{"id":39999,"title":"Bitcoin Sees Biggest Monthly Loss Since 2022 Amid Market Turbulence And Cyber Attack","publisher":"Stockmark.IT","author":"Stockmark.IT Website","published":"2025-03-03T06:14:38+00:00","modified":"2025-03-03T06:14:38+00:00","canonical_url":"https://stockmark.it/bitcoin-sees-biggest-monthly-loss-since-2022-amid-market-turbulence-and-cyber-attack/","markdown_url":"https://stockmark.it/bitcoin-sees-biggest-monthly-loss-since-2022-amid-market-turbulence-and-cyber-attack.md","json_url":"https://stockmark.it/bitcoin-sees-biggest-monthly-loss-since-2022-amid-market-turbulence-and-cyber-attack.json","category":"Cryptocurrency","categories":["Cryptocurrency","Cyber attacks","Financial","Markets"],"featured_image":"https://i0.wp.com/stockmark.it/wp-content/uploads/2022/11/bitcoin-sm.jpg?fit=480%2C270&quality=89&ssl=1","format":"news","language":"en-GB","content":"Bitcoin has faced its largest monthly decline since June 2022, entering a technical bear market as market optimism around cryptocurrencies waned during February. The leading cryptocurrency dropped 17.5% last month, closing at approximately £67,010 ($84,252). This marked an 11th worst month for Bitcoin over the past decade, with the price sinking to a three-month low of £62,273 ($78,273) last Friday.\n\nThe decline follows a lofty high of £86,801 ($109,071) recorded in mid-January, with Bitcoin now having fallen over 20% from those levels. This downturn was exacerbated by increased volatility in the financial markets, as fears surrounding a global trade war mounted. The imposition of new tariffs on imports from Canada, Mexico, and China by President Donald Trump has sparked uncertainty across investors. Riskier assets such as cryptocurrencies and stocks saw steep drops, as market stability faltered in February.\n\nFollowing heightened market pressures, sentiment in the cryptocurrency space took another hit after the Bybit exchange fell victim to a major cyber-attack. The hack, carried out in Dubai, saw £1.2bn ($1.5bn) worth of crypto assets stolen, further shaking confidence in the sector. Amid this turbulence, crypto markets struggled to regain footing, with bears firmly gripping the sentiment towards digital currencies.\n\nOptimism around cryptocurrencies, which surged after Donald Trump’s election victory and speculation over the formation of a bitcoin-backed strategic reserve, had begun to fade. Yet, on Sunday, market revival was seen as the president announced plans to include several key cryptocurrencies in the newly formed Crypto Strategic Reserve. Trump revealed that assets such as XRP (Ripple), SOL (Solana), and ADA (Cardano) would feature prominently in the reserve, alongside Bitcoin and Ethereum.\n\nThe announcement acted as a catalyst for a rebound in Bitcoin’s price, pushing it back to £74,872 ($94,000) by the weekend. Trump’s engagement with cryptocurrencies comes following his executive order on digital assets, which he stated would position Bitcoin and Ethereum at the core of the strategic reserve.\n\nHistorical performance suggests Bitcoin has weathered similar sharp drops before. In June 2022, a drop of 41% was followed by a significant rebound in the subsequent month. However, concerns linger about market confidence, particularly if regulatory frameworks or significant moves supporting cryptocurrency remain absent. The sector remains fragile, with investor confidence tied closely to continued government intervention and market developments."}