Bitcoin falls below $89k

WASHINGTON: Bitcoin, the world’s largest cryptocurrency, plummeted to its lowest level in over two months on Tuesday.

Around 7:15 AM UTC, its value dropped to $90,464.45, down from the previous day’s close of $91,526.43 – marking a decrease of $872.64. By 7:19 AM, the decline deepened further, with Bitcoin falling by $1,357.54 to $90,168.89.

The downward trend continued, and by 7:24 AM, Bitcoin was down by $2,035.18, or 2.2 per cent, to $89,491.25. Just two minutes later, at 7:26 AM, it slipped further by $2,155.91 to $89,370.52.

By 7:43 AM UTC, Bitcoin had tumbled by $2,568.12 to $88,958.31, hitting its lowest point since November 2024. At the rate of $89,370.52, Bitcoin’s value in Pakistani rupees stood at approximately Rs25,026,307.

The wider cryptocurrency market is facing a severe downturn, with the global market capitalisation dropping 4.90 per cent to $2.99 trillion.

Panic selling surged as reflected in the 75.57 per cent rise in trading volume, now at $143.57 billion. The Fear & Greed Index fell to 29, indicating growing concern among investors amid broader economic uncertainties.

Expert opinions

Bitcoin’s dip below $91,000 has analysts at crypto exchange Bitfinex calling it a “critical juncture” after nearly 90 days of trading within a tight range.

According to Bitfinex’s February 24 Alpha report, Bitcoin has been confined between $91,000 and $102,000 for three months, stalling market momentum. Analysts note that the cryptocurrency “remains at a critical juncture after nearly 90 days of consolidation” and lacks the momentum for a sustained breakout.

Over the past 24 hours, Bitcoin has dropped more than 4.5 per cent, hitting its lowest level since late November, according to CoinGecko. The broader crypto market has seen an 8 per cent decline, shrinking from over $3.31 trillion to approximately $3.09 trillion.

Largest crypto heist

In other news, cryptocurrency exchange Bybit recently reported that hackers had stolen digital tokens worth around $1.5 billion, marking the biggest crypto heist on record.

Bybit CEO Ben Zhou said the theft occurred from a “cold wallet” – a type of digital wallet typically stored offline for enhanced security – which was used for ether tokens.

Blockchain research firm Elliptic confirmed that this heist is more than double the size of the previous record and is “almost certainly the single largest known theft of any kind.”

The crypto industry has been plagued by a series of high-profile thefts, raising concerns over the security of customer funds.

In 2024 alone, hackers have stolen more than $2 billion, marking the fourth consecutive year where crypto thefts have exceeded $1 billion.

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