Bitcoin faced a sharp decline on Monday as a major sell-off in technology stocks sent shockwaves across financial markets. The leading cryptocurrency fell below $91,000, marking its lowest level since February 3. At the time of writing, Bitcoin was trading at $90,951, down more than 6 percent for the day.
Ethereum also suffered a heavy drop, plunging 11 percent to $2,500. The entire crypto market saw a downturn of over 6 percent, with coins like Solana, XRP, and Dogecoin witnessing even steeper losses.
This sudden drop in crypto prices coincided with a downturn in the US stock market. The Nasdaq Composite declined by more than 1 percent due to concerns about Nvidia’s upcoming financial results, while the S&P 500 extended its losing streak for the third consecutive session. Investors also reacted negatively to news that US President Donald Trump confirmed new tariffs on imports from Canada and Mexico, fueling uncertainty in global markets.
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Adding to the chaos, a major security breach at Bybit, a well-known crypto exchange, further rattled investor confidence. Hackers managed to withdraw more than $1.4 billion worth of Ethereum and stETH from its hot wallet last Friday, causing fears of additional losses across the crypto space.
Another key factor impacting Bitcoin’s movement is the Federal Reserve’s upcoming policy decisions. Analysts believe Bitcoin is currently moving within a range and could test the $90,000 level if bearish momentum continues.
With the crypto market in turmoil, investors are keeping a close eye on upcoming economic and regulatory developments that could shape the future of Bitcoin and other digital assets.
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