By Alun John, Amanda Cooper, Hannah Lang LONDON (Reuters) -Bitcoin dropped below $90,000 to its lowest since November 18 on Tuesday, as market nerves over U.S. tariffs reinforced the blow to crypto investor confidence from last week's $1.

Bitcoin BTC= hit its lowest in over three months on Tuesday, as nerves in markets over U.S. tariffs reinforced the blow to crypto investor confidence from last week's $1.5 billion hack of ether from the Bybit exchange.

Bitcoin slid below $90,000 on Tuesday, hitting a level not seen since November, amid a broader struggle for cryptocurrencies this year so far. The No. 1 cryptocurrency was down 6.5% to $89,896, around levels not seen since mid-November.

"Do not buy the dip yet. A move to the low 80s is on," the Standard Chartered analyst Geoff Kendrick said of the latest sell-off.

Bitcoin, the world’s most popular cryptocurrency, was trading at about $89,000 as the U.S. stock market opened. That’s down from about $106,000, which was the price around Trump’s inauguration. The decline in bitcoin and other crypto assets accelerated after a report showed a bigger-than-expected drop in consumer confidence for this month.

Investors entered the New Year cheerful about the prospects of a business- and crypto-friendly Trump administration. Yet two months into 2025, US stocks have lagged Europe and Chinese stocks, bitcoin is sliding and concerns about inflation are mounting.

Coinbase, MicroStrategy, and other publicly traded firms saw sizable losses Tuesday as crypto and stock prices alike plummeted.

Crypto markets tumble after Trump shock - Markets plunge almost 10 per cent over worries about hacks and memecoins