Several factors contributed to this decline:

U.S. Economic Policies and Tariffs: Concerns over President Donald Trump's tariff plans have created economic uncertainty, negatively impacting investor sentiment and leading to sell-offs of risky assets like Bitcoin. (nypost.com)

Crypto Market Security Issues: A security breach at the Bybit exchange, resulting in the loss of $1.5 billion in Ether, has shaken investor confidence in the security of crypto trading platforms. (ft.com)

Tightening Monetary Policy: Fears that the U.S. Federal Reserve (Fed) may maintain high interest rates to control inflation have made investors more cautious, leading to capital outflows from risky assets like Bitcoin. (nypost.com)

Memecoin-Related Incident: The collapse of a memecoin promoted by Argentine President Javier Milei has caused losses for investors, further reducing confidence in the crypto market.