Bitcoin (BTC) Price Has Dropped by 7.5% in the Past Week to Trade Below £70,349

Bitcoin price has dropped by 7.5% in the past week to trade below £70,349 on 26th February for the first time in three months. US President Trump's reaffirmation to

Bitcoin price dropped by 7.5% in the past week to trade below £70,349 on 26th February for the first time in three months. US President Trump's reaffirmation to impose 25% import tariffs on Canada and Mexico as early as next week triggered a massive sell-off in traditional securities as well as digital assets.

Market participants fear impending trade wars between nations could lead to stricter cross-border regulations, a drop in liquidity, and increased volatility across global markets.

Furthermore, the Bybit hack, in which North Korean hacking syndicate Lazarus Group supposedly stole Ethereum tokens worth £1.18 billion, has added to the negative sentiment in the crypto market. The latest hack, deemed ‘the single largest known theft of any kind in all time,’ led to total outflows of around £4.34 billion from the Dubai-based crypto exchange.

Bybit even announced a £110.65 million bounty to track down the people responsible for the hack. “We want to officially reward our community who lent us their expertise, experience and support,” said Bybit CEO Ben Zhou.

However, in an X post yesterday, Donald Trump's son, Eric Trump, had an interesting take on the market downturn. "They're saying the market is down today... which presents a great opportunity to BUY THE DIPS," he wrote.

On the same day, MicroStrategy co-founder Michael Saylor posted on the social media platform 'Bitcoin on sale,' implying that he views the BTC price drop as a buying opportunity for investors. To which Jan3 CEO Samson Mow replied that Saylor 'should keep a few billion aside just to buy the deep dips.'

Despite these views from pro-crypto industry leaders, the Crypto Fear and Greed Index signalled extreme fear among investors. The index gauges market sentiment by analysing social media activity and price trends.

MicroStrategy Continues To Buy Bitcoins Aggressively

MicroStrategy (NASDAQ:MICRO) holds the largest corporate Bitcoin portfolio, owning more than 499,000 tokens valued at £37.15 billion at current prices. The company's holdings constitute 2.4% of Bitcoin's total supply.

Recently, MicroStrategy announced the purchase of 20,365 BTC, worth around £1.58 billion, at an average buying price of £77,078 per token. Investors anticipated the latest buy after the company announced plans to raise funds via zero-coupon convertible bonds. MicroStrategy aims to accumulate a staggering £33.19 billion worth of Bitcoins in the next three years as part of its ‘21/21’ plan.

Crypto advocates like Saylor and Mow predict that Bitcoin prices will soars to new highs of over £790,440 ($1 million) in the long run as Trump's pro-crypto policies and the ongoing development of regulatory frameworks to safeguard investors fuel mass adoption.

Recently, Saylor highlighted several key catalysts for his forecasts. He highlighted Bitcoin's role as an inflation hedge, the potential approval of Spot Bitcoin ETFs, major banks planning to take custody of Bitcoin, and the adoption of fair value accounting for BTC on corporate balance sheets as crucial factors that will transform the cryptocurrency industry.