Bitcoin Drops Below $90K Amid Crypto Turmoil

Bitcoin and other cryptocurrencies are experiencing declines, with Bitcoin's price dropping to $89,000 from $106,000, which was its value around President Trump's inauguration. This followed a report showing a decrease in consumer confidence. Despite this dip, Bitcoin remains higher than its price post-Trump's election victory. Eric Trump advised investors to "buy the dips" on social media platform X.

The cryptocurrency industry has faced mixed fortunes. Bybit, a Dubai-based exchange, suffered a major hack, losing $1.5 billion in digital currency. North Korea is rumored to be behind this attack. Meanwhile, Argentine President Javier Milei is under investigation for promoting the LIBRA meme coin, which quickly lost value. He denies involvement in any wrongdoing.

Cryptocurrency regulators in the US have signaled a softer approach, reducing enforcement against companies like Coinbase and Robinhood. On the other hand, meme coins, viewed as speculative, have been under scrutiny. Hayden Davis, a developer of the LIBRA and Melania Trump's meme coin, described them as benefiting a select few at the expense of general investors. The Melania meme coin was down to $0.90 on Tuesday, from about $13 when it launched in January. (This story was generated by Newser's AI chatbot. Source: the AP)