Bitcoin has taken a nosedive below the $88,000 mark, marking a grim milestone reminiscent of the turbulence seen in mid-November. As if that weren’t enough, the altcoins are in freefall, with significant losses hitting everyone from Ethereum to Dogecoin. Just last Friday, Bitcoin seemed on the verge of breaking the $100,000 barrier, only to be thwarted by a major hack targeting Bybit, ushering in a chaotic storm of selling pressure. With the market’s capitalization crumbling by a staggering $150 billion in a single day, one might wonder: is this crypto winter the end of the bull run we’ve all been waiting for? Or just a speed bump on the way to greater heights? Buckle up as we dive deep into the numbers and narratives unfolding in this wild crypto landscape. LEARN MORE.
Bitcoin’s price action took a turn for the worse over the past day as the asset plunged below $88,000 for the first time since mid-November.
The altcoins have performed even worse over the same period, with massive double-digit price declines from ETH, XRP, DOGE, ADA, LINK, AVAX, and many others.
BTC to Multi-Month Low
It was just a few days ago, on Friday, when the primary cryptocurrency had not only recovered from the Tuesday dip to $93,500 but also managed to gain some traction and challenge the coveted $100,000 line. However, the hack against Bybit quickly stopped its ascent, and the landscape has only worsened since then.
Following a calm weekend, in which the asset spent around $96,500, BTC dropped to $94,000 on Monday despite Strategy’s latest multi-billion dollar purchase. That was just the beginning of a violent correction, though, as bitcoin slumped even harder on Tuesday morning to just under $88,000 (on Bitstamp).
