1. Bitcoin slid below $90k, reaching a session low. 2. BTCUSD dropped 4.5% to $89,791, a level unseen since mid-November. 3. Bitcoin is down 4.5% YTD after a 120% surge in 2024. 4. Ethereum fell over 8% to $2,407 amid broader crypto struggles. 5. Hacks and scandals add pressure despite election-based bullish promises.
The immediate plunge below $90k, coupled with events like the $1.4B hack and scandal, mirrors previous volatile corrections. Historical sharp drops after substantial rallies reinforce bearish expectations in the near term.
A significant price drop combined with negative external events makes this news pivotal for BTCUSD. Despite potential offsetting election news, immediate market reactions are likely to dominate sentiment.
The news reflects sudden market sentiment shifts and rapid price adjustments typical of short-term movements. Past instances have shown similar external shocks leading to swift price corrections.