Cyber Attack Triggers Major Crypto Market Losses

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In a startling turn of events, the cryptocurrency market faced a massive liquidation of $566 million within just 24 hours, following a significant cyber attack on the Bybit exchange. The breach led to the theft of a staggering $1.4 billion in Ethereum, igniting panic among traders and causing steep declines in the values of major cryptocurrencies, including Bitcoin and Ethereum.

How Did Bitcoin and Ethereum Fare?

Bitcoin experienced a 2% dip, settling at $96,000 after hitting a low of $94,000 and a brief high of $99,000. Ethereum’s value dropped by 3%, now at $2,674. Other notable cryptocurrencies, such as XRP and Solana, also faced declines of 3% and 2%, respectively, further exacerbating the market’s downturn.

Which Cryptocurrencies Made Gains?

In contrast, some digital assets showed resilience. Ethena surged by 11%, followed by Bitget Token with an 8% increase, and Jito gaining 5%. These fluctuations were attributed to optimistic project announcements and favorable market expectations, though several assets like Mantle and Berachain suffered more significant losses.

Key takeaways from this situation include:

• The cryptocurrency market saw over $566 million in liquidations.
• Major cryptocurrencies like Bitcoin and Ethereum experienced steep declines.
• Some lesser-known cryptocurrencies managed to rise amid the chaos.
• Market volatility is expected to continue, urging cautious trading.

The repercussions of the cyber attack may linger in the crypto space, prompting users and traders to remain vigilant as they navigate this tumultuous environment. The incident underscores the fragility of digital assets and the importance of robust security measures in the cryptocurrency sector.

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