Bitcoin briefly fell below $90,000 overnight as investors sell off once-high-value assets like cryptocurrencies and AI stocks.
Bitcoin fell to around $89,500 on Tuesday morning, its first drop below $90,000 since April.
The world’s most popular cryptocurrency surged to near $125,000 in early October, fueled in part by enthusiasm over a pro-crypto administration in Washington.
At around 10 a.m. ET, bitcoin was trading around $91,500, according to CoinDesk.
Cryptocurrency-related firms have been caught in the slump. Shares of Robinhood Markets, which had tripled this year on the strength of crypto trading, are down 21 percent so far in November. Crypto exchange Coinbase Global is down 23 percent.
The cryptocurrency plunge is part of a broader selloff in global markets this month. The S&P 500 fell nearly three percent, as did Germany’s DAX, while Japan’s Nikkei fell seven percent.
Nvidia, the symbol of the artificial intelligence craze, fell nine percent
