Bitcoin’s gradual price increase that lasted a few consecutive days came to an abrupt end on Friday after Bybit suffered a major hack, and BTC tumbled by over four grand in hours.
The altcoins were also hit hard, and some of the biggest losers on a daily scale now include LTC, PEPE, AAVE, MNT, ONDO, APT, and TAO.
BTC Stopped at $100K
The primary cryptocurrency faced some enhanced volatility at the start of the business week as the bears drove it south on Monday to $95,300 and on Tuesday to just over $93,000. The latter became BTC’s lowest price position since the February 3 crash when it tumbled beneath $92,000.
However, the bulls managed to intervene at this point and didn’t allow another breakdown. Just the opposite, bitcoin started to recover and went back up to $96,000 almost immediately.
The following few days were quite positive as well, and BTC kept climbing. The culmination came on Friday after Coinbase’s CEO sakė . the lawsuit between his company and the SEC would be dismissed by the regulator, and bitcoin jumped to a multi-week peak of $99,700.
However, its $100,000 challenge failed shortly after as Bybit, one of the largest exchanges by trading volume, was hacked for a whopping $1.4 billion in ETH. The news impacted the entire market and BTC dumped to $95,000 within hours.
It has recovered some ground now and sits above $96,000, but it’s still almost 2% down on a daily scale. Its market cap remains inches above $1.910 trillion, while its dominance over the alts on CG is close to 58%.
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Alts Retreat
The altcoins also went south after the Bybit news broke and are still in the red on a 24-hour scale despite some recoveries. ETH was stopped at $2,800 and is down to $2,700 now; XRP has slipped by 3%, while DOGE, ADA, TRX, LINK, XLM, LTC, and SUI have plunged by 4-5%.
The cumulative market capitalization of all crypto assets had climbed to over $3.4 trillion yesterday but dropped by around $130 billion to its low. Now, it sits at $3.3 trillion, which is still around $100 billion less than yesterday’s peak.
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Pranešimas Crypto Markets Shed Over $100B as BTC Slumped to $95K (Weekend Watch) appeared first on CryptoPotato.
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