$370 Billion Wiped Out as Bitcoin Hit 3 Month Low Price

The crypto market is facing a sharp drop today, with its total value falling nearly 8% to around $2.90 trillion. This has made the entire crypto market losing over $370 billion in value since last week. The sudden crash has also led to massive liquidations, with $1.51 billion lost in the last 24 hours.

Crypto Market Trading In Red

In the last 24 hours, around $150 billion has vanished from the crypto market, triggering panic among traders. Bitcoin, the largest cryptocurrency by market cap, has dropped nearly 8%, reaching a three-month low of $87,000 before settling at $89,470.

Altcoins have suffered even bigger losses, with major assets like Ethereum, XRP, Solana, and Cardano falling between 10% and 20%. 

Even memecoins, which were booming recently, have been hit hard as Doge is down almost 10%, followed by Shiba Inu, Pepe, and the Official Trump token.

The market crash followed recent remarks from President Donald Trump Donald Trump Donald Trump is an American former president politician, businessman, and media personality, who served as the 45th president of the U.S. between 2017 to 2021. Trump earned a Bachelor of science in economics from the University of Pennsylvania in 1968. Trump won the 2016 presidential election as the Republican Party nominee against Democratic Party nominee Hillary Clinton while losing the popular vote. As president, Trump ordered a travel ban on citizens from several Muslim-majority countries, diverted military funding toward building a wall on the U.S.–Mexico border, and implemented a family separation policy. Trump has remained a prominent figure in the Republican Party and is considered a likely candidate for the 2024 presidential election President announcing that the U.S. would move forward with tariffs on goods from Canada and Mexico. He argued the U.S. was treated unfairly and confirmed tariffs would start as planned, raising concerns about the earlier pause ending soon.

Citadel News and Bybit Hack Add to Fears

Another unexpected factor was the market’s reaction to Citadel Securities’ announcement. The $65 billion financial giant said it was entering the crypto space as a liquidity provider. Instead of boosting confidence, this news led to more selling, as investors reacted negatively.

At the same time, the Bybit exchange was hit by a huge hack on February 21st. According to Arkham Intelligence, this is the biggest financial hack in history, even bigger than the $611 million PolyNetwork hack in 2021. Events like these shake investor trust and make people more cautious.

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Is This a Market Crash or Just a Pullback?

Although things look bad, history shows that crypto often sees big drops before recovering. Bitcoin has fallen by 10% or more many times in past bull runs and bounced back stronger.

Right now, the stock market is unstable, and investors are being more careful. But te key question is whether this is just a short-term dip or the start of a longer downturn. Only time will tell.

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