The cryptocurrency market experienced significant upheaval after the major hack of Bybit, leading to a sharp Bitcoin drop and losses for altcoins.
BTC Stops at $100K
Last week, Bitcoin faced increased volatility. On Monday, the price fell to $95,300 and on Tuesday to $93,000, the lowest since February. However, a reversal occurred, and by Friday, BTC peaked at $99,700 linked to Coinbase CEO's news on the SEC lawsuit dismissal. Yet, after Bybit hack news, BTC quickly fell to $95,000.
Alts Retreat
After the Bybit hack, altcoins also declined. Ethereum dropped to $2,700, XRP slid by 3%, while DOGE, ADA, TRX, and other coins lost 4–5% of their value.
Market Stays Tense
The total cryptocurrency market capitalization lost about $130 billion in one day, dropping to $3.3 trillion. Despite this, BTC continues to hold a dominant position with a 58% market share.
The cryptocurrency market remains under pressure following the Bybit hack. While many assets are trying to recover lost ground, investors are awaiting stabilization.
