Crypto Market Hit Hard as $566 Million Liquidated After $1.4B Bybit Hack

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Crypto Market Hit Hard as $566 Million Liquidated After $1.4B Bybit Hack

The crypto market took a hit as $566 million was liquidated in just one day. Major altcoins like XRP, Solana (Sol), Dogecoin (DOGE), & Shiba Inu (SHIB) all plunged into the red. The global crypto market cap also dropped by 2% now sitting at 3.17 trillion. This chaos comes as a response to the shocking $1.4 billion Bybit hack that shook the crypto world.

Crypto Liquidation Led to $566 million

Following the Bybit breach, the crypto market experienced a sharp decline, resulting in liquidations worth $566 million within just 24 hours. According to data from CoinGlass, 151,222 traders were affected, with long positions taking the biggest hit.

Meanwhile, long trade positions for $321 million in losses, while short positions saw $234 million liquidated. The single largest liquidation order occurred on Binance, involving a BTC/USDT trade worth $12.14 million.

Bitcoin and Altcoins Face Selling Pressure

Bitcoin (BTC) also felt the pressure, losing 2% of its value within a day and dropping to $96,170. During this time, Bitcoin’s market dominance slightly decreased by 0.47%, settling at 61.09%.

Coinglass data revealed that BTC alone recorded $133 million in liquidations, highlighting the intensity of the sell-off.

However, altcoins suffered even bigger losses as XRP fell by 3%, Solana (SOL) dropped 3.5%, and Dogecoin (DOGE) saw a 4% decline. Cardano (ADA) saw the biggest drop at 5%, while Shiba Inu (SHIB) slipped by 2%.

The overall crypto market lost 2% of its value, bringing the total market cap down to $3.17 trillion, reflecting the panic among traders.