Bitcoin and altcoin prices have seen a sharp decline due to market instability. Reports of a hack on ByBit exchange and increased market anxiety have emerged.
Cryptocurrency Price Drops
US markets continue to decline, with Bitcoin's price falling to 97,000 dollars. Ether also failed to surpass the 2,800 dollar mark, dropping to 2,670 dollars. A recent hack on the ByBit exchange dealt a serious blow to hopes of a market recovery, as 1.4 billion dollars worth of Ethereum was stolen.
Current Situation at ByBit Exchange
ByBit's CEO, Ben Zhou, launched a live stream to make announcements. The exchange received a significant number of withdrawal requests in the past two hours. This may lead to critical outcomes if adequate reserves are not available to cover all requests. Zhou assured viewers that approved withdrawal requests would soon be processed.
Consequences for the Market's Future
Some experts believe that such negative news might be a precursor to changes in the market, after which a return to normalcy and price increase might occur in the coming days.
The current instability in the cryptocurrency market and the attack on ByBit create uncertainty for the future, but positive changes are possible.
