Traders reacted sharply to the security breach, leading to a wave of liquidations across the digital asset market.
Bitcoin, the world’s largest cryptocurrency by market value, plunged 6% to $88,245, marking its lowest level since November and its first drop below $90,000 since mid-January. Meanwhile, Ether, the second-largest digital asset, nosedived 11% to $2,333, its weakest price since October, according to Reuters data.
Cryptocurrencies had experienced a significant rally following Donald Trump’s victory in the U.S. presidential elections, as the current president has positioned himself as a crypto-friendly leader. His campaign included pledges to establish a Bitcoin strategic reserve in the U.S. and create a cryptocurrency advisory council, fueling optimism in the sector.
