Crypto Market Crash Today : 28th FEB

Mirana Ventures, linked to Bybit, acquired an additional 21,667 $ETH ($46.25M) from FalconX via over-the-counter (OTC) transactions just four hours ago. This follows their previous purchase of 265,912 $ETH ($700M) after the Bybit hack, which was deposited back into Bybit. The venture’s anchor capital providers are the co-founders of Bybit, highlighting their continued strategic involvement in the exchange’s recovery and growth.

Strategy (MSTR), previously known as MicroStrategy, has experienced a dramatic 56% decline from its all-time high in November, resulting in a total market cap loss of nearly $80 billion. This significant drop reflects the broader volatility in the market and ongoing concerns regarding the company’s Bitcoin investment strategy amid market downturns

Chinese stocks saw a decline following U.S. President Donald Trump’s announcement that he would impose an additional 10% tariff on imports from China. The announcement raised concerns over the potential impact on trade relations between the two countries and added to the market’s volatility. Investors are closely watching the ongoing tariff situation for its effects on global economic stability.

A newly created wallet withdrew 96,128 $SOL ($12.37M) from Binance at $128.6 and staked it all with Jito. The wallet is linked to a whale who closed its first SOL trade at $140.8 three days ago, reportedly profiting $4.58M (+51%) after a year of staking. This move highlights significant activity and strategic staking by whales within the Solana ecosystem.

XRP is down 4%, testing the support at $2.12 amid recent market volatility. Short-term holders have been selling, but whales have absorbed the selling pressure, accumulating 440M XRP, worth nearly $1 billion. Ripple’s expansion in South Korea aims to boost XRP adoption. With bearish pressure and the RSI below neutral, XRP may bounce if it holds the $1.96 support level, but a break below could signal further decline.

Cardano (ADA) is experiencing a continued decline, trading around $0.60 after falling 23% this week. The drop is supported by Santiment data, showing a decrease in daily active addresses and a bearish technical outlook. ADA has faced rejection at its descending trendline and has fallen 15% since February 21. If the downward momentum persists, ADA could fall another 16%, potentially retesting its February low of $0.50. The RSI indicates selling pressure but may be due for a bounce. However, decreasing network demand signals further weakness for Cardano.

Crypto analyst Lark Davis believes Bitcoin could grind its way back up towards $90K in the next few weeks, with two possible scenarios. The first is a bullish reversal as tariff fears subside and ETF flows stabilize, leading to a market rally. The second scenario sees a bearish retest of key price levels, signaling a rejection that could mark the end of the current recovery. Investors should stay alert for key signals in the coming weeks.

Michael Saylor, executive chairman of Strategy (MSTR), joked with his followers, saying “Sell a kidney if you must, but keep the Bitcoin” as Bitcoin price dipped under $80,000 today. Despite the price drop, Saylor remains bullish on Bitcoin, emphasizing the importance of holding. With Bitcoin facing an 18% weekly loss amid a liquidity crisis and macroeconomic uncertainty, Saylor continues advocating for Bitcoin as a long-term investment, even as MicroStrategy faces risks from its large Bitcoin holdings. Saylor also met with U.S. lawmakers to discuss creating a Bitcoin strategic reserve, positioning the U.S. as a leader in crypto innovation.

Bitcoin price dropped 7.6% in the past day, trading at $79,390, marking a new yearly low. The cryptocurrency fell as low as $79,250, reflecting ongoing bearish sentiment. Ether also struggled, down 10% around $2,100. Despite strong earnings from Nvidia, broader market concerns, including renewed U.S. tariffs and a slowing economy, weighed on investor sentiment. Additionally, Bitcoin’s correlation with the S&P 500, along with institutional repositioning and liquidity depletion, deepened the downturn. The Crypto Fear & Greed Index now shows extreme fear, reaching a level last seen during the 2022 Terra-Luna collapse.

CryptoQuant CEO has maintained his bullish stance on the market, reaffirming that the current bull cycle is not over. While he anticipates a potential 30% drawdown at some point, he believes the cycle remains intact unless Bitcoin drops significantly below $75K. He emphasized his consistent view on the market, acknowledging the possibility of a correction while staying optimistic about the long-term bull trend.

On February 28, a significant expiration of 59,000 BTC options with a put-call ratio of 0.7 and a max pain point of $96,000 is set to occur, holding a notional value of $4.66 billion. Simultaneously, 529,000 ETH options are expiring, with a put-call ratio of 0.52 and a max pain point of $3,000, totaling $1.12 billion in notional value. Short-term volatility for BTC reached 90%, while ETH’s volatility surpassed 100%, signaling increasing market panic.

Bitcoin is currently testing the Kijun level at $81,000, a crucial Ichimoku support zone. Today’s Core PCE announcement is highly anticipated, with the previous reading at 0.2% and the forecast set at 0.3%. A print lower than 0.3% could spark a bounce for BTC, while anything higher may signal further downside in the near term. Investors are watching closely for signs of market direction following this key data release.

Bitcoin has filled its CME gap, but market watchers are now turning their attention to the road ahead. While many speculated that a market drop would start around March 10th, the correction has arrived earlier than expected. The outlook for March and April 2025 appears bumpy, with the market likely bouncing around the 200 EMA, experiencing small rises followed by dips. This pattern may continue until the market shows signs of exhaustion.

