Bitcoin’s price has dropped almost 9% in the last 24 hours, reaching around $78,000, down from an all-time high of $109,241. The overall cryptocurrency market is down 8.6%, with Ethereum plunging nearly 25% following a significant hack at Bybit. The downturn coincides with declines in U.S. stock markets amid concerns over tech stocks and potential tariffs by Trump.

The cryptocurrency market has experienced another significant downturn, with Bitcoin’s price declining nearly 9 percent within the last 24 hours. This decline brings the value of Bitcoin down to approximately $78,000, falling considerably from its all-time high of $109,241 reached on January 20, the day of Donald Trump’s inauguration. In total, Bitcoin has dropped about 20 percent over the past week, indicating a troubled market phase.

Wider market trends reveal that the overall cryptocurrency market has receded by 8.6 percent, with some major cryptocurrencies facing even steeper declines. Ethereum, the second-largest cryptocurrency, has experienced an alarming drop of nearly 25 percent in the last week. This dramatic fall can be attributed, in part, to a significant hack at Bybit, a prominent crypto exchange, where approximately $1.5 billion in digital currency was stolen in what is considered the largest heist in digital history.

The cryptocurrency price decline coincides with adverse trading conditions in U.S. stock markets, particularly affecting technology stocks amidst concerns regarding potential tariffs proposed by President Trump. The Nasdaq index had recorded its most significant single-day drop in a month, falling by 2.8 percent on Thursday. The amalgamation of market distress has left traders in a state of uncertainty regarding their investment strategies.

Michael Brown, a senior research strategist at Pepperstone, commented on the prevailing confusion within the trading landscape, stating, “We’re almost in a situation where there is so much news that it’s leaving traders paralysed, because they don’t know what to focus on… Given the degree of uncertainty, it does make sense to lighten up on positioning, particularly in riskier assets.”

In summary, the cryptocurrency market is experiencing significant volatility, with Bitcoin and Ethereum facing substantial price drops influenced by market uncertainties and external economic factors. The overall decline of nearly 9 percent in Bitcoin reflects broader market trends, as traders navigate through increased risks and lack of clarity regarding future developments. Analysts suggest cautious positioning remains prudent in such turbulent times.

Original Source: www.the-independent.com

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