The crypto market is in full meltdown mode, with a staggering **$325 billion** in market cap erased since Friday morning, according to data from **Coinglass**. The most dramatic moment came when **$100 billion vanished in just one hour** 😱. Surprisingly, there were no major headlines covering this crash, making it seem almost unnoticed—like no one even cared anymore 🤷♂️.
Even **meme coins**, which had been skyrocketing in recent weeks, took a severe hit. Liquidity has dried up across the board, raising fears of further declines 📉.
🚨 The Trigger: A Historic Hack 🚨
The sell-off began after a major hack on **February 21**, when **North Korea’s Lazarus Group** pulled off the biggest financial heist in history, stealing **$1.5 billion** from an exchange’s Ethereum wallets. This theft was **double the size** of the previous record-holder, the **$611 million PolyNetwork hack** in 2021 😨.
Ethereum, already struggling, took an even bigger hit as traders rushed to pull out funds, fearing another **FTX-style collapse** 💥. Despite the exchange’s CEO announcing that all losses would be covered, confidence wasn’t restored. Traders don’t easily forget billion-dollar hacks 😬.
🪙 Bitcoin Breaks Down 🪙
Initially, **Bitcoin** stayed out of the chaos. But once the **S&P 500 tanked** on Friday, Bitcoin followed suit, breaking its key **$98,000 support level** 📉. Adding to the pressure, **Citadel Securities** announced its move into crypto as a liquidity provider. Instead of calming the market, it triggered a **“sell the news”** reaction, with investors rushing to exit �.
🐸 Memecoins Collapse, Solana Struggles 🐸
**Solana**, down **22%** since Friday, dragged the memecoin sector with it. Memecoins, one of crypto’s wildest success stories this year, are now getting slaughtered 🪓. The collapse started when **Argentina’s President Javier Milei** endorsed **LIBRA**, a Solana-based memecoin, which initially surged but then crashed, wiping out **$4.6 billion** in investor money 💸.
Solana’s reputation took a hit, and with **$1.72 billion in SOL tokens** set to unlock on **March 1**, the market is bracing for even more selling pressure 📉.
📊 Altcoins and Crypto Stocks Suffer 📊
Altcoins as a group have lost **30-80%** since mid-December, according to **Arca**. Even **Dogecoin**, which had been riding on **Elon Musk’s federal workforce cuts**, is down nearly **7%** 🐕.
Crypto-related stocks are also taking a beating. **C....** has fallen for six straight days, its worst losing streak in months 📉. **Bitcoin miner MARA Holdings**, which plunged **13%** last week, lost another **2.6%** today. **Strategy** (formerly MicroStrategy) is also slipping, despite doubling down on Bitcoin buys �.
On Monday, **Strategy** filed with the SEC, revealing it had bought **20,356 Bitcoin** between **February 18-23** for **$97,514 per coin**, totaling **$1.99 billion** 💰. This acquisition pushes Strategy’s total holdings to **$47.7 billion**, equivalent to **2.5% of all Bitcoin that will ever exist** 🌍. The company funded this buy with proceeds from its **$2 billion convertible bond sale** last week.
---
The crypto market is in turmoil, and with liquidity drying up, the road ahead looks rocky 🪨. Will confidence return, or is this the start of a deeper crisis? Only time will tell ⏳.
#TraderProfile #SBF1stTweetIn2Yrs #MarketPullback #BTCDipOrRebound #InfiniHacked