Recently, the cryptocurrency market has faced significant challenges amid falling Bitcoin prices and a major hack on the ByBit exchange.
Overall Market Decline
Bitcoin's value has dropped below $97,000, leading to a sharp decline in altcoin prices. Initially, the market seemed poised for recovery, but optimism quickly faded, signaling potential further losses for altcoins.
ByBit Exchange Hack
The recent hack on the ByBit exchange resulted in the theft of $1.4 billion worth of Ethereum. This theft has dealt a significant blow to market recovery hopes as stolen funds begin to be dispersed across various wallets.
Recovery Plans
ByBit co-founder Ben Zhou addressed concerns during a live stream, revealing a surge in withdrawal requests following the hack. He assured users that pending withdrawals would be processed swiftly and mentioned plans for bridge loans to assist with losses.
Despite the negative news, there is hope for a market rebound if ByBit's liquidity remains robust.
