Bitcoin and Ethereum Prices See Deep Declines Today: What's Happening?

The cryptocurrency market has experienced another downturn, with top cryptocurrencies Bitcoin and Ethereum facing challenges in sustaining their momentum.

Top cryptocurrencies Bitcoin and Ethereum faced challenges in continuing their momentum on Monday as cryptocurrency prices extended their decline. At the same time, the total market cap also dropped 0.65% in the last 24 hours to reach $3.15 trillion.

However, the recent downturn in the crypto market can be largely attributed to major security breaches, like the Bybit and Infini hacks. Despite the current dip, analysts and enthusiasts are optimistic about these cryptocurrencies bouncing back once the hacked funds are recovered.

Bitcoin and Ethereum Prices Today: 23 February 2025

At press time, Bitcoin is trading at $95,896, with a daily decline of 0.64% and a 7-day dip of 0.25%. Meanwhile, Ethereum price is at $2,725, marking a decrease of 3.50% over the last 24 hours despite a marginal surge of 1.46% in a week. In the last 30 days, both tokens have suffered significant losses, with declines of 8.8% and 17.16%.

Despite the current dip, analysts remain bullish about these tokens’ future performances. For instance, a technical analyst known on X as CarefreecryptoG shared a bullish analysis in a recent X post. The analysis predicted that this week is interesting for BTC, and the formation of a symmetrical triangle in the 1 hour-BTC chart was pinpointed by the analyst as a possible breakout for Bitcoin price.

Meanwhile, analyst Crypto Rover shared a bullish ETH chart, predicting its potential ascendance to a new all-time high. While Ethereum price held the legendary support line, the token has the potential to reach a new high of $9,000.

Is February Red or Green for Bitcoin Price?

According to CryptosRus, February is typically a bullish month for Bitcoin price, with historical data showing significant gains in most years, except 2014 and 2020. However, this February has been a different story, with BTC price currently posting a 6.41% loss.

Despite this, CryptosRus suggests that February could turn green if BTC closes the month above $102,500. “To avoid becoming the third red February in history, BTC needs to close the month higher than $102,500,” the post read.

Ethereum Price to Go Parabolic in 2025 Q1

Coinvo, a crypto investor and trader, argued that Ethereum price is set for a parabolic ride this quarter. According to past trends, Ethereum tends to experience extraordinary growth in the first quarter of every fourth year.

Specifically, in Q1 2017, Ethereum saw a 58.14% return, followed by a staggering 160.7% return in Q1 2021. Although Ethereum is currently down 17%, Coinvo believes it can rebound and yield substantial returns by the end of the quarter. Ethereum is poised to mirror Bitcoin price’s historical February rally, with a potential bullish resurgence on the horizon.

Crypto Downturn Analysis: BTC, ETH Bearish Trends

The recent Bybit hack, which resulted in a loss of $1.4 billion in ETH, had a critical impact on the crypto market, pulling down prices. Although Bybit CEO Ben Zhou announced the complete recovery of the lost funds, the market struggles to rebound.

Significantly, the subsequent Infini hack also contributed to the current downtrend. Following the Bybit hack, the neobank Infini experienced a breach, resulting in a theft of $49.5 million in USDC. After the confirmation of the crypto heist, Infini founder Christian Li assured complete compensation.

The crypto market, including Bitcoin and Ethereum prices, continues to struggle, with prices still in the red. It remains to be seen when a recovery will take hold.