Bitcoin Nears $92,000 as Market Plunges Up to 15%
The cryptocurrency market is navigating an uncertain landscape, marked by widespread declines and concerns over global economic and political factors, keeping Bitcoin and other altcoins trapped in a volatile price range.
After Bitcoin’s (BTC) recent attempt to break past $100,000, the market has entered a new bearish phase. BTC experienced a significant drop over the weekend and is currently holding above $92,000, according to Binance, though uncertainty remains high.
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Altcoins Hit Hard, Ethereum Drops 10% Amid ByBit Hack
Among altcoins, Ethereum (ETH) stands out with a nearly 10% drop, following a major hack on the ByBit platform last Friday, which resulted in the theft of over 446,000 tokens worth more than $1.4 billion. Despite this, ByBit has assured users that it has restored a 1:1 backing for customer assets and has closed the so-called “ether gap.” The attack has been linked to the Lazarus Group, a North Korean state-backed hacker collective known for targeting cryptocurrency platforms.
Other major cryptocurrencies, including Solana (SOL), Binance Coin (BNB), Ripple (XRP), Dogecoin (DOGE), and Cardano (ADA), have also suffered significant losses. As of Monday, SOL has recorded declines of over 14%.
Macroeconomic Uncertainty Weighs on Crypto Markets
The situation is further aggravated by weak economic data from the United States. Year-over-year inflation surged in February, reaching its highest level since November 2023, sparking investor concerns. Additionally, U.S. manufacturing and services PMI data have shown mixed results, adding to economic uncertainty.
Stock markets are also showing signs of hesitation. While the S&P 500 reached all-time highs last week, investors remain uncertain about short-term movements. Meanwhile, pressure on major tech companies, driven by competition from DeepSeek, is adding to an already complex financial environment.
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