Bitcoin, XRP Plummet; Pi Network Surges Amidst Market Downturn

Cryptocurrency markets experienced a significant downturn on February 24th, with Bitcoin and XRP leading the decline. Meanwhile, the Pi Network price surged, and Bybit provided an update on its recent hack.

Bitcoin, the world's largest cryptocurrency, fell below the $40,000 mark, losing around 5% of its value in a 24-hour period. This decline comes amidst a broader market correction, with the global crypto market cap dropping by over 4% to around $1.7 trillion.

XRP, the native token of the XRP Ledger, also witnessed a decline, falling by approximately 3% to around $0.75. This drop follows a recent rally that saw XRP reach its highest level since May 2021. The decline in XRP's price comes as the U.S. Securities and Exchange Commission (SEC) continues its lawsuit against Ripple, the company behind XRP.

The Pi Network, a decentralized digital currency, saw its price surge by over 100% in a single day. Pi Network's price increase comes as the project gains traction and attracts new users. The Pi Network aims to create a more inclusive and accessible digital currency, with a focus on sustainability and environmental responsibility.

Bybit, a popular cryptocurrency exchange, provided an update on its recent hack. Bybit CEO Ben announced that the company has completely closed its ETH gap, ensuring that client funds are now fully backed 1:1 using a merkle tree. On-chain data also shows that Bybit has secured over 400,000 ETH through OTC purchases and loans, further strengthening the exchange's financial position.

The recent market downturn has been attributed to a variety of factors, including regulatory uncertainty, geopolitical tensions, and a broader market correction. As the crypto market continues to evolve, investors and traders alike will be closely monitoring the performance of major cryptocurrencies and the broader market trends.