Bitcoin Down 7%, Ethereum, XRP, Dogecoin, Shiba Inu Plunge Over 10% As $1.48 Billion Liquidation Tsunami Hits

The crypto market is in turmoil as Bitcoin (BTC) and other major cryptocurrencies experience significant price drops and liquidations. Bitcoin has fallen by 7%, while Ethereum (ETH), XRP, Dogecoin (DOGE), and Shiba Inu (SHIB) have plunged over 10%. The market has witnessed a $1.48 billion liquidation tsunami, wiping out countless traders and shaking investor confidence.



The total market capitalization of the crypto market has slipped under $3 trillion, marking a significant downturn in the market's overall value. This decline can be attributed to several factors, including market volatility, a liquidity crisis, geopolitical tensions, and a significant security breach at the Bybit exchange.

The Bybit hack on February 21 has had a profound impact on market sentiment and investor confidence. The theft of $1.4 billion worth of funds has shaken investor confidence, leading to broader sell-offs across crypto assets. The compromised exchange managed to acquire all of Ethereum within just 48 hours of the incident, but the damage to investor confidence was already done.



President Trump's announcement of reactivated tariffs on imports from Canada and Mexico has also contributed to the recent market crash. The tariffs, which raised inflation concerns, sparked a $950 million liquidation wave on crypto exchanges, further exacerbating the market's downturn.



Bitcoin's price has reached a new 30-day low of $88,600, raising concerns about a potential fall below the $85,000 mark. The daily chart's Relative Strength Index (RSI) is currently reading 30, pointing downwards and approaching oversold levels, indicating strong bearish momentum.

Despite the bearish sentiment, some analysts believe that Bitcoin's price could still rebound and test the $100,000 psychological level. However, if the correction continues, the price could extend its decline to test the next support level at $85,000.



In conclusion, the crypto market is facing a significant downturn, with Bitcoin and other major cryptocurrencies experiencing substantial price drops and liquidations. The Bybit hack, President Trump's tariff announcement, and market volatility have all contributed to the recent market crash. While some analysts remain optimistic about a potential Bitcoin rebound, the market's overall sentiment remains bearish, with the potential for further declines. Investors should remain vigilant and cautious in this volatile market environment.