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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.
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
Hello and welcome…
… to The Independent’s live coverage of an ongoing crash in the crypto markets.
Andrew Griffin25 February 2025 10:40
