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.

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

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.