Crypto's Rollercoaster: From Bitcoin Dips to Meme Coin Scandals

Bitcoin and other cryptocurrencies experienced significant drops recently, with bitcoin falling below $90,000. Scandals, like a major hack at Bybit and Argentine President Milei's involvement with meme coins, highlight the industry's volatility. Despite setbacks, crypto supporters remain optimistic, seeing dips as investment opportunities amid evolving regulations.

The cryptocurrency market faced a tumultuous day on Tuesday, with Bitcoin plunging below $90,000, erasing some of the gains made during President Donald Trump's pro-crypto tenure. Bitcoin, the leading cryptocurrency, opened around $89,000 on the US stock market, down from $106,000, the price at Trump's inauguration.

The sharp decline follows a report indicating a significant drop in consumer confidence. Despite this, Bitcoin remains far above its pre-election levels, with enthusiasts deeming this drop as a promising investment opportunity. Eric Trump, via social media, urged investors to 'Buy the dips,' showing continued confidence in digital currencies.

Recent setbacks have highlighted vulnerabilities within the cryptosphere. Notably, Bybit suffered a $1.5 billion hack, with suspicions pointing towards North Korea. Argentina's President Javier Milei is embroiled in a scandal linked to a meme coin crash after promoting LIBRA. These events underscore the market's volatility and ongoing regulatory challenges.

(With inputs from agencies.)