Today, Bitcoin saw a 6% decline, hitting a three-month low of just under $88,245.
Other cryptocurrencies also experienced losses today, with Ether dropping 11% to a five-month low of $2,333.
Analysts indicate that Bitcoin’s drop in popularity, its first decline in over a month, was triggered by a significant market sell-off stemming from troubling global trade tensions and the recent hacking of the Dubai-based cryptocurrency exchange Bybit.
The sophisticated attack, resulting in the theft of approximately $1.5 billion worth of Ethereum, occurred when Bybit executives were deceived into authorizing transfers to unauthorized wallets.
The breach was the largest hacking incident in the history of digital currencies.
Investors believe cryptocurrencies will likely encounter further challenges as the market remains uncertain about inflation, tariffs, and other factors that typically affect volatile markets.
By CEO NA Editorial Staff
