Bitcoin and other major cryptocurrencies suffered significant losses this week as global financial markets faced heightened uncertainty. The world’s largest cryptocurrency slumped over 8% in the past two days, trading just above $88,000 (€83,626) during Wednesday’s Asian session—its lowest level since mid-November.

The latest downturn comes amid a broader selloff in risk assets, driven by deteriorating economic data in the U.S., escalating trade tensions under the Trump administration, and concerns over blockchain security following a major crypto hack.

Crypto Market Faces Steep Declines

Bitcoin’s recent slide marks a nearly 20% drop from its January 20 peak, coinciding with former President Donald Trump’s inauguration. Other major digital assets, including Ethereum, Cardano, and Solana, have also seen sharp declines, each falling by more than 10% over the same period.

Market analysts point to increasing economic uncertainty as a key driver of the decline. The latest U.S. consumer confidence data showed the sharpest drop since August 2021, raising concerns about slowing economic growth. Additionally, Trump’s renewed tariff threats against major trading partners, Mexico and Canada, have added to investor anxiety.

The selloff was not limited to cryptocurrencies. The U.S. technology sector, which often moves in tandem with digital assets, also suffered losses. Tesla’s stock plunged more than 8% on Tuesday following reports that its car sales in Europe had nearly halved last month. Market watchers are now closely monitoring Nvidia’s earnings report, expected later today, for further signals on the tech sector’s health.

Meanwhile, inflation concerns and a more hawkish stance from the U.S. Federal Reserve have further dampened sentiment across financial markets.

Bybit Hack Undermines Investor Confidence

Adding to the crypto market’s woes, a large-scale cyberattack on Dubai-based crypto exchange Bybit has further shaken investor trust. The attack, which took place on February 21, saw hackers steal approximately $1.5 billion worth of Ether, making it the largest-ever hack targeting a crypto exchange.

Bybit CEO Ben Zhou confirmed the breach on social media platform X, stating that a hacker had gained control of an Ether cold wallet and transferred all tokens to an unknown address. However, he reassured investors that Bybit would cover the losses and that withdrawals remained open.

Bybit, one of the world’s largest cryptocurrency exchanges, sees an average daily trading volume exceeding $36 billion. The security breach has intensified concerns about the reliability of crypto platforms, adding further pressure to an already struggling market.

Global Markets in Turmoil

The risk-off sentiment was evident across global financial markets, with equities extending losses, oil prices tumbling, gold retreating, and the U.S. dollar weakening. U.S. government bond yields also saw sharp declines, with the 10-year Treasury yield dropping to its lowest level since December.

With market uncertainty persisting, investors are now looking for fresh catalysts to reignite enthusiasm in the cryptocurrency space. Whether Bitcoin can regain momentum will depend on upcoming economic data, regulatory developments, and the broader macroeconomic landscape.

Apple shareholders are poised to vote against a proposal urging the company to dismantle its diversity, equity, and inclusion (DEI) initiatives during its annual meeting on Tuesday. The motion, brought forward by the National Center for Public Policy Research (NCPPR), a conservative think tank, follows similar unsuccessful efforts at other major corporations, including Costco.

The NCPPR argues that Apple’s DEI programs could lead to legal liabilities, estimating that up to 50,000 employees could potentially file discrimination lawsuits, though no data was provided to support this figure. The proposal also claims Apple’s initiatives contradict recent court rulings and expose the company to financial risks.

Apple has strongly defended its DEI programs, emphasizing their role in fostering innovation and strengthening the company’s culture. In a statement, Apple noted that promoting diversity aligns with its business objectives and has contributed to its market value of $3.7 trillion. “We believe that how we conduct ourselves is as critical to Apple’s success as making the best products in the world,” the company stated.

The proposal comes amid broader debates over DEI programs in the corporate world. Last week, Florida Attorney General James Uthmeier filed a lawsuit against Target, alleging that its scaled-back DEI initiatives alienated customers and negatively impacted shareholders.

Apple’s most recent diversity report from 2022 showed that nearly three-quarters of its global workforce identified as white or Asian, with men making up almost two-thirds of employees. These figures mirror broader trends in the technology sector, where companies have long struggled to diversify their workforces, particularly in high-level engineering roles.

Despite mounting criticism and legal challenges against DEI initiatives, Apple remains committed to its inclusion efforts. The company’s response suggests that shareholders are likely to reject the proposal, maintaining Apple’s stance that diversity is both a moral and business imperative. An official outcome of the vote is expected to be announced following the annual meeting.

Shares of Just Eat Takeaway.com surged more than 50% on Monday morning after tech investor Prosus announced its acquisition of the food delivery company in an all-cash deal worth €4.1 billion. The agreement values Just Eat Takeaway shares at €20.30 each, above Monday’s early trading price of €19.15 and significantly higher than Friday’s closing price of €12.43.

The acquisition follows a challenging period for Just Eat Takeaway, which delisted from the London Stock Exchange in December as part of a cost-cutting strategy. Despite this, the company’s shares remain publicly traded in Amsterdam, where it is headquartered. Formed in 2020 through a merger between UK-based Just Eat and Dutch competitor Takeaway.com, the company experienced a surge in food delivery demand during the pandemic. However, demand declined post-pandemic, leading to a drop in its share price from its 2020 peak.

Prosus, an investment arm of South Africa’s Naspers group, has long shown interest in Just Eat Takeaway, having previously competed with Takeaway.com to acquire the UK firm before the pandemic. The acquisition is expected to strengthen Prosus’ food delivery portfolio in Europe, complementing its existing investments in companies such as Brazil’s iFood, Delivery Hero, and India’s Swiggy. Prosus also holds a minority 4% stake in China’s Meituan.

Fabricio Bloisi, Prosus’ former CEO who now leads the company, emphasized the strategic benefits of the deal. “Prosus already has an extensive food delivery portfolio outside of Europe and a proven track record of profitable growth through investment in customer and driver experiences, restaurant partnerships, and logistics powered by innovation and AI,” Bloisi said. “We believe combining our capabilities with Just Eat Takeaway.com’s strong brand presence in key European markets will deliver significant value to customers, drivers, partners, and shareholders.”

Operating in 17 markets, including the UK, Germany, and the Netherlands, Just Eat Takeaway faces stiff competition from rivals such as Uber Eats and Deliveroo. On Monday, the company reported a net loss of €1.65 billion for 2024, including €1.16 billion tied to its former US asset, Grubhub, which it sold last November for $650 million—significantly less than the $7.3 billion it originally paid in 2021.

Following the acquisition, Just Eat Takeaway’s founder and CEO, Jitse Groen, will continue to lead the company, overseeing its integration into the Prosus portfolio.