Bitcoin ($BTC) has experienced a steep decline, dropping nearly 13% of its value over the past few days, slipping from $99,400 to $86,300. Various factors have contributed to this significant downturn, affecting not only Bitcoin but also other cryptocurrencies like $ETH, $SOL, and $DOGE.
A major event that triggered this fall was a massive $1.49 billion hack on the Bybit exchange. This security breach led to an immediate drop in $BTC's price, crashing from nearly $100,000 to $97,370. The price continued to decline over the weekend, settling at around $94,909 before slightly recovering to hover in the $96,000 range.
However, the downward pressure resumed as U.S. President Donald Trump announced the reimposition of tariffs on imports from Canada and Mexico. These tariffs, set to go back into effect next week after a brief suspension, have historically caused volatility in the crypto market. $BTC reacted similarly, dropping to $91,300 earlier in February and now falling below $87,000 following the president's recent statement.
Concerns about rising inflation in the U.S. have also impacted the market. The U.S. Services Purchasing Managers' Index (PMI) reached its lowest point in 22 months, which aligns with a GDP growth rate of just 0.6%. This slowdown in U.S. economic growth has exacerbated the market's reaction to the declining value of $BTC.
Adding to these issues, spot Bitcoin ETFs in the U.S. have seen massive outflows, with investors pulling out over $516 million on a single day in February. This is part of a trend that has seen six consecutive days of net outflows, marking February as the worst month for these ETFs since their inception in January 2024.
These combined pressures have pushed $BTC below the $90,000 mark, breaking out of its three-month consolidation range and potentially signaling further troubles ahead.
memecoin #crypto #solana #Ethereum #ai #bitcoin #cryptocurrency
⚠️ Disclaimer: This analysis is for informational purposes only and should not be considered financial or investment advice.Bitcoin ($BTC) has experienced a steep decline, dropping nearly 13% of its value over the past few days, slipping from $99,400 to $86,300. Various factors have contributed to this significant downturn, affecting not only Bitcoin but also other cryptocurrencies like $ETH, $SOL, and $DOGE.
A major event that triggered this fall was a massive $1.49 billion hack on the Bybit exchange. This security breach led to an immediate drop in $BTC's price, crashing from nearly $100,000 to $97,370. The price continued to decline over the weekend, settling at around $94,909 before slightly recovering to hover in the $96,000 range.
However, the downward pressure resumed as U.S. President Donald Trump announced the reimposition of tariffs on imports from Canada and Mexico. These tariffs, set to go back into effect next week after a brief suspension, have historically caused volatility in the crypto market. $BTC reacted similarly, dropping to $91,300 earlier in February and now falling below $87,000 following the president's recent statement.
Concerns about rising inflation in the U.S. have also impacted the market. The U.S. Services Purchasing Managers' Index (PMI) reached its lowest point in 22 months, which aligns with a GDP growth rate of just 0.6%. This slowdown in U.S. economic growth has exacerbated the market's reaction to the declining value of $BTC.
Adding to these issues, spot Bitcoin ETFs in the U.S. have seen massive outflows, with investors pulling out over $516 million on a single day in February. This is part of a trend that has seen six consecutive days of net outflows, marking February as the worst month for these ETFs since their inception in January 2024.
These combined pressures have pushed $BTC below the $90,000 mark, breaking out of its three-month consolidation range and potentially signaling further troubles ahead.
memecoin #crypto #solana #Ethereum #ai #bitcoin #cryptocurrency
⚠️ Disclaimer: This analysis is for informational purposes only and should not be considered financial or investment advice.
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