BITCOIN FALLS OVER 8% AMID NEW TARIFF CONCERNS

Wed 26 February 2025:

The price of Bitcoin fell 8.02% on Wednesday from Monday’s levels after US President Donald Trump gave remarks about going forward on postponed tariffs on Mexico and Canada.

Trump said Monday that the tariffs on Canada and Mexico “will go forward” as a month-long pause will end next week.

“We’re on time with the tariffs, and it seems like that’s moving along very rapidly. We’ve been mistreated very badly by many countries, not just Canada and Mexico. We’ve been taken advantage of,” he said.

As of 0745GMT, Bitcoin’s current price was around $88,570, and its market cap had decreased to $1.75 trillion.

Bitcoin’s transaction volume in the last 24-hour period was around $73.6 billion.

“The macroeconomic situation has been the main reason for the price decline in the last few hours,” said Marcel Heinrichsmeier, an analyst at DZ Bank. “The Bybit hack and the meme coin turmoil of the past few weeks have contributed to a generally worse mood in the crypto market than at the beginning of the year.”

While bitcoin has lost almost 8% in the past week, smaller alt-coins have been hit even harder. Dogecoin, a meme coin, and the tokens for the solana and cardano networks have all dropped about 20%, according to CoinGecko.

“The brutal sell-off happening in crypto is not unexpected considering we’ve just seen the biggest hack in our history,” said Charles Wayn, co-founder of Galxe, a decentralised blockchain-based platform. “This has been compounded by further fears over global tariffs.”

__________________________________________________________________________

https://whatsapp.com/channel/0029VaAtNxX8fewmiFmN7N22

__________________________________________________________________________

Delayed reaction

Dubai-headquartered Bybit, the largest exchange after Binance, said last week hackers had stolen digital tokens worth about $1.5bn. Blockchain research firm Elliptic said the hack was “almost certainly the single largest known theft of any kind in all time.” Ether, the second-largest cryptocurrency by market value, was down 8.46% at $2,414.29, around its lowest since October.

Joseph Edwards, head of research at Enigma Securities, said Tuesday’s sell-off seemed to be “a bit of a delayed reaction from the Bybit hack.

In January, the price of Bitcoin saw the highest-ever value of around $109,000 due to Trump’s inauguration.

Ethereum prices also decreased by 12.2% to $2,484 over the same period.

SOURCE: INDEPENDENT PRESS AND NEWS AGENCIES

__________________________________________________________________________

FOLLOW INDEPENDENT PRESS:

WhatsApp CHANNEL
https://whatsapp.com/channel/0029VaAtNxX8fewmiFmN7N22