Why Bitcoin, Ethereum, and Dogecoin Crashed Today

Influenced both by macroeconomic factors and particular events in the industry, Bitcoin, Ethereum, and Dogecoin all suffered much today in terms of price.

Bitcoin's trading value dipped beneath $90,000 and hit an intraday low of $88,273. Ethereum was weighed down pretty heavily, dipping to levels below $2,400 while Dogecoin traded at around $0.207971.

A good cause for this drop was the announcement of US President Donald Trump that imports from Canada and Mexico will be charged with a 25 percent tariff which is to commence in the early March. It spiked the concerns of investors because of possible consequences stemming from trade wars and inflation that would divert investors away from riskier investments such as cryptocurrencies.

Then there's recent hack from the Bybit exchange on Ethereum, by which $1.5 million was stolen, and it has very bad effects for the market confidence. The security breach raises doubts about the security of digital values and thus continues the trend in selling.

This collective intent, in addition to high geopolitical tensions, uncertainties in economic policy, and the occurrence of important security incidents in the crypto industry, has led to today's price decline in Bitcoin, Ethereum, and Dogecoin.

ref : news

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~ Nesaty