Bitcoin Price Plummets Below £69k Amid Crypto Market Crisis
Bitcoin has plummeted below £69k amidst a broader cryptocurrency market crisis driven by a significant hack at the Bybit exchange and controversies surrounding new memecoins. The decline follows President Trump’s return to office and has resulted in steep losses for Bitcoin and other major cryptocurrencies over recent days. Analysts attribute this worsening situation to investor panic and ongoing market volatility.
The cryptocurrency market is undergoing a significant crisis, with Bitcoin’s value recently falling over 20% following President Donald Trump’s return to the White House. As of 3:15 PM GMT, Bitcoin trades at approximately $87,050.81 (£68,748.49), marking its lowest value since November and a steep decline from its peak of $109,114 (£86,191.88) on Inauguration Day, January 20.
In just the last 24 hours, Bitcoin has experienced a 7.5% decrease, punctuating a broader selloff within the cryptocurrency sector. Other digital currencies, including Ethereum, XRP, and Solana, have endured even greater losses. Ethereum dropped more than 11% to $2,390, while XRP fell by 14.3%, and Solana witnessed a 15% decline.
A major factor contributing to this downturn is a significant hack at the Bybit exchange, where attackers made away with $1.5 billion in a breach described as the largest digital heist in history. This incident further diminished investor confidence, already weakened by controversies surrounding newly launched memecoins linked to the Trump family and other recent scandals.
Market analysts have identified various incidents leading to the current market pessimism. Caroline Mauron, co-founder of Orbit Markets stated, “The Bybit hack was the latest in a string of events… that have brought back unhappy memories for crypto market participants.” These concerns are compounded by anxieties over a potential trade war and fluctuations in the stock market, with tech stocks notably affected.
David Morrison, a senior market analyst at Trade Nation, provided further insights: “US stock index futures were weaker in early trade this morning.” He noted the continued decline in major tech firms’ valuations, specifically mentioning Nvidia’s drop of over three percent and the substantial 29% decline experienced by Palantir since its peak last week.
In summary, the cryptocurrency market is facing a pronounced crisis marked by significant declines in Bitcoin and other major cryptocurrencies. Investor confidence is notably shaken due to various setbacks, including major hacks and controversies surrounding new market entrants. The interconnectedness of both crypto and traditional markets continues to exacerbate the situation, reflecting a broader economic uncertainty amidst fluctuating stock valuations.
Original Source: www.gbnews.com
Post Comment