According to Lookonchain, the Bybit hacker has laundered 270,000 ETH, worth approximately $605 million, via THORChain. The hacker still holds 229,395 ETH, valued at around $514 million. This massive amount of stolen funds highlights ongoing concerns about the security of decentralized platforms and the laundering tactics employed by cybercriminals in the crypto space.

Ethereum has officially wiped out its post-election rally, now down 9% since November 5th, 2024. With a nearly 50% drop from its highs after the election, questions are rising about whether a new crypto bear market has begun. The broader crypto market has suffered nearly $1 trillion in losses over the last two months, signaling a significant shift in sentiment across the space.

Robert Kiyosaki, the famous financial educator, explained why he continues to buy Bitcoin when the market crashes. Kiyosaki believes that the real problem lies not with Bitcoin but with the failing U.S. monetary system and its $36 trillion debt, along with the $230 trillion in total liabilities, including Medicare and Social Security. He warned that inflation will skyrocket when countries like Japan and China stop buying U.S. bonds, causing the economy and U.S. dollar to collapse. Kiyosaki emphasized that Bitcoin represents money with integrity, contrasting it with “fake money” which he views as a thief.

Over the past 24 hours, a total of $821.24 million worth of leveraged positions have been liquidated, with the majority coming from long positions. Long liquidations amounted to $771.75 million, while short liquidations were significantly lower at $109.49 million. This massive liquidation event highlights the volatility in the market and the risks associated with leveraged trading.

Arizona’s Senate has passed the Strategic Digital Assets Reserve bill (SB 1373) with a vote of 17-12 on February 27, bringing it closer to becoming law. The bill creates a Digital Assets Strategic Reserve Fund managed by the state treasurer, including crypto seized by the state and appropriated funds. Meanwhile, another bill, the Strategic Bitcoin Reserve Act (SB 1025), also passed the Senate, focusing on investing public funds in crypto. Arizona now joins Utah in leading the race for US state crypto investment bills.

Bitcoin’s price is currently testing the Weekly MA50 at $74.8K, a crucial level to watch. After consolidating in September 2024, Bitcoin touched the MA50 and bounced back. If the bulls can hold this support again, it could trigger a strong bounce, potentially pushing Bitcoin to create a new all-time high (ATH). Investors are closely monitoring this key technical level for signs of bullish momentum.

Stock market today faces rising volatility, with four consecutive days of spikes in the Volatility Index ($VIX) above 20. Warren Buffett, in his annual report, acknowledged the difficulty in finding bargains in a historically strong market. With mixed tariff headlines and bearish investor sentiment at its lowest since 2022, the market is edging toward “RISK-OFF” mode. Rising volatility seems to be the new normal, with more capital moving to the sidelines.

The SEC held a closed-door meeting on February 27, 2025, raising speculation it could drop its appeal in the Ripple case. The lawsuit, claiming XRP was sold as an unregistered security, has drawn attention as the SEC recently dropped several high-profile cases. If the SEC dismisses the appeal, XRP’s price could surge, with analysts predicting a potential rally to $3.20 following Ripple’s previous legal victories.

Binance has completed a community vote that may lead to the listing of Pi Coin (PI) on the platform. With 86% of the 294,957 participants voting in favor, this marks a significant move toward integrating Pi Network’s native cryptocurrency into Binance’s offerings. However, Binance clarified that the vote results are for reference only, and the decision will be subject to further evaluation. Pi Coin, which has grown to over 60 million members, saw a 20.8% price drop following its ATH but has still outperformed the broader crypto market. The Pi Network community is also looking forward to Pi Day on March 14, 2025, which could bring further excitement and developments for the coin.

After recent corrections, the market appears to have found a solid demand zone, potentially setting up for a bounce. Bitcoin ($BTC) could reach $97K-$100K, Ethereum ($ETH) may hit $3K, and altcoins could experience a 10%-30% rally. This bounce may be triggered not only by technical factors but also by NVIDIA’s record-breaking earnings and the upcoming US PCE Price Index data. Investors are watching closely as the Fed evaluates its policies based on this data, which could influence market movements further.

Bitcoin’s spot volume surged around the $100K mark, but during distribution phases, prices tend to drop when new liquidity dries up. The key question now is where fresh liquidity will come from to sustain a bullish trend. With limited new liquidity entering the market, an extended consolidation within a wide range ($75K-$100K) seems likely, similar to early 2024. This range-bound movement could persist until favorable news for Bitcoin triggers new liquidity inflows.

Bitcoin (BTC) fell below its 200-day simple moving average (SMA) on Friday, marking a 16% weekly loss and briefly dipping below $80,000 for the first time since November 10. The decline was fueled by renewed concerns over U.S. tariffs, which boosted demand for the U.S. dollar. Altcoin like XRP, Solana (SOL), and DOGE saw even steeper losses, with XRP dropping below the 23.6% Fibonacci retracement level. President Trump’s announcement of tariffs on Canada, Mexico, and China further fueled the rise in the dollar, pushing the dollar index to 107.30.