The attack on the cryptocurrency exchange Bybit resulted in the theft of approximately $1.5 billion in Ethereum. This incident sparked concern among market participants, yet subsequent purchases had a positive impact on the ETH price.
Details of the Bybit Hack
The cryptocurrency exchange Bybit was targeted in an attack that resulted in approximately 500,000 Ethereum being stolen by hackers. In response, the price of Ethereum slightly fell, but the situation soon changed.
Analysis of Impact on ETH
The analysis platform Matrixport noted that there was hidden buying demand following the Bybit hack, which could lead to a rebound in the ETH price. Researchers pointed out that the stolen ETH was not immediately sold, reducing selling pressure.
ETH Recovery and Market Future
Bybit CEO Ben Zhou announced the exchange has completely replenished the lost Ethereum and will soon release a new audited proof of reserve report. This is expected to help restore customer trust.
The attack on Bybit and subsequent recovery of ETH has sparked significant interest and discussion among market participants. While the short-term impact was limited, existing demand could positively influence Ethereum's price in the long run.
