(Bloomberg) -- Bitcoin fell below $90,000 for the first time in more than a month, becoming the latest victim of a widening rout in cryptocurrencies.

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The coin traded at around 89,000 at 7:25 a.m. London on Tuesday after hitting its lowest point since Nov. 18.

The decline came amid a broad selloff in the crypto market. Sentiment has turned bearish following a series of recent setbacks including the biggest-ever crypto hack at Bybit, an exchange, and a memecoin scandal involving Argentina’s President Javier Milei.

“The Bybit hack was the latest in a string of events, such as questionable memecoin launches, that have brought back unhappy memories for crypto market participants,” said Caroline Mauron, co-founder of Orbit Markets, a provider of liquidity for crypto derivatives.

The recent turmoil in the crypto market is a stark shift from the risk-on rally that drove Bitcoin higher following the election of US President Donald Trump. The coin surged following Trump’s election win on November 5, but is slightly down this year-to-date.

--With assistance from Sidhartha Shukla.

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