Bitcoin, Ethereum, Dogecoin Bleed Amid Trump’s Tariff Threat, Bybit Mega Breach: Analyst Says ‘Mid-Bull Reset’ Not Unprecedented, Full-Blown Bear Market Not Yet Here
Leading cryptocurrencies corrected sharply on Monday as the Bybit hack and President Donald Trump’s tariff threat weighed on the market.
| Cryptocurrency | Gains +/- | Price (Recorded at 7:30 p.m. ET) |
| Bitcoin (CRYPTO: BTC) | -4.82% | $91,639.29 |
| Ethereum (CRYPTO: ETH) |
-11.48% | $2,494.24 |
| Dogecoin (CRYPTO: DOGE) | -13.79% | $0.2096 |
What Happened: Bitcoin sank below $91,000 for the first time in over three months, while Ethereum fell to an intraday low of $2,461.52, its lowest since Feb. 3.
The apex cryptocurrency has already lost 9.7% since February began, in contrast to the 43% rise it saw last year. Ethereum has dropped 23.63% and could be heading to its worst February.
Ethereum was at the center of the $1.4 billion hack on cryptocurrency exchange Bybit. Although the platform claims to have restored its ETH holdings to pre-hack levels, concerns about hackers dumping such a big amount have generated alarm.
The market bled profusely, with over $960 million getting liquidated in the last 24 hours. Upside bets accounted for $890 million.
Hedges against price decline increased as the total number of short positions surpassed long positions, according to the Long/Short Ratio.
That said, a whopping $1.61 billion in short positions risked liquidation if Bitcoin reclaimed $100,000.
The market was gripped with …
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