Crypto Price Declines Continue, Bitcoin Drops To 3-Month Low

  • This topic has 5 replies, 1 voice, and was last updated 2 weeks ago by Steve.
  • Creator
    Topic
  • #197557 Reply
    Christian Harris
    Participant

      The cryptocurrency market is experiencing a significant downturn, with Bitcoin leading the decline by falling below $88,000 for the first time in months.

      Bitcoin dropped to $87,630, marking a 6.78% decline over 24 hours.

      This sharp sell-off wasn’t limited to Bitcoin; other major cryptocurrencies also saw substantial losses.

      Ethereum, the second-largest cryptocurrency by market cap, fell to $2,3752. Solana, another prominent altcoin, experienced a more severe drop of nearly 15%.

      The reasons behind this market-wide decline are multifaceted.

      One significant factor is the announcement of new tariffs by President Donald Trump on Canadian and Mexican imports, set to be implemented on March 4.

      This news has sparked concerns about potential trade wars and global economic uncertainty, affecting both traditional and crypto markets.

      Adding to the bearish sentiment was a major security breach at Bybit, a Dubai-based cryptocurrency exchange, where hackers stole approximately $1.5 billion worth of digital assets.

      This incident has further eroded investor confidence in the crypto ecosystem.

      Institutional investor behaviour has also played a role in the downturn.

      Bitcoin ETFs have recorded over $500 million in outflows for two consecutive weeks, indicating a decrease in demand from large-scale investors.

      This shift in institutional sentiment has contributed to the overall market decline.

      The Crypto Fear & Greed Index, a measure of market sentiment, plummeted from 49 to 25, indicating a rapid shift towards extreme fear in the market.

      This sharp decline in sentiment is one of the most significant since September and reflects the sudden bearish turn in investor outlook.

      As the crypto market navigates these challenges, traders and investors remain cautious, closely monitoring further developments that could impact the prices of Bitcoin and other leading cryptocurrencies in the coming weeks.

      Source: CoinMarketCap

      Reply
    Viewing 1 reply thread
    • Author
      Replies
      • #197563 Reply
        BTC Ben

          Yeah the crypto market is in absolute nosedive today. What are people doing? Are you selling up? Or are you buying the dip?

          My Binance account look like it’s gone cliff diving without a parachute.

          Reply
        • #197608 Reply
          Steve

            This week has been another good example for me of the inherent dangers of investing in the crypto market. It’s one thing day trading crypto volatility but personally I’d be wary about HODLing.

            I read it was North Korean hackers that stole 1.5 billion from Bybit. I know the CEO has said they can cover the theft but it’s just another name in a long list of firms that have demonstrated they can’t adequately keep safe client assets in storage wallets.

            There’s been Ronin Network (625 million), Binance BNB Bridge (570 million), Mt. Gox (470 million) and the list goes on…

            Reply
            • #197616 Reply
              Christian Harris
              Participant

                An excellent point Steve.

                To help minimise risk, perhaps look at a crypto ETF, such as the iShares Bitcoin Trust (IBIT) or the Fidelity Wise Origin Bitcoin Fund (FBTC).

                Reply
              • #197624 Reply
                Steve

                  Sensible info – ETFs certainly help remove the security/storage concerns.

                  Reply
            Viewing 1 reply thread

            Reply To: Reply #197624 in Crypto Price Declines Continue, Bitcoin Drops To 3-Month Low
            Your information:




            Cancel