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The price of bitcoin has dramatically crashed amid broader fears across the market.
It is the most dramatic crash of Donald Trump’s presidency, after a period that has seen huge surges linked to his commitments to put crypto at the heart of his administration.
But the price fell quickly on Tuesday morning as tariffs and other fears also dragged stock markets down.
Analysts have also suggested that the industry is still awaiting promised support from Trump for the crypto market, including plans to launch a Bitcoin Strategic Reserve.
The fat also came amid a major hack at the Bybit exchange, and increasing worries that the trend for memecoins – which are often launched amid high excitement but then crash again – could damage the reputation of the technology.
Why did crypto market crash?
The beginning of the latest slide began on Friday, when news emerged that hackers were able to steal $1.5 billion from the crypto platform Bybit.
Fears over the US Federal Reserve getting a Musk makeover compounded the latest downturn, while Donald Trump has also been blamed for failing to deliver on his pledge to be the first ever “bitcoin president”.
You can read the full round-up of reasons, and hear from experts, in the story below:
Anthony Cuthbertson25 February 2025 13:03
Bitcoin’s price crash in perspective
Bitcoin’s latest nose dive has seen $20,000 wiped from its value since peaking in late January, but zooming out the losses seem less severe.
The world’s leading cryptocurrency is still up more than 60 per cent since September, and more than quadruple the price of its 2023 lows.
It’s still too early to tell whether this latest downturn marks the beginning of a bear market, with analysts divided in their predictions for the direction of the crypto market over the current months. Looking at recent estimates made by industry figures, some still believe that the peak of this cycle is yet to be hit.
Anthony Cuthbertson25 February 2025 11:55
Crypto market crashes amid variety of worries
Here’s our story on this morning’s crash.
Andrew Griffin25 February 2025 11:02
Hack hits crypto prices
Ethereum – the second largest cryptocurrency – is struggling more than bitcoin. It is down almost 11 per cent over the last 24 hours.
That is in large part due to a hack of the exchange Bybit, during which attackers stole $1.5 billion, in what has been called history’s “biggest digital heist”.
Andrew Griffin25 February 2025 10:50
