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Why Crypto is Crashing: ByBit Hack, Bitcoin ETF, and Ethereum News
Bybit Hacked: $1.5 Billion in Ethereum Stolen
In a major security breach, Bybit confirmed hackers stole $1.5 billion worth of Ethereum, accounting for 70% of its ETH holdings. The attack targeted Bybit’s multisig cold wallet, exploiting a UI flaw to gain control.
CEO Ben Zhou revealed the breach, sparking panic in the crypto market. Fears of the hackers dumping ETH caused prices to drop. Adding to the chaos, the recent Bybit scandal involving an ex-WeChain manager’s arrest has intensified concerns around the platform’s security.
Costa Rica Enters Crypto with First Bitcoin ETF Launch
Banco Nacional’s investment arm, BN Fondos, is launching Costa Rica’s first Bitcoin ETF, marking a major step into regulated crypto investments. Despite lacking formal crypto laws, the country allows cryptocurrency trading under its civil code.
Alongside the Bitcoin ETF, BN Fondos introduced the BN ETF 500, tracking the S&P 500. Both funds require a $100 minimum investment and are traded in U.S. dollars, bridging traditional finance and digital assets while promoting financial digitalization in Costa Rica.
XRP Price Surge Hopes Rise After SEC-Coinbase Deal
XRP investors are optimistic after the SEC agreed to dismiss its lawsuit against Coinbase, sparking hopes Ripple could be next. XRP is trading at $2.57, up 50% from its monthly low. The SEC’s case against Ripple, ongoing since 2020, saw a partial win in 2023 when XRP was ruled not a security on public exchanges. Ripple paid a $125 million fine, far less than the $2 billion the SEC originally sought.
Ethereum Price Plummets Amid Bybit Hack Concerns
Ethereum (ETH) has seen a sharp drop in the past 24 hours, triggered by a massive $1.4 billion Bybit hack where 401,347 ETH was stolen. The Lazarus Group, linked to North Korea, exploited a vulnerability in Bybit’s multisig cold wallet. Investor confidence has taken a hit, increasing market volatility.
ETH is now hovering near a critical $2,600 support level. A break lower could spark further losses, while holding steady might lead to a potential rebound. Traders should watch key levels closely.
Today’s Cryptocurrency Market Overview
The global cryptocurrency market cap stands at $3.16 trillion, reflecting a 2.41% drop over the past 24 hours. Despite the decline in market cap, trading activity has surged, with total market volume reaching $132.41 billion — a 35.54% increase from the previous day.
DeFi (Decentralized Finance) platforms contributed $8.62 billion to the total volume, accounting for 6.51% of all trading. Meanwhile, stablecoins continue to dominate the market’s liquidