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- The Bybit hack has elevated fears over centralized change safety vulnerabilities<\/li>\n
- US President Donald Trump\u2019s commerce tariffs are growing market uncertainty<\/li>\n
- Trump\u2019s crypto guarantees could have began as being nice, however they may find yourself proving catastrophic<\/li>\n<\/ul>\n
Three issues are contributing to the drop in crypto prices, which has seen Bitcoin fall 7.50% over 24 hours to $78,000, in accordance with Unity Wallet\u2019s COO.<\/p>\n
![\"\"](\"https:\/\/coinjournal.net\/wp-content\/uploads\/2025\/02\/Bitcoin-78000.jpg\")
BTC value at $78,000. Source: CoinMarketCap<\/a><\/figcaption><\/figure>\n It\u2019s a big drop from Bitcoin\u2019s<\/a> all-time excessive, which reached $109,000 in January<\/a> forward of US President Donald Trump\u2019s<\/a> inauguration.<\/p>\n
According to James Toledano, it looks like optimism across the crypto market post-election created a bubble and that the \u201creality post-inauguration is now setting in \u2013 and hard,\u201d he mentioned to CoinJournal.<\/p>\n
In Toledano\u2019s view, the Bybit<\/a> hack on the crypto change final Friday\u2014which resulted within the theft of almost $1.5 billion worth of Ethereum<\/a>\u2014is likely one of the contributing factors affecting crypto prices.<\/p>\n
Undermining investor confidence, it has led to panic withdrawals and a market-wide selloff throughout the board. While Bybit\u2019s CEO, Ben Zhou, shortly responded to the hack, the scenario has elevated \u201cfears about centralized exchange security vulnerabilities\u2014which only solidifies the case for self-custodial services,\u201d Toledano continued.<\/p>\n
Dom Harz, co-founder of BOB (\u201cBuild on Bitcoin\u201d), a hybrid Layer-2, mentioned to CoinJournal the theft at Bybit is a \u201cstark reminder of the industry\u2019s fundamental issues,\u201d including:<\/p>\n
\u201cWe\u2019ve been hypnotized by price spikes, memecoin frenzies, and media spectacles, forgetting that crypto was meant to be a new financial system\u2014one built on decentralized protocols that make finance accessible to everyone. Bybit just gave us a $1.5 billion reminder that we are nowhere near that reality.\u201d<\/p>\n
Trump\u2019s tariffs<\/h2>\n
The continued market selloff follows Trump\u2019s commerce tariff announcement earlier this week.<\/p>\n
During his election marketing campaign, the US president made guarantees concerning crypto, stating that America would be the \u201ccrypto capital of the planet<\/a>.\u201d<\/p>\n
Since getting into the White House, he has appointed pro-crypto people to reshape authorities businesses, particularly Paul Akins because the incoming chair of the US Securities and Exchange Commission<\/a> (SEC).<\/p>\n
Mark Uyeda is presently acting chair of the SEC<\/a>.<\/p>\n