Bitcoin experienced a sharp decline on Monday, dropping below $91,000 as panic-selling gripped technology stocks worldwide.
Bitcoin and Crypto Market Decline
Earlier today, Bitcoin fell 5% to $91,000, marking its lowest level since February 3. At the time of writing, it had dropped further, down over 6% to $90,951.
Ethereum also saw a steep decline, plunging 11% to $2,500. The broader crypto market lost over 6%, with Solana, XRP, and Dogecoin witnessing even greater losses.
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Tech Stocks and Market Sentiment
The downturn in cryptocurrencies coincided with weakness in US equities:
📉 Nasdaq Composite fell over 1%, amid concerns surrounding Nvidia’s upcoming financial results.
📉 S&P 500 dropped for the third consecutive session.
Investor sentiment worsened after US President Donald Trump confirmed plans to proceed with tariffs on Canadian and Mexican imports.
Bybit Security Breach & Federal Reserve Policy
Adding to the market turbulence, Bybit suffered a major security breach on Friday, resulting in over $1.4 billion in Ethereum and stETH being withdrawn from its hot wallet.
Traders are also closely monitoring the Federal Reserve’s next policy moves, with analysts suggesting that Bitcoin remains range-bound and could test the $90,000 level in the coming days.
