As of February 24, 2025, Bitcoin (BTC) is trading at approximately $94,653, reflecting a slight decrease of 0.9% from the previous close.
The recent downturn in Bitcoin's price can be attributed to several factors:
Market Sentiment: A significant security breach occurred on the Dubai-based Bybit platform, resulting in the theft of $1.5 billion in digital assets. This event has heightened concerns about the security of cryptocurrency exchanges, leading to cautious investor behavior.
Macroeconomic Indicators: The S&P 500 index experienced a notable decline, dropping by 104 points on Friday, marking its worst daily performance this year. Historically, such downturns in traditional financial markets have influenced cryptocurrency prices, as investors often reduce exposure to riskier assets during periods of economic uncertainty.