London, February 25. Bitcoin and Ether fell to multi-month lows on Tuesday as traders continued to process the US$1.5 billion ether heist from cryptoexchange Bybit last week, as well as a general cross-market sell-off.
It fell as much as 6% to US$88,245, the lowest price since November and the first time since mid-January that Bitcoin, the largest cryptocurrency in the world by market value, has dipped below US$90,000.
Ethereum fell as much as 11% at one point to $2,333, the lowest price since October.
The hack of the cryptocurrency exchange Bybit and the steep drop that followed the expiration of S&P 500 options were two major events that made the market slump worse. Because of the latter, Bitcoin experienced a 4.7% decline that briefly sent it below $95,000 before rising again.
Digital assets aren’t the only ones experiencing a decline. The S&P 500, which has struggled to maintain a rise above the 6,000 barrier and is currently trading around 5950 in pre-market, is one example of the larger financial market that has suffered.
Equities saw a 2.1% decline on February 21st, reflecting the decline in risky assets like cryptocurrency. On Feb. 24, it dropped even more. Investors’ reactions to more general macroeconomic cues continue to define the relationship between cryptocurrencies and conventional markets.