Bitcoin has fallen below $90,000 for the first time in over a month, following a massive sell-off in the cryptocurrency market. One of the main factors behind the decline was investor sentiment after the Bybit crypto exchange hack, which was the largest in the industry in recent times.

As Bloomberg reports, on Tuesday at 7:25 a.m. London time, the value of Bitcoin fell to $89,000, its lowest level since November 18. The market situation has worsened after a series of events that have undermined confidence in cryptocurrencies, including the Bybit hack and the memecoin scandal involving Argentine President Javier Milley.

Market experts note that the latest crypto exchange hack has only increased investor concerns. “This attack on Bybit is yet another blow after a series of scandalous meme coin launches that have reminded investors of the high risks of the crypto market,” said Caroline Moron, co-founder of Orbit Markets, a company specializing in crypto derivatives liquidity.

Another factor that influenced bitcoin’s volatility was expectations of a change in the political situation in the United States. After Donald Trump’s victory in the elections on November 5, the value of bitcoin increased sharply, as his policies on financial regulation are traditionally considered favorable for cryptocurrencies. However, recent market turmoil has caused investors to reconsider their risks, which led to a drop in the value of the cryptocurrency.

At the time of publication, bitcoin was trading at $88,758 on the Binance platform, which means a drop of 7.42% compared to the previous day. This decline is one of the largest in recent weeks and may indicate further fluctuations in the market.

Analysts do not rule out that in the short term, the cryptocurrency may continue to fall, especially if the security situation of crypto exchanges and general investor sentiment do not improve. At the same time, long-term prospects remain open, as Bitcoin continues to be a key asset in the world of digital finance.