Crypto Markets Plunge Like a Dramatic Soap Opera – Guess Who’s Crying Now?

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Ah, the sweet, sweet rise of Bitcoin – that delicate, fleeting creature – which dared to dream of greatness, only to have its hopes dashed in the blink of an eye. Just as we were all pondering whether it might take us to a new height, Friday arrived like an uninvited guest at a ball, and Bybit got itself hacked. With all the grace of a startled deer, Bitcoin plunged over four thousand dollars in mere hours. How utterly tragic. 😔

But wait! It wasn’t just the poor Bitcoin that took a tumble. Oh no, the altcoins joined in this grand drama. Some of the worst offenders included the likes of LTC, PEPE, AAVE, MNT, ONDO, APT, and TAO – all showing remarkable aptitude for descending into the abyss of red. 🌶️

BTC: A Valient Attempt at $100K… That Failed Miserably

The mighty Bitcoin, as it marched forward into the business week, was met with a bear (not the cuddly kind) that pushed it south, way south, down to a modest $95,300 by Monday. By Tuesday, it had plummeted to $93,000. It seemed all was lost, and we could hear the collective gasp of the crypto world. The lowest it had seen since the great February 3rd crash. But, like a true hero, Bitcoin staged a dramatic recovery and climbed back to $96,000, leaving us all breathless. Truly, who knew a cryptocurrency could inspire such emotion? 🥲

Then came the glorious Friday, when Coinbase’s CEO, all smiles and hope, assured us that a lawsuit between his company and the SEC would vanish like a ghost. And lo and behold, Bitcoin soared, reaching a shimmering peak of $99,700, as if it were about to conquer the world. But, alas, fate had other plans. In a turn of events so tragic it could rival any Greek tragedy, Bybit was hacked for a mind-boggling $1.4 billion in ETH. The market reacted in a most dramatic fashion: BTC plummeted to $95,000 in mere hours. Bravo, crypto world! 🍿

Now, as it regains a bit of ground and sits above $96,000, we can only wonder: is this the calm before the storm, or just another fleeting moment in the saga of cryptocurrency? The market cap stands valiantly above $1.910 trillion, and Bitcoin continues to flex its dominance over the altcoins at nearly 58%. 💪

The Altcoins: A Retreat as Graceful as a Herd of Sheep

The altcoins, bless their hearts, followed Bitcoin into the depths of despair after the Bybit news broke. Though some tried to recover, it seems the damage was done. ETH was halted at a mere $2,800, now clinging desperately to $2,700. XRP slipped by 3%, while DOGE, ADA, TRX, LINK, XLM, LTC, and SUI all faced declines of 4-5%. A truly catastrophic performance for the brave altcoins. 🥴

The crypto market, once holding an illustrious $3.4 trillion, has now fallen to a low of $3.3 trillion, shedding around $130 billion. Ah, the sweet sting of loss. At least we still have our memories of yesterday’s peak. 😅

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2025-02-22 13:12