Bitcoin tumbles under $90K

Coinmarketcap:

Bitcoin recently experienced a significant decline, falling below the $90,000 mark for the first time since November 2024.

U.S. spot Bitcoin ETFs have seen substantial outflows, with over $1.14 billion in net outflows over two weeks leading up to February 21.

The crypto market faced over $1.3 billion in liquidations, with Bitcoin alone accounting for $523 million. This was partly due to the recent $1.5 billion hack at the Bybit exchange, which damaged investor confidence.

Trump’s tariffs and ongoing US-China trade tensions have contributed to market volatility and investor uncertainty.

The reaffirmation of tariffs on imports from Canada and Mexico, along with additional tariffs on Chinese goods, has introduced economic uncertainty. This has led to a cautious approach from investors, causing them to shift away from riskier assets like crypto.

Bitcoin's price is increasingly correlated with traditional financial markets. The decline in major indices like the S&P 500 and Nasdaq Composite has contributed to negative market sentiment, affecting Bitcoin's price.

Bitcoin had recently reached overbought levels, leading to a technical correction. This correction, combined with other factors, has exacerbated the price drop.

Other crypto like Ethereum and Solana also experienced significant declines, reflecting a broader sell-off in the crypto market.

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