Bitcoin Price Declines Over 20% Amid Market Turmoil and Bybit Hack
Bitcoin's price has decreased over 20% from a peak of over $109,000 five weeks ago to around $87,000. This decline coincided with a speculative surge in memecoins related to the Trump inauguration, which ultimately led to significant losses for investors.
Key points:
- SOL, the token of the Solana blockchain, has dropped more than 50% since the January spike.
- The recent Bybit hack negatively impacted Bitcoin and Ethereum, contributing to the overall market decline.
- Ethereum fell 15%, further affecting Bitcoin's stability.
- Market analysts express uncertainty about Bitcoin's future trajectory, with predictions indicating a potential revisit to the $82,000 level.
- Standard Chartered's Geoff Kendrick advises against buying the dip, expecting further declines before a potential recovery.
Traditional markets are also experiencing challenges, with U.S. stocks facing their worst week since the Trump inauguration. The U.S. 10-year Treasury yield has decreased to 4.32%, leading to increased expectations for monetary policy easing, which is viewed as a long-term positive for Bitcoin.