The cryptocurrency market faced a sharp downturn on February 28, 2026, with Bitcoin and Ethereum leading the decline. Both major coins saw notable losses, highlighting growing market weakness and rising investor caution.
Crypto Market Sees Broad Decline
At the time of writing, Bitcoin (BTC) was down from $68,128.43 to $63,550, a decline of 6.39 per cent, 27.62 per cent down over the past month. Ethereum (ETH) was trading below $2,000, down 8.82 per cent, extending losses amid broader market weakness.
According to CoinMarketCap data, Bitcoin hasn’t reached the $100,000 mark for over three months, since November 13, 2025. It is also still far from its all-time high of $126,198.07, currently down 49.39 per cent from its all-time high.
The broader crypto market also faced steep losses with several altcoins recording significant declines. Among other major altcoins, XRP (XRP) dropped 9.28 per cent to $1.28, BNB (BNB) fell 5.78 per cent to $592.25, Solana (SOL) slumped 10.79 per cent to $78.10, Dogecoin (DOGE) declined 9.70 per cent to $0.08875, and Cardano (ADA) fell 10.27 per cent to $0.2618, showing broad weakness across the crypto market.
What’s Driving the Recent Crypto Drop
Experts point to macro uncertainties, risk-off sentiment and profit taking as the key reasons behind the recent fall in crypto prices.
Nischal Shetty, founder, WazirX said, “Bitcoin briefly rose earlier in the week, but most of those midweek gains were erased as markets shifted into a broader risk-off mode. At this point, interest rate cuts seem unlikely for investors to rely on as a factor driving bullishness.”
Vikas Gupta, country manager – India, Bybit, said, “The recent drop in crypto markets is mainly due to short-term macro factors and positioning, not a decline in the underlying fundamentals. Growing uncertainty around the timing and scale of policy easing has tightened liquidity outlooks, prompting investors to rotate toward traditional safe-haven assets.”
He added: “Sharp price swings triggered the unwinding of leveraged positions in derivatives markets, resulting in liquidations that amplified downward pressure. Bitcoin’s pullback has influenced broader market sentiment, leading to stronger declines across higher-risk altcoins.”
