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Bitcoin 
$93,570 has taken a downturn, dropping back to the $94,142 mark. This rapid decline follows a series of sell-offs triggered by falling prices in the U.S. markets and a significant hack on the Bybit exchange. The question now is: what’s the current state of cryptocurrencies?
Current Status of Cryptocurrencies
The total market capitalization of cryptocurrencies has decreased by 3%, falling back to the $3 trillion threshold. Although trading volume has surged by 37% aiming for $100 billion, selling pressure remains dominant. After holding steady at $2,800 over the weekend, Ethereum 
$1,762 has slid back to $2,850, unable to retain its gains, even with Bybit’s hundreds of millions in buying efforts.
Solana 
$152 (SOL) has also dipped to $152, while the intensity of ‘pumpfu’ remains high. For a healthy altcoin rally, community protest against pumpfu-style platforms is essential to reduce their trading volumes.
In the last 24 hours, $354 million of positions were liquidated, with nearly $300 million coming from long positions. As funding rates for cryptocurrencies like SUI, ADA, and LINK have turned negative, bears that have profited from short sales seem satisfied. Bitcoin’s prolonged consolidation has led to interesting chart formations impacting altcoins.
Bitcoin (BTC) Insights
A key event this week is the upcoming PCE data release on February 28, with expectations being cautiously optimistic. This data, a crucial inflation indicator for the Fed, could provide market support if positive. However, the swift dismissal of crypto lawsuits by the SEC coincides with ongoing market negativity, leading to heightened investor caution.
In the event of a news-triggered decline, Bitcoin could fall to the $92,400 and $89,300 levels, potentially reaching $87,000. Such a scenario poses a risk of double-digit losses for altcoins, leaving investors on high alert.
