Bitcoin Sees $15 Million Wiped Out in a Day as Additional Downside Pressure Intensifies

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The cryptocurrency market was gripped by extreme fear as Bitcoin (BTC) fell below the $63,000 mark, wiping out approximately $150 billion in total market capitalization within a single day.

According to crypto media outlet CryptoPotato on February 24 (local time), the total cryptocurrency market capitalization plunged sharply, with Bitcoin dropping below the psychological support level of $63,000. With this decline, Bitcoin has fallen nearly 50% from its all-time high of $126,272 recorded in October 2025. Market experts are warning of further downside risk, noting that Bitcoin has surrendered half of its peak value.

Key factors weighing on the market include uncertainty surrounding U.S. President Donald Trump’s trade policies and escalating tensions in the Middle East. In particular, risk-off sentiment intensified after the U.S. Supreme Court invalidated significant portions of President Trump’s tariff policies. Mounting concerns over a potential military conflict between the United States and Iran further accelerated capital outflows from the market.

Bitcoin’s decline triggered a broader slump across the altcoin market. Ethereum (ETH) fell 2.8% to $1,826.75, while Solana (SOL) and Cardano (ADA) posted losses of 2.8% and 3.3%, respectively. XRP also struggled, dropping 2.6%. Cryptocurrency data analytics firm Coinglass reported that approximately $230 million worth of long positions were liquidated over the past 24 hours.

Amid the turmoil, enterprise software company Strategy (MicroStrategy) announced additional Bitcoin purchases. The firm disclosed on Monday that it had acquired 592 more BTC, though the move was insufficient to offset broader selling pressure. On-chain analytics firm CryptoQuant noted that large whale investors have been moving significant holdings to exchanges, suggesting that volatility is likely to persist in the near term.

The cryptocurrency market now stands at a critical crossroads as macroeconomic headwinds coincide with the breakdown of key technical support levels. With Bitcoin failing to reclaim $63,000 and continuing to show sluggish momentum, investor fatigue is deepening. Market participants are maintaining a cautious stance, focusing on risk management until geopolitical tensions ease and policy stability becomes clearer.

Disclaimer: This article is provided for informational purposes only and does not constitute investment advice. The publisher is not responsible for any investment losses resulting from the use of this information.