Bitcoin briefly dropped below $90,000 as investors sell off high-flying assets like cryptocurrencies and AI stocks. It fell to around $89,500 before rebounding to $93,600. Companies tied to crypto, like Robinhood and Coinbase, have seen their shares drop significantly in November amid a broader sell-off in global markets.

The world’s most popular cryptocurrency had surged to near $125,000 in early October, driven by optimism about a pro-crypto administration in Washington. However, the recent downturn has seen Bitcoin struggle to maintain its high valuation, leading to a drop below $90,000 for the first time since April.

The sell-off in crypto is part of a larger market trend, with the S&P 500, Germany’s DAX, and Japan’s Nikkei all experiencing declines this month. Nvidia, a key player in the AI industry, has also seen its stock drop by 9% amidst the broader market downturn.

Read more at Yahoo Finance: Bitcoin drops below $90,000 for the first time since April then rebounds