Cryptocurrencies have seen precipitous drops in their valuation amid a bout of controversies. While crypto is no stranger to market instability, this latest drop is value is more notable than most. Bitcoin has dropped to its lowest price since November 2024, dipping below £71,000, as has Ethereum.

The cryptocurrency market faced a sharp downturn on Monday, with Bitcoin (BTC) plunging to $90,000 and leading altcoins following suit. Ethereum (ETH), XRP, and Solana (SOL) saw steep declines as investor sentiment turned bearish amid mounting concerns over global trade tensions.

Over the past five months, the crypto market saw impressive growth, with total market capitalisation surging from $2.11 trillion back in October to a peak of $3.72 trillion. This bull run was triggered by various positive developments that gave a huge boost of confidence to the crypto community.