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.

Bitcoin tumbled below $90,000 to hit the lowest level since mid-November, as the rally that followed Donald Trump’s election to the White House reverses under the weight of his trade tariffs and a string of industry setbacks.

The cryptocurrency market is experiencing a dramatic reversal of fortune as Bitcoin has plunged below $90,000, reaching its lowest level since mid-November. This decline marks a significant departure from the buoyant rally that followed President Trump’s election,

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Strategy, the self-styled Bitcoin treasury company that until recently was known as MicroStrategy, said it acquired $1.99 billion more of the cryptocurrency with the proceeds from last week’s convertible bond sale.

MicroStrategy disclosed in a form filed with the U.S. Securities and Exchange Commission that it had bought more than 20,000 digital tokens after a week without any purchases. The software company said it acquired 20,