Bitcoin Suffers Significant Losses

In a dramatic turn of events, Bitcoin has extended its losses, slipping below the $87,000 mark for the first time since November 14, 2024. This significant drop has sent shockwaves through the cryptocurrency market, as investors grapple with the implications of global economic uncertainty and the aftermath of a major hacker attack.

Global Economic Factors at Play

The downturn in cryptocurrencies comes as United States President Donald Trump confirmed that his tariff agenda is "moving very rapidly." This statement has caused investors to reassess the potential impact of economic policies on global markets, further fueling the sell-off in digital currencies.

Bybit Hack Adds to Market Volatility

Adding to the market's woes, investors are still digesting the implications of a major hacker attack on the cryptocurrency exchange Bybit. The breach resulted in the theft of more than $1.5 billion in Ethereum, shaking confidence in the security of digital assets and contributing to the market's downward spiral.

At 5:23 am ET, Bitcoin was down by 5.16%, trading at $86,796. Similarly, Ethereum experienced a 6.25% decline, selling for $2,356 at 5:26 am ET.