Bitcoin's Steep Decline Continues

In a dramatic turn of events, Bitcoin's value has plunged below $87,000, marking its lowest point since November 14, 2024. This significant drop is part of a broader downturn in the cryptocurrency market, influenced by global economic uncertainties and a recent major security breach.

Global Economic Policies and Security Concerns Weigh Heavy

United States President Donald Trump's confirmation of rapidly advancing tariff policies has added to the market's volatility, prompting investors to reassess the potential impacts on global markets. Compounding these concerns, the cryptocurrency community is still reeling from a massive hacker attack on the Bybit exchange, which resulted in the theft of over $1.5 billion in Ethereum.

Market Reactions

As of 5:23 am ET, Bitcoin had fallen by 5.16%, trading at $86,796. Similarly, Ethereum experienced a 6.25% drop, with its value standing at $2,356 by 5:26 am ET. These developments underscore the fragile state of the cryptocurrency market amidst ongoing challenges.