Bitcoin (BTC) took a tumble below $90,000 on Tuesday, just hours after jailed former FTX supremo Sam Bankman-Fried surprised everyone by tweeting for the first time since beginning his 25-year sentence for multiple fraud and conspiracy offenses.

This dip to $88,780 is a significant 19% drop from Bitcoin’s all-time high of $109,114, reached on January 20th – Donald Trump’s inauguration day, if you remember. It’s the lowest Bitcoin has been since November. Thankfully, it’s shown a small recovery to $89,154 at the time of this report.

And it’s not just Bitcoin feeling the chill; this price drop is part of a broader downturn hitting the entire crypto market. Ether (ETH), Bitcoin’s main rival, also took an 11% hit, falling to $2,390 earlier today. Other tokens like Binance’s BRB, Ripple’s XRP, and Solana’s SOL are also in the red, dropping 6.4%, 14.3%, and 15% respectively.

Even Donald Trump’s own crypto token, $TRUMP, wasn’t spared. It’s taken a 14% nosedive in the last 24 hours and is down a whopping 82% from its peak.

This widespread crypto slump comes hot on the heels of a massive hack on crypto exchange Bybit, which saw them lose a staggering somewhere around $1.4 billion in ETH and staked ether (stETH).

Adding to the market woes, we’re still reeling from the very public failure of Argentinian President Javier Milei’s LIBRA token launch.

LIBRA didn’t just crash from a $4.5 billion market cap, it also sparked accusations of insider trading, leading to a political crisis and even impeachment talks in Argentina.

Read more: LIBRA co-founder ‘can’t remember’ sending texts about Javier Milei’s sister

Bitcoin’s Dip: Just Hours After SBF Re-emerges on X

Intriguingly, just hours before Bitcoin’s dramatic price drop began, none other than disgraced former FTX CEO Sam Bankman-Fried popped up on X for the first time since 2023.

The former billionaire launched into a rather strange 10-tweet thread, seemingly inspired by the ongoing drama in Washington where Elon Musk and his ‘Department Of Government Efficiency’ (DOGE) are making deep cuts to what Musk sees as an overly large federal workforce.

“I have a lot of sympathy for gov’t employees: I, too, have not checked my email for the past few (hundred) days,” wrote Bankman-Fried.

He added, “And I can confirm that being unemployed is a lot less relaxing than it looks.”

Read more: SBF wants Trump to know he was working with Republicans all along

He then went on to describe his approach to firing people when he was running FTX – claiming, ‘I’d tell everyone it was as much our fault for not having the right role for them.’ He even alleged that he witnessed competitors hiring ‘30,000 too many employees’ with no clue what to do with them.

He concludes that firing an employee “sucks for everyone involved” but that “there’s no point in keeping them around, doing nothing.”

It seems Bankman-Fried is once again trying to show he’s on Musk’s side and agrees with his methods. Many believe this is yet another attempt to cozy up to the Donald Trump administration and maybe, just maybe, wrangle some leniency regarding his prison sentence.