Crypto Market Overview: Bitcoin (BTC), Ethereum (ETH), and major altcoins faced significant declines as the week concluded, triggered by a $1.4 billion hack targeting Bybit and over $566 million in liquidations. BTC dropped nearly 2% to $96K, while ETH and other altcoins mirrored the downtrend.
Market Turmoil: Bybit Hack and Liquidations Impact Prices
Key Events:
- Bybit Exploitation: Hackers stole $1.4 billion in ETH, attributed to North Korea’s Lazarus Group.
- Massive Liquidations: $566.64 million liquidated in 24 hours, fueling panic selling.
- Market Cap Decline: Global crypto market cap fell 1.98% to $3.17 trillion.
Bitcoin (BTC) Price Analysis:
- Current Price: $96,170 (-2% in 24h).
- Range: $94,852.96 (low) – $99,497.97 (high).
- Liquidations: $199.44 million.
- Dominance: Slightly down to 60.29%.
Ethereum (ETH) Price Analysis:
- Current Price: $2,674 (-3%).
- Range: $2,616.92 – $2,842.83.
- Liquidations: $141.76 million.
- Concerns: Potential further declines if hackers sell stolen ETH.
Altcoin Performance: Red Across the Board
| Coin | Price | 24h Change | Liquidations |
|---|---|---|---|
| XRP | $2.57 | -3% | $14.95M |
| SOL | $170 | -2% | $22.24M |
| DOGE | $0.2417 | -4% | $14.03M |
| SHIB | $0.00001516 | -2% | N/A |
Meme Coins: PEPE (-5%) and TRUMP (-2%) also suffered losses.
Top Gainers and Losers (24h)
🟢 Gainers:
- Ethena (ENA): +11% ($0.4544) – Stability assurances post-hack.
- Bitget Token (BGB): +8% ($5.05) – Boost from rival exchange’s woes.
- Jito (JTO): +5% ($2.84) – Upbit KRW listing announcement.
🔴 Losers:
- Mantle (MNT): -15% ($0.883).
- Berachain (BERA): -12% ($7.16).
- Sonic (S): -10% ($0.8546).
Investor Sentiment and FAQs
❓ FAQs:
- Q: How did the Bybit hack affect the market?
A: The $1.4B ETH theft triggered panic selling, leading to $566M liquidations and price drops. - Q: Will Ethereum recover soon?
A: Recovery depends on whether hackers sell stolen ETH. Monitor on-chain activity for clues. - Q: Are meme coins a safe investment now?
A: High volatility persists. Diversify and avoid overexposure to speculative assets.
👉 Stay updated with real-time crypto trends for strategic decisions.
Final Thoughts
The crypto market faces heightened uncertainty amid security breaches and liquidations. Traders should exercise caution, leverage stop-losses, and stay informed about developments like the Bybit hack’s aftermath.
👉 Explore secure trading platforms to navigate volatile conditions.
Disclaimer: Conduct independent research before investing. Market conditions change rapidly.
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