Bitcoin Price Hits New Lows
- Bitcoin drops below $90,000 for the first time since November 2024
- Market sentiment impacted by Trump’s trade tariffs
- Recent crypto hacks contribute to investor unease
The price of Bitcoin has fallen below $90,000, marking its lowest point since November 2024.
As of February 25, Bitcoin was trading around $87,190, according to CoinMarketCap data. Despite a slight increase since then, the price remains below $90,000, a crucial level for bullish momentum.
Impact of Trump’s Trade Tariffs
The decline in Bitcoin’s value is linked to uncertainties surrounding inflation, President Trump’s policies, and global events.
President Trump’s recent announcement of 25% trade tariffs on Canada and Mexico has led to market reactions as investors seek alternative investment options.
James Toledano, COO at Unity Wallet, expressed disappointment over Bitcoin’s price performance under the current administration, citing trade tensions and geopolitical concerns as contributing factors.
Security Concerns in the Crypto Market
Last week, the Hong Kong-based exchange Bybit experienced a significant security breach, resulting in the loss of nearly $1.5 billion in Ethereum from a single wallet.
Despite efforts to address the breach and reassure investors, the incident has shaken market confidence. Additionally, neobank Infini fell victim to a $50 million hack, highlighting ongoing security vulnerabilities in the crypto space.
Market volatility, coupled with macroeconomic uncertainties, has further impacted Bitcoin’s performance, as traditional markets experience downturns amid external pressures.
Global economic uncertainty and market fluctuations have heightened risk sensitivity, with traditional assets like the S&P 500 facing notable losses.
