Bitcoin slips below $90,000 for first time in seven months

Bitcoin tumbled below the $90,000 mark on Tuesday, November 18, for the first time in seven months, erasing its gains for the year and signaling a deepening cut rout in the cryptocurrency market.

Extending a sharp decline from its record peak above $126,000 in October, the world’s largest digital asset fell 2% to $89,953.

This sharp drop indicates almost a 30% loss in value and signifies a rapid evaporation of risk appetite among investors.

Experts point to a combination of factors driving the sell-off. Growing uncertain over future U.S. interest rate cuts and a broader wobble in financial markets have dampened enthusiasm for speculative assets such a crypto.

The institutional players have exacerbated this downturn and listed companies exiting positions they built during the recent rally.

The drop has also impacted the entire crypto-system. Major crypto-related stocks, including miner Riot Platforms and exchange Coinbase, have slid in tandem.

Other cryptocurrency like Ether has also been under intense pressure, trading 1% lower at $2997 and down 40% from its August peak.

Analysts also indicate that this crypto slump could be a major indicator of broader market trouble, recalling a similar pattern earlier this year.

With key chart support around $98,000 broken last week, analysts warn that the next critical level to watch is $75,000, a target that could be tested if market volatility persists.