Market Overview
- Cryptocurrency markets dropped 7% on Monday, with $208 billion in liquidations reducing the sector's total valuation by $80 billion.
- Bitcoin (BTC) fell 4.7%, hitting a 40-day low of ~$91,000, with technical indicators signaling further downside risk.
- Hedera (HBAR) and Bittensor (TAO) were the only top-50 assets to post daily gains.
Bitcoin Market Update
Bitcoin prices faced intensified bearish sentiment following global macroeconomic uncertainties.
Key BTC Developments:
- Price drop: BTC fell to $93,000 intraday, marking a 7% decline since the Bybit hack.
- ETF outflows: $76 million exited Bitcoin ETFs, totaling $700 million over 5 days.
- Liquidations: Traders lost $243 million in BTC derivatives (20% of the day’s $943M total).
- Institutional move: MicroStrategy purchased 20,356 BTC ($1.99B).
👉 Track real-time BTC price movements
Altcoin Market Volatility
Solana (SOL) Faces Dual Pressures
- Price action: SOL plummeted to $140, a 4-month low, down 51% from its YTD high ($295).
Catalysts:
- Pump.Fun’s AMM launch threatens Raydium’s revenue, causing RAY token to drop 25%.
- FTX’s impending unlock of 11.2M SOL ($2B) on March 1 sparks dilution fears.
Ethereum (ETH) Drops 6% Despite Bybit Recovery Efforts
- Hack impact: 400K stolen ETH (3% of supply) fuels sell-off fears.
- Price: ETH hit $2,470, a 20-day low, as developers ruled out a chain rollback.
Top Gainers: HBAR and TAO
- Hedera (HBAR): Boosted by Nasdaq ETF application news.
- Bittensor (TAO): Rallied amid AI sector optimism.
Whale Activity Defies Market Trends: Litecoin (LTC)
Despite a 14% price drop since the hack:
- Whale demand: Large transactions (>$100K) stabilized at $10.5B, nearing last month’s peak.
- ETF optimism: 90% approval probability fuels institutional accumulation.
👉 Explore Litecoin investment strategies
Crypto News Briefs
1. PancakeSwap Launches on Monad Testnet
- Features: 0.01% fees, faster trades via Monad’s high-speed blockchain.
- Availability: V2/V3 pools now live (test phase only).
2. USDC and EURC Gain Dubai’s First Stablecoin Approval
- Regulatory milestone: Circle’s stablecoins approved by DFSA for payments and asset management.
- Impact: Strengthens UAE’s digital asset framework.
3. SEC Closes Robinhood Crypto Probe with No Action
- Outcome: No charges filed after 10-month investigation.
- Statement: Robinhood maintains compliance with securities laws.
FAQ Section
Q: Why did Bitcoin ETFs see continuous outflows?
A: Macro uncertainties and Bybit hack aftermath triggered investor caution.
Q: Will FTX’s SOL unlock crash the price further?
A: Short-term sell pressure is likely, but long-term holders may absorb supply.
Q: Is Ethereum’s drop reversible?
A: Yes, if market confidence returns post-hack, though recovery may take weeks.
Q: How does Monad improve DeFi trading?
A: Its blockchain processes thousands of transactions/sec with near-instant finality.
Q: What’s next for USDC in Dubai?
A: Expect expanded use in regulated payments and enterprise solutions.