India, Feb. 25 -- Cryptocurrencies plunged in the past 24 hours and bitcoin dropped to levels last seen in mid-November 2024 amidst a confluence of negative factors. Crypto markets turned risk averse amidst lack of moves to implement the promised Strategic Bitcoin Reserve. The recent meme-coin fiascos involving the TRUMP and LIBRA coins as well as the massive hack in the Bybit cryptocurrency exchange dampened crypto market sentiment heavily.
The weak Servies PMI data from the U.S., the strength in the safe haven Japanese yen, caution ahead of NVIDIA earnings as well as economic data releases including PCE-based inflation and GDP due from the U.S., abetted the decline in cryptocurrencies. The persisting outflows from digital asset investmen...