- Bitcoin drops below $90,000 amid renewed trade war fears and market uncertainty.
- Over $950 million in leveraged crypto positions liquidated in 24 hours.
- Bybit hack and Solana insider trading scandal deepen investor concerns.
Bitcoin’s latest plunge follows Donald Trump’s announcement of new tariffs on imports from Canada and Mexico, fueling inflation fears and economic instability. This has triggered widespread liquidations, with Bitcoin, Ethereum, and Solana suffering steep declines.
Adding to the turmoil, the Bybit exchange suffered a massive $1.5 billion hack, while Solana’s memecoin scandal eroded trust in the industry. These setbacks, along with record ETF outflows, have pushed the Crypto Fear & Greed Index into deep “fear” territory.
Crypto Market Faces $110B Wipeout as Fear Takes Over
Bitcoin’s rally post-Trump’s election has reversed sharply, with the digital asset losing nearly 20% since his inauguration. The latest tariff announcement has intensified macroeconomic uncertainty, making investors wary of holding risk assets.
Ethereum and Solana saw even sharper declines, with Solana plummeting over 13% amid a growing scandal involving insider trading on memecoins. Bitcoin ETFs also recorded their highest outflows yet, signaling fading institutional confidence.
The Bybit hack further damaged market sentiment, raising fresh concerns about security in the crypto space. Hackers, reportedly linked to North Korea, stole and laundered $1.5 billion in Ether, increasing selling pressure across the board.
Meanwhile, traders faced one of the largest liquidation events in months, with over 284,000 positions wiped out. The steep downturn has erased over $110 billion in market value, underscoring the fragile state of the crypto market.
The crypto market remains in a precarious position, with regulatory uncertainty, security breaches, and macroeconomic factors driving extreme volatility. Investors now await stability as the market seeks a possible bottom.
“Markets go up and down. But Bitcoin’s resilience is its greatest strength.” – Unknown
