- The world’s largest currency, Bitcoin, recently touched its lowest value in three months, dipping below $80,000 for the first time this year
- Over $488 million was liquidated from the Bitcoin market in the last 24 hours, indicating potential buyer weakness and growing concerns among investors
- February has registered the most outflows in a monthly period for Bitcoin ETFs, with the highest single-day outflow in the history of Bitcoin exchange-traded funds
The world’s largest currency recently touched its lowest value in three months. Today, on February 28, Bitcoin dipped below the $80,000 level for the first time this year.
At its lowest point in the day, BTC reached as low as $78,411 before reverting back above $80k, according to CoinMarketCap. This was Bitcoin’s lowest value since November 11, 2024. While at the time the asset was on its way up to reaching a new all-time high, this time Bitcoin entered that zone under massive bearish pressure.
Buyers refused to let the $80k margin go easily. Soon after BTC reached the $78,000 zone, the asset began gaining value throughout the hours of the day. As of right now, Bitcoin trades at $84,588 — up 1.21% over the last 24 hours.
Larger timeframes reveal how February has been turbulent for the world’s largest currency. The 7-day charts reveal a 12.13% dip, adding up to a near 18% decrease since January 31st.
This poor performance seen this month has also affected the ETF market for Bitcoin. February has registered the most outflows in a monthly period for Bitcoin ETFs, with the highest single-day outflow recorded in the history of Bitcoin exchange-traded funds.
Back to the digital asset, over $488 million was liquidated from the Bitcoin market over the last 24 hours, signaling a potential buyer weakness and highlighting the current uncertainty among investors.
While this significant sell-off may indicate growing concerns regarding Bitcoin prices, some believe now could be an opportunity to buy the dip. After all, plans for a Strategic Bitcoin Reserve in the U.S. government are still ongoing, and institutional BTC adoption is also on the rise.
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