The cryptocurrency market faced major losses following the Bybit hack. Within a single day, $566 million was liquidated as major altcoins declined.
Crypto Liquidation Led to $566 million
Following the Bybit breach, the crypto market experienced sharp declines, leading to $566 million in liquidations within just 24 hours. Data from CoinGlass shows that 151,222 traders were affected, with long positions suffering the most. Long positions lost $321 million, while short positions were liquidated for $234 million. The largest single liquidation took place on Binance, involving a BTC/USDT trade worth $12.14 million.
Bitcoin and Altcoins Face Selling Pressure
Bitcoin also felt the pressure, losing 2% of its value in one day and dropping to $96,170. Bitcoin’s market dominance slightly decreased by 0.47%, settling at 61.09%. Coinglass data revealed that BTC alone recorded $133 million in liquidations. Altcoins including XRP, Solana, Dogecoin, and Cardano saw even larger losses. Overall, the crypto market lost 2% of its value, bringing the total market cap down to $3.17 trillion.
Top Crypto Gainers and Losers
Despite the widespread losses, Bitget Token, Maker, and Ethena were among the top gainers, rising by 4.7%, 4%, and 3.41% respectively. Meanwhile, tokens such as Jito, Berachain, and Stroy were among the largest losers, dropping by 16.5%, 13.6%, and 12% respectively.
The decline in the cryptocurrency market was directly influenced by the Bybit hack, leading to mass liquidations and a drop in major altcoin values. However, despite the downturn, some cryptocurrencies still managed to show gains.
