Bitcoin Takes a Nosedive: Hacks, Tariffs & Oh, Inflation! 📉😂

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“Bitcoin Takes a Nosedive: Hacks, Tariffs & Oh, Inflation! 📉😂”

Bitcoin Takes a Nosedive: Hacks, Tariffs & Oh, Inflation! 📉😂

In the vast, relentless ocean of capitalism, where dreams are traded faster than the winds can whisper, Bitcoin—our digital miracle worker—has been struck down, battered by the ferocious waves of human folly. This week, it tumbled, bruised and bloodied, by $13,000. Poor BTC, a digital Icarus melting under the fiery whims of mortal desires! 🎭

Friday heralded the beginning of this tragic drama. Data from the digital scribes of CoinGecko revealed that Bitcoin, once glimmering at $99,400, now languishes at a meager $86,300. Below, we dissect the culprits of its undoing. Oh, what a Greek tragedy this is! 🎭

A dismal chart of Bitcoin's fall—behold, the curve of despair!

Bybit Hack and Trump’s Tariff Tantrums

First came the foul beast—a hack! Bybit, home to dreams of quick riches, fell victim to a $1.49 billion hack. News of it spread like a cruel winter wind, sending Bitcoin lurching adrift from $100,000 to $97,370. But Bitcoin didn’t stop there… oh no! It staggered, wounded, to $94,909, leaving investors clutching their screens, whispering, “Why hast thou forsaken us?”

Like an addict craving recovery, the cryptocurrency clawed its way back to hover around $96,000. Alas, this brief reprieve was as fleeting as youth. Come Monday, a new twist arrived in the form of he whose name rules the news—Donald Trump. His proclamation? Tariffs on Mexico and Canada would rise again. Cue the collective groan! Mark Monday as the day Bitcoin decided it simply couldn’t even anymore. 📉

Trump, who momentarily flirted with mercy earlier this month by suspending tariffs, poured gasoline on the fire. Investors fled, and BTC bled—just like it bled when tariffs were first imposed. Oh, what a cruel cycle this is! Around $91,300 was lost in February, only to dip further into the abyss as Trump rambled at his podium once more.

Inflation’s Icy Grip

But no tale would be complete without the lumbering giant of inflation. Fear of inflation has gripped America tighter than a miser hoarding pennies. A recent economic oracle—the U.S. Services Purchasing Managers’ Index (known only to nerds)—revealed doom in the form of a 22-month low. Margins shrank, growth slowed, and Americans sighed. The economy dances awkwardly, and Bitcoin sulks in tandem.

Aurelie Barthere from Nansen, an on-chain analytics sage, warned that the market is behaving like a spooked horse. Investors heard inflation’s hooves clanging and bolted. This is a carnival not for the joyous but for the weary! Will BTC rise, phoenix-like? Only the Fates may know.

The Exodus of ETFs

Lastly, the coup de grâce: ETF investors packing their bags in droves! In the States, spot Bitcoin ETFs experienced a mass exodus worthy of a blockbuster. Six days of consecutive outflows followed by ten red days in February solidified its title as “The Worst ETF Month Ever!” Guess Bitcoin’s Valentine bouquet got lost in the mail. 💔

One particularly dark day—February 24—saw $516 million vanish into the financial ether. January 2024 gave these ETFs life, and February 2025 threatened to snuff them out. Investors, jaded and cynical, have abandoned these regulated financial darlings, leaving Bitcoin to hobble beneath $90,000.

Will the crypto warrior recover, or is this the opening act of more misery? Stay tuned; the drama never ends, dear reader. For now, Bitcoin sits in its digital dungeon, its heavy crown tipped to the floor. 🪙👑

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2025-02-25 18:26