The price of Bitcoin has shown a sharp decline for the second consecutive day, according to data from the CoinMarketCap platform.
As of 11:30 AM Tashkent time, one token is valued at approximately $79,500. This represents a 7.5% decrease compared to the same time yesterday and over 19% compared to the previous Friday, February 21. The last time the price was at this level was on November 11, 2024.
Price drops were noted around 6:30 and 7:45 local time. In the first instance, Bitcoin lost $2,580 in just ten minutes, while in the second instance, it dropped by $2,200 over twenty minutes.
The decline in prices is also affecting other cryptocurrencies. For instance, Ethereum has decreased by 9.6% and is currently priced at $2,121, while Solana is trading at $127.46, which is 9.3% lower than the previous day.
In the weeks following Bitcoin's record price on January 20, the total market capitalization of cryptocurrencies has decreased by $1 trillion. Experts advise users to refrain from buying "at the lows," noting that the price drop might continue.
For example, Marcus Tilen, founder of 10X Research, referred to the Bitcoin price situation as a "classic wedge expansion." According to him, the price correction may continue until it reaches slightly above $70,000 per token.
A similar assessment is provided by Ruslan Lenha, head of market operations at the YouHodler platform. However, he indicates that the price may only drop to this level if negative sentiments persist in the stock markets.
Analysts link the growing concerns among investors to the anticipated introduction of tariffs by the U.S. on goods from Canada and Mexico, as well as President Donald Trump's overall approach to trade confrontations. They suggest that the trend of moving capital from risky assets to relatively safe ones may continue.
Earlier, Spot reported on the scandal involving Argentine President Javier Milei and the cryptocurrency $LIBRA.