Bitcoin is currently trading around 91,804 USD (per X @tintucbtc_24h, 19:06 PST, February 24, 2025), a sharp decline from its early February levels above 100,000 USD. Earlier, on February 20, Bitcoin was recorded at 98,312 USD (X @CashbackEx), but over the past 24 hours, the crypto market lost over 250 billion USD in capitalization, dropping to 3,089 trillion USD (X @thanhle_gta). By the evening of February 24, total market cap further shrank to approximately 1.04 trillion USD, according to some sources.
Market Overview
Bitcoin is experiencing significant volatility in the global cryptocurrency market. After reaching a historic milestone above $100,000 in early February 2025, the leading digital currency has recorded a substantial decline in recent days.
According to the latest report from X account @tintucbtc_24h at 19:06 PST on February 24, 2025, Bitcoin is currently trading at around $91,804, a sharp decrease from its peak above $100,000 achieved in early February.
Recent Price Movements
On February 20, Bitcoin was recorded at $98,312 (according to X @CashbackEx)
In the past 24 hours, the entire cryptocurrency market has lost over $250 billion in capitalization, dropping to $3.089 trillion (according to X @thanhle_gta)
By the evening of February 24, total market capitalization further contracted to approximately $1.04 trillion according to some sources (X @cryptommopro)
Bitcoin touched the $90,000 level on the morning of February 25 (Vietnam time, afternoon of February 24 PST), suggesting the downward trend has not yet ended (X @tintucbtc_24h)
Key Causes of the Price Drop
President Trump’s Tariff Policies
Fears surrounding new tariff proposals from President Donald Trump have put pressure on global financial markets. These policies include:
- A 25% tax on imports from Canada and Mexico
- A 10% tax on imports from China
These policies could fuel inflation and slow economic growth, prompting investors to withdraw from risky assets like Bitcoin (Reuters, February 3). Although Trump delayed tariffs on Mexico by one month on February 24, uncertainty continues to disrupt the market (BBC, February 2).
Declining U.S. Consumer Confidence
A University of Michigan report showed consumer confidence falling to 64.7, down 10% from the previous month and the lowest in six months (Reuters, February 24). This has raised concerns about purchasing power and U.S. economic growth, exacerbating the Bitcoin sell-off.
Notable Market Events
The $1.4 billion Bybit hack on February 21 triggered short-term panic, with Bitcoin dropping 8% immediately after (Forbes, February 21)
Net outflows from Bitcoin ETFs reached $110.8 million on February 24, indicating institutional investors stepping back (X @AlvaApp)
Over $890 million in long positions and a total of $1 billion in buy/sell orders were liquidated in the past 24 hours, reflecting widespread market panic (X @thanhle_gta)
Market Forecast
Bearish Scenario
Analysts warn that Bitcoin could slide to $86,000 if macroeconomic pressures persist, especially following the Bybit hack and negative consumer confidence data (X @cryptommopro). The fact that Bitcoin touched the $90,000 threshold on the morning of February 25 (Vietnam time) suggests the downward trend may continue.
Bullish Scenario
Historically, February has been a strong month for Bitcoin, averaging 10-15% gains over the past five years (Cointelegraph, February 20). A relaxation of Trump’s tariffs or positive ETF inflows returning could help Bitcoin recover to the $95,000-$100,000 range within the next week.
Market Analysis
Despite the decline, Bitcoin is maintaining a key support level around $90,000-$91,000, with some traders viewing this as a buying opportunity (X @datnguyen_21). This suggests that, despite short-term fluctuations, long-term faith in Bitcoin remains relatively strong within the investment community.
The Bitcoin market is undergoing a significant correction after reaching its all-time high. Macro factors such as new tariff policies, weakening economic data, and security incidents have created a perfect storm causing Bitcoin’s price to drop sharply. However, many experts remain optimistic about the long-term prospects of the leading digital currency, viewing the current price drop as an opportunity to accumulate more.
Investors should closely monitor policy movements from the Trump administration, U.S. economic data, and ETF flows in the coming days to develop appropriate investment strategies.