Bitcoin dropped below $90000 on Tuesday morning, pulling down crypto equities including Strategy, SharpLink Gaming, and MARA Holdings.
According to CoinGecko, Bitcoin was trading between $90000 and $91000 after a 2.5% decline from the previous day. It hit a low of $89929 before recovering to $90535.
CoinGlass reported Bitcoin trading volume rose 14% over the past day to $68.6 billion.
U.S. institutions like the New York Stock Exchange and Nasdaq were closed Monday for Martin Luther King Jr. Day. Crypto exchanges remain open, but institutional trader participation sometimes aligns activity with traditional finance patterns.
Traders are also responding to President Donald Trump's recent geopolitical statements. He vowed to impose tariffs on European countries opposing his bid to control Greenland.
Bitfinex analysts told Decrypt, "The immediate market response to the proposed Greenland tariffs has been muted, but it adds another layer to the expected lasting geopolitical uncertainty that tariffs have established over the past year."
Major U.S. stock indices fell over 1% Tuesday, while top crypto stocks declined more sharply.
Strategy, which recently announced a $2.1 billion Bitcoin purchase, saw shares drop more than 6% since New York markets opened. Trading on Nasdaq as MSTR, shares recently changed hands at $162.60 after hitting a weekly low under $160.
SharpLink Gaming shares, traded on Nasdaq as SBET, fell 7.8% to $10.14. The company holds about $2.4 billion in Ethereum, described by its CEO as "permanent capital."
SharpLink CEO Joseph Chalom said last week on Rug Radio's "FOMO Hour," "2025 was a year that DATs did their initial accumulation, 2026 needs to be the year of productivity."
MARA Holdings shares declined 5.7% to $10.70. Late last year, the company signed a letter of intent with MPLX to supply natural gas to its West Texas data center campuses, including new facilities.
Bitcoin miners like MARA often decline when Bitcoin falls. Wintermute analysts shared with Decrypt that while Bitcoin's dip is concerning, they don't see it leading to a free fall.
They wrote, "[The] setup feels like we're coiling rather than breaking down, however we need the psychological level of $90K to provide good support here or we risk testing mid-$80K again."