Crypto market has lost more than $ 325 billion from Friday, with about half of the last 24 hours.
As Coby letterCrypto market cap is more than $ 325 billion from Friday. Within the last 24 hours, about 150 billion dollars have been liquid, today $ 100 billion is erased in just one hour. Cell-off has affected almost all crypto assets including memecoin.
Analyzer in the letter Find the onset of recession for Solana (Sol), which has crashed 22% from Friday as Memcoin frenzy was cooled.
Then, Bitcoin (BTC) followed the suit, lost its relative power, as S&P 500 began to pull back on Friday. Earlier today, Bitcoin broke below the support level of $ 90,000, and strengthened the feeling of more recession.
The market spirit has also been killed by Bybit Hack, which is now confirmed as the second largest hack in Crypto history. On 21 February, bybit lost over 400,000 Eth from its cold wallet. Consequently, Etreum (Eth), which was already showing weak speed before hack, weakened even further. As CoinmarketcapAth opened at $ 2,740 on 21 February and fell at a low of $ 2,408 at the time of writing, marking a fall of about 12%.
In addition, the $ 65 billion of Citadel Securities of Cripto liquidity was strangely found with a response to “selling news” in the market.
“Despite all this, Kobyi letter analysts remain optimistic. “We have seen countless -10% pullback in bitcoin during this bull run. Technical pullbacks are heeltty. However, as crypto markets thrive on liquidity, the continuous decrease in risk of risk can create pressure on prices, analysts said.
On the bright side, bybit CEO Ben Jhou announced that the exchange had covered the loss by 24 February and published a proof-off-reservoir audit to assure the community. Analysts of Bitfinex suggested that the replenishment of customer funds bibles could lead to important atherium procurement, which can compete with some sales pressure and drive the price of Eth more. He explained that obtaining ETH through open market and other channels can have a stable effect on its price.
Said, bitfinex analyst Stressed on This uncertainty remains more because the broad market remains in a improvement phase. Bitcoin, Atherem and Solana have declined in February after rallies in late 2024. Meme coins, which increased in December, have also dropped by 37.4%. Finally, the monthly Crypto Open Interest has declined as traders have opened leveraged positions in response to weak speed and increasing uncertainty.
According to Bitfinex, the next important movement for bitcoin and broad market will depend on the broader macroeconomic factors.
