In recent days, the cryptocurrency market, including the Binance platform, has experienced significant price declines. Bitcoin (BTC) dropped below $90,000, reaching a level of $88,514, which signifies a decrease of 0.42% over the last 24 hours. Ethereum (ETH) also recorded a decline, priced at $2,480.04, representing an increase of 5.22% during the same period. BNB, the native token of Binance, is valued at $621.03, with an increase of 5.27%. XRP reached a price of $2.28, gaining 6.54%.
Main reasons for the current declines in the cryptocurrency market:
1. Macroeconomic concerns: Rising inflation and uncertainty related to the trade policy of the United States, including the imposition of tariffs on imports from Mexico and Canada by President Donald Trump, have affected investor confidence in risky assets such as cryptocurrencies.
2. Hacking attack on Bybit: A recent hacking attack on the Bybit exchange, resulting in the theft of $1.5 billion in Ether, has increased uncertainty in the market and contributed to price declines.
3. Decline in consumer confidence: According to a Conference Board report, the consumer confidence index in the U.S. fell to a level of 98.3 in February, the lowest in eight months. Concerns about rising inflation and potential trade tariffs have impacted negative investor sentiment.
It is worth noting that despite the overall declines in the market, some cryptocurrencies, such as BNB and XRP, have recorded increases over the last 24 hours. However, the overall situation in the market remains unstable, and investors should exercise caution and thoroughly analyze current information before making investment decisions.
