Since Friday, the crypto market has lost a significant $325 billion, with major crypto assets facing pressure due to changes in investor activity and the aftermath of the recent Bybit hack.
Facts and Figures
The cryptocurrency market cap has shed over $325 billion since last Friday. Within the past 24 hours alone, approximately $150 billion has been liquidated, with $100 billion erased in just one hour. The sell-off has affected nearly all crypto assets, including memecoins.
Impact of Bybit Hack
The Bybit hack, now confirmed as the second-largest in crypto history, involved the loss of over 400,000 ETH. This exerted further pressure on Ethereum, which had already been showing weak momentum. ETH fell from $2,740 to $2,408, marking a significant decline.
Future of the Crypto Market
Despite the daunting situation, analysts at The Kobeissi Letter remain optimistic. They assert that technical pullbacks are healthy. Bybit CEO Ben Zhou announced that the losses have been covered, which may stabilize the market. However, Bitfinex analysts caution that high uncertainty persists as the broader market undergoes a correction phase.
The crypto market is facing significant challenges, including massive asset liquidations and major hack aftermaths. The next major market movements will heavily rely on macroeconomic factors.
