Bitcoin has fallen below $80,000 for the first time since November 2024, currently trading at approximately $79,100. This decline is largely due to increasing political and regulatory tensions in the U.S. Meanwhile, prominent altcoins such as ETH, XRP, and SOL have dropped over 10%, resulting in a global cryptocurrency market capitalization of $2.64 trillion, down 7.25% in the past 24 hours.

On February 28, 2025, Bitcoin has experienced a significant decline, dropping below $80,000 for the first time since November 2024. Currently, Bitcoin is trading at approximately $79,100 after an 8% decrease in the past 24 hours and a notable 27% decline from its peak of $109,114 on January 20, 2025. This downturn is primarily attributed to heightened political and regulatory concerns in the United States, where various states are considering including Bitcoin in their strategic reserves alongside market fluctuations.

The overall cryptocurrency market is also suffering, as major altcoins such as Ethereum (ETH), XRP, and Solana (SOL) have each dropped by over 10% in the last 24 hours. Ethereum’s current price represents a 10% decrease today and a cumulative 23% drop in the past week. Solana has seen a 9% fall today and a 27% decrease within the week, indicative of a broader decline across the altcoin sector.

Amid this market volatility, other mid-cap altcoins like TAO, IP, VIRTUAL, RAY, TRUMP, and LDO have suffered losses exceeding 15%, while tokens such as S, PEPE, SEI, AAVE, KASPA, PYTH, LINK, and MKR have dropped by 13%. The current state of the cryptocurrency market reflects a severe downturn, with a total market capitalization of $2.64 trillion, signaling a decline of 7.25% over the last 24 hours.

In contrast, some cryptocurrencies are showing resilience amid the slump. The top gainers today include Nervos Network (CKB) with an increase of 10% and Morpho (MORPHO) up by 6%. Conversely, among the top losers, KAITO has witnessed a significant decrease of 23%, with SAFE and RUNE following closely with declines of 22% and 17%, respectively.

In summary, Bitcoin’s value falling below $80,000 reflects a combination of market pressures and regulatory uncertainties. Major altcoins are facing substantial losses, indicating a broad market downturn. Despite this volatility, certain cryptocurrencies have managed to gain, showcasing the unpredictable nature of the crypto market.

Original Source: www.cryptotimes.io

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