Bitcoin drops to a 3-month low below $90,000 in risk-off move

A worsening macroeconomic climate and the collapse of industry giants such as FTX and Terra have weighed on bitcoin's price this year. Bitcoin fell through the $90,000 level overnight, weakened by sell pressure in equities as the crypto market awaits its next catalyst. The price of bitcoin fell 6% to $88,519, according to Coin Metrics. Earlier, it fell as low as $87,736. The decline puts the blue chip coin almost 20% off its all-time high reached on President Donald Trump's inauguration day. "Equities have faced a few difficult sessions over the last week, with top-performing stocks down many times the index, as markets grapple with increased uncertainty under the new administration," said Steven Lubka, head of private clients and family offices at Swan Bitcoin. "This pressure has spilled over into bitcoin and crypto markets. … Ultimately, the lack of visible short-term catalysts and pressure from equities creates an environment for profit-taking and pressure from shorts." ... Read full article.