(VOR News) – Bitcoin fell below $90,000 on Tuesday morning, and other cryptocurrencies saw significant drops in value at the same time.

As a result, the profits that digital assets have made in a cryptocurrency-friendly climate since Trump took office have all but disappeared. At the start of the US stock market, the price of the most well-known cryptocurrency in the world, Bitcoin, was $89,000.

The asking price, which was around $106,000 at the time of Trump’s inauguration, has been lowered. Following the release of a survey that revealed a higher-than-expected drop in consumer confidence for the month, the value of bitcoin and other cryptocurrencies fell.

A cryptocurrency’s price may fluctuate significantly due to its extraordinary volatility. Bitcoin’s value has risen significantly since Trump was elected president in 2017, even if it recently fell on Tuesday. Price reduction proponents claim that they offer a remarkable investment opportunity that should not be passed up.

Is it possible for you to buy during a market downturn?

The following comment was posted on the social media site X by the president’s son, Eric Trump. In his message, the letter B was changed to the bitcoin symbol.

The bitcoin sector has seen several encouraging developments in recent weeks. The president of the United States and members of Congress who support cryptocurrencies have pledged to create a golden age for the sector. They have promised to hasten the creation of laws that support cryptocurrencies.

The Securities and Exchange Commission recently declared its intention to stop pursuing enforcement actions against major market players, such as Coinbase and Robinhood.

The weaknesses of a new industry have come to light following a high-profile event involving the president of Argentina and a meme coin, as well as a significant hack of a well-known cryptocurrency exchange that is regarded as one of the biggest robberies in history.

Both disasters demonstrated several of the industry’s weaknesses.

The cryptocurrency exchange Bybit, which has its headquarters in Dubai, said this week that it was the victim of a complex scam that stole digital assets worth almost $1.5 billion.

In reaction to the actual theft, the remark was made. Several security experts have blamed North Korea for the theft, citing the nation’s past involvement in several high-profile Bitcoin hacks. They were blamed by the authorities on North Korea.

To determine whether Argentine President Javier Milei committed any crimes in relation to the promotion of a meme coin called LIBRA, an inquiry is currently under progress.

The price of X saw a notable spike after Milei’s tweet, but it quickly dropped back to its starting point. Milei has denied any wrongdoing that may have happened or would happen, and he has distanced himself from the meme coin.

Bitcoin memes are highly speculative.

Memes are a specific type of cryptocurrency. The prices of meme coins can rise dramatically in a short amount of time, even though they are mostly made in jest and have no intrinsic value.

A cryptocurrency developer who is now working on the LIBRA coin claimed in a recent interview with an independent journalist that meme currencies are a regulated system that favours a select few wealthy people at the detriment of ordinary investors.

The LIBRA coin is the subject of this observation. The LIBRA funds were the target of this criticism.

The developer, Hayden Davis, revealed that he was involved in the launch of First Lady Melania Trump’s meme coin just before her husband was sworn in as president. As of Tuesday, the Melania spoof currency was worth less than 90 cents, a substantial drop from its peak of over $13.

Compared to the product’s original launch price, this is a significant reduction. Prior to his inauguration, the president helped launch a meme currency, and the value of this coin has tracked the meme coin’s path.

The value of Solana, a well-known cryptocurrency in the meme coin ecosystem, has decreased by about 50% since Donald Trump took office. One cryptocurrency that is linked to parodies is called Solana.

SOURCE: AP