Although there is not much bad news in the market at the moment but Bitcoin continues its disappointing performance. There is currently some Bitcoin selling pressure. There is not much bad news in the market at the moment except for the hack of ByBit on February 21st, although this hack is one of the most embarrassing in history. And one of the biggest hacks in terms of money. As a result, many people are moving money from Bybit to other exchanges. However, the market was still in a good position and after a temporary decline, Bitcoin held its price above that level over the weekend, but in a very short span of time, the price of Bitcoin has now fallen below $96,000. Currently, the price of Bitcoin is close to 90 thousand dollars.
[source](https://pixabay.com/photos/trading-investing-stocks-options-7181177/)
But one thing we always notice is that when the price of Bitcoin falls slightly, the price of altcoins falls by a large amount. It can be seen that if the price of Bitcoin decreases by 10%, then the price of other coins decreases up to 50%. For example, the altcoins have become bloody from last night till dawn today. Bitcoin fell to $93,500 early in the week. Although there was a temporary drop and when the CEO of Coinbase released his positive comments about it then it recovered some of its losses and reached $99,500.
Although the upward trend of Bitcoin was a weakness, suddenly when the biggest hack in the history of the market i.e. $1.4 billion bybit hack was spread on various social media, the price of Bitcoin immediately fell from above $4,000 leading to a rapid fall. By then, however, Bitcoin's price had fallen back to $95,000, before falling below $96,000 at the start of the new week. But suddenly a selling pressure started again in the market due to which we saw a huge fall in the price of Bitcoin from early morning till morning today. But the sad thing is that the price of other coins along with Bitcoin has fallen quite a bit which is already at the lowest level.
Another common issue is that when the price of Bitcoin becomes volatile, investors are under a lot of pressure to sell altcoins. When altcoins feel a lot of pressure to sell, the market gets bloody as many people move away from it and start investing in Bitcoin. While the transfer to the exchange is often interpreted as an indication of intent to sell, the transfer could be part of an internal process between Binance and ByBit, especially after Binance backed ByBit after being hacked. Currently not only Bitcoin but other coins such as Ethereum lost 4% below $2,600, while XRP similarly fell below $2.50. But another issue is Bitcoin dominance. We see a temporary decline in altcoins as it continues to pump. Hopefully we will enter a bull market soon. This may be the last bitcoin correction. So be patient.
