briefly fell below $90,000 overnight as investors sell once high-flying assets like cryptocurrencies and artificial intelligence stocks.
Bitcoin fell to around $89,500 early Tuesday, its first drop below $90,000 since April. The world’s most popular cryptocurrency had jumped near $125,000 in early October, driven in part by enthusiasm about a pro-crypto administration in Washington.
At around 10 a.m. ET, bitcoin traded around $91,500, according to CoinDesk.
Companies tied to crypto have been caught in the downturn. Shares of Robinhood Markets, which have tripled this year on the strength of crypto trading, are down 21% so far in November. Crypto exchange Coinbase Global has fallen 23%.
The drop in crypto is part of a broader sell-off in global markets this month. The S&P 500 is down nearly 3%, as is Germany’s DAX, while the Nikkei in Japan is off 7%. Nvidia, the poster child for the frenzy around AI, has dropped 9%.
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