Bitcoin slides below $92K: How the ‘crypto king’ lost $100 billion in few months—Did Pi Network play a role?
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According to TradingView, the selloff in risk assets started last week, driven by fears over the US economy. The decline worsened as former US President Donald Trump reaffirmed his plans for 25% tariffs on Canada and Mexico, saying they “are going forward on time, on schedule.” The Federal Reserve’s firm stance on interest rates added further pressure.
Stock Market Downturn Adds to Crypto Woes
Bitcoin’s crash mirrored broader market struggles. The S&P 500 dropped 2.3% over the past five trading days, while the Nasdaq Composite slid 4%. Bitfinex analysts noted that Bitcoin is increasingly aligning with traditional markets, stating, “A similar stagnation in traditional financial markets has been brought about by macro-driven uncertainty.”
US consumer sentiment has also taken a hit. A University of Michigan survey from February 21 found that consumer confidence fell 10% from January to its lowest level in 15 months. Rising inflation expectations and economic uncertainty have raised fears of reduced spending.
ByBit Hack Fuels Investor Concerns
Security breaches continue to plague the crypto industry. Dubai-based exchange ByBit reported that hackers infiltrated its Ethereum cold wallet, stealing a significant amount of ether. The stolen assets were dispersed across multiple wallets and liquidated through various platforms. The attack has reignited
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