The price of Bitcoin saw a sharp decline on the night of Thursday, February 27. This information comes from the CoinMarketCap platform.
As of 11:20 Tashkent time, one token is valued at approximately $85,880, which is a decrease of 3.1% compared to the previous day. Over the past week, the value of the cryptocurrency has dropped by more than 11%, or roughly $11,000.
The most significant drop occurred last night around 1:20 Tashkent time, when Bitcoin was valued at $82,243 — the lowest point since November 12, 2024. However, the price has since slightly adjusted.
Other cryptocurrencies are also experiencing notable declines. For instance, Ethereum is currently selling for $2,345, which is 5.8% lower than the previous day and 14% lower than last Thursday. Solana and XRP have both decreased by more than 18% over the week.
Spot exchange-traded funds (ETFs) that invest in Bitcoin have reported a sharp increase in net outflows for the year since trading began. On February 25 alone, the capital volume decreased by more than $1 billion, totaling a $2 billion drop over the week.
Richard Teng, the head of the Binance cryptocurrency exchange, described the situation as a "short-term tactical retreat," suggesting that a new uptrend will follow. He noted that crypto assets have proven their ability to recover after macroeconomic downturns. However, the company Glassnode expresses skepticism about the market's resilience and does not rule out further declines.
Steven Lubka, director of private and family clients at Swan Bitcoin, highlighted the growing uncertainty in the markets due to actions taken by the U.S. government during Donald Trump's administration. He added that this uncertainty is also reflected in the cryptocurrency market.
Ryan Li, a leading analyst at Bitget Research, also pointed to the influence of the political situation on stock markets and crypto assets. He mentioned that Trump's plans to impose tariffs on imports from Mexico and Canada have had a significant impact on their prices.
Additionally, Roman Nekrasov, co-founder of the ENCRY Foundation, identified the panic following the hacking attack on the cryptocurrency exchange Bybit as one of the main factors. Groups from North Korea are accused of stealing $1.5 billion from user wallets.
Bitcoin first reached a value of $100,000 on December 5, following a surge after Donald Trump's election as President of the United States. The peak price — around $109,000 — was recorded on January 20, the day of the inauguration, but since then, the cryptocurrency has been gradually declining.
Earlier, Spot reported that the company City Pay Gate received two licenses in the field of crypto assets.