Mar 6, 2025
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Randa Moses
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Bitcoin has taken a serious hit, dropping to $78,940 for the first time since November. The price decline was triggered by the $1.5 billion ByBit hack that happened in late February. Another factor is the massive Bitcoin ETFs outflow of $3.3 billion.
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Bitcoin dropped 20% from its all-time high of $109,225, recorded on Jan 20th which was President Donald Trump’s inauguration day. While Bitcoin erased its post-election rally, the S&P 500 lost $500 billion in one hour due to Trump’s trade war with the EU.
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BTC recorded a total of $365M liquidations in 24 hours, with $322M liquidated long orders. Arthur Hayes, Co-Founder of BitMEX, predicted that Bitcoin will experience a more violent wave below the $80K mark. On February 28, Bitcoin fell to $78,940 based on CoinGecko data.
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Prediction markets expect Bitcoin to drop below $60,000 in 2025, with odds of hitting $150,000 before 2026 falling from 55% to 29%. Moreover, Bitcoin’s open interest has declined to its lowest level in six months.
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Recently, Trump announced a U.S. Crypto Strategic Reserve that will include BTC, ETH, SOL, ADA, and XRP. The Bitcoin price surged over $90,000 after the announcement however, the market is still struggling due to the Bybit hack and Trump’s trade war.
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