Bitcoin has experienced a significant decline, dropping below $91,000 due to a surge of panic-induced selling in technology stocks globally.
The leading cryptocurrency fell by 5% earlier in the day, reaching $91,000, which is its lowest point since February 3.
As of the latest update, Bitcoin’s losses have deepened, with a decrease of over 6%, bringing its trading price to $90,951.
The wider cryptocurrency market has also faced substantial losses.
Ethereum decreased by 11% to $2,500, while other prominent altcoins, such as Solana, XRP, and Dogecoin, saw even sharper declines. Overall, the market experienced a collective downturn exceeding 6% as investor sentiment worsened.
This abrupt decline coincided with a significant drop in US equities, particularly within the technology sector.
The Nasdaq Composite index fell by more than 1% amid rising concerns regarding Nvidia’s forthcoming financial results, while the S&P 500 continued its downward trend for a third consecutive session.
Compounding investor anxiety, former US President Donald Trump announced that tariffs on imports from Canada and Mexico would move forward, further undermining market confidence.
Additionally, traders were unsettled by a major security breach at Bybit, one of the leading cryptocurrency exchanges, where over $1.4 billion in Ethereum and staked Ether (stETH) was withdrawn from its hot wallet on Friday.
Market analysts indicate that Bitcoin remains within a volatile range and may further test the $90,000 support level as investors closely observe the Federal Reserve’s upcoming policy decisions.
