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.

Bitcoin plunged on Tuesday, trading below $90,000 for the first time in months.The flagship token has suffered amid rising risk-off sentiment that's hit other assets like stocks.Sources say speculation in meme coins and a recent crypto hack have hurt confidence in the market.

The price of Bitcoin slid below the $90,000 mark on Tuesday and dropped to its lowest level since mid-November, amid a broader selloff in the crypto market that follows the biggest crypto tokens theft of all time and a few high-profile controversies involving meme coins.