Ethereum Drops 23% in February! BlockDAG’s Presale Success Nears $200M—Which Crypto Is the Better Bet?
One major factor in this downturn was a $1.5 billion hack targeting the Bybit exchange, where attackers exploited an Ethereum wallet. Consequently, this incident eroded market confidence, leading to increased selling pressure as investors moved to minimize risks. Moreover, the breach raised concerns about security vulnerabilities in centralized exchanges, amplifying market anxiety.
At the same time, macroeconomic instability added to Ethereum’s struggles. The announcement of renewed tariffs on imports from Mexico, Canada, and China by President Donald Trump reignited fears of a global trade war. As a result, this policy shift triggered a sell-off in risk assets, including cryptocurrencies, leading to over $2 billion in liquidations within a single day.
Furthermore, technical indicators reflected the bearish sentiment, with Ethereum’s Relative Strength Index (RSI) entering oversold territory. Additionally, a decline in whale activity suggested that large investors were reducing their holdings, further pressuring ETH’s price.
