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Crypto Market Crash Today: 28th FEB – XRP News: Why is Bitcoin Dropping?
The cryptocurrency market has witnessed a devastating crash today, February 28, 2025. The news of President Trump’s announcement of tariffs on Canada, Mexico, and China has sent shockwaves throughout the crypto space, with major cryptocurrencies such as Bitcoin (BTC) plummeting in value.
Bitcoin, once the darling of the crypto world, has fallen below its 200-day simple moving average (SMA), marking a staggering 16% weekly loss. This decline is fueled by renewed concerns over U.S. tariffs, which have boosted demand for the U.S. dollar. As a result, Bitcoin briefly dipped below $80,000, its lowest value since November 10.
Other altcoins such as XRP, Solana (SOL), and DOGE have not been spared either. In fact, XRP has dropped below the 23.6% Fibonacci retracement level, indicating a further decline in the near future.
The rise of the U.S. dollar index to 107.30 has added fuel to the fire, exacerbating the crypto market crash. This unexpected turn of events has sent shockwaves throughout the entire cryptocurrency ecosystem, leaving many investors reeling from the sudden and unexpected losses.
For those who have been holding onto their Bitcoin or other cryptocurrencies in hopes of a turnaround, today’s news will undoubtedly be a painful reminder that no asset is immune to the whims of global markets.
