Bitcoin dropped below US$90,000 on Feb. 25, hitting US$86,805 by midday in New York, its lowest level since mid-November.

The cryptocurrency fell 8.5% during the day and is down about 20% since Trump’s inauguration in January.

Other major cryptocurrencies, including ether, XRP, and solana, also declined, with a top digital token index recording its steepest four-day drop since August.

Market analysts link the decline to macroeconomic concerns and new tariffs from the Trump administration.

Investor sentiment toward Bitcoin ETFs has worsened, with the iShares Bitcoin Trust (IBIT) ETF losing US$158 million on Feb. 24 and US-listed Bitcoin ETFs seeing a record US$956 million outflow in February.

Over US$1.6 billion in leveraged long-position losses occurred in two days, while perpetual futures traders face volatility due to offshore investors’ aggressive positioning.

Industry-specific issues add to the downturn.

A US$1.5 billion hack at Bybit, reportedly tied to North Korean hackers, further hurt sentiment. Trump-launched memecoins have also struggled.