The crypto market saw a sharp downturn as $566 million in liquidations wiped out positions within 24 hours. Major altcoins like XRP, Solana (SOL), Dogecoin (DOGE), and Shiba Inu (SHIB) dropped into the red, while the global crypto market cap slipped 2% to $3.17 trillion. This sudden crash follows the shocking $1.4 billion Bybit hack, which rattled traders and sparked panic selling.
The aftermath of the Bybit security breach led to a major market sell-off, causing widespread liquidations. Data from CoinGlass shows that 151,222 traders were affected, with long positions suffering the most losses.
Bitcoin (BTC) also took a hit, dropping 2% to $96,170. At the same time, BTC’s market dominance slipped 0.47% to 61.09%. Total BTC liquidations reached $133 million, showing the extent of the sell-off.
Altcoins saw even steeper declines as the sell-off intensified:
With the market cap now at $3.17 trillion, traders are on edge, fearing further losses.
Despite the overall market downturn, a few tokens managed to stay in the green:
Bitget Token (BGB):- is the top gainer with a rise of 4.7% hovering around $5.
Maker (MKR):- recorded a gain of 4% trading around $1513.
Ethena (ENA):- is even trading in green with a rise of 3.41%.
Some tokens took major losses as market pressure mounted:
Jito (JTO):- is among the most losers for the day with a loss of 16.5%.
Berachain (BERA):- another token standing 2nd at most loss with 13.6%.
Stroy (IP):- recorded a drop of 12% and trading around $4.40.
With volatility at a high and security concerns lingering, traders remain cautious. Whether the market stabilizes or faces more losses depends on how quickly confidence returns.
The $1.4 billion Bybit hack triggered panic, leading to a $566M liquidation as traders rushed to exit positions, causing a 2% market cap drop.
Bitcoin recorded $133 million in liquidations, losing 2% of its value and dropping to around $96,170.
The biggest liquidation occurred on Binance, involving a BTC/USDT trade worth $12.14 million.
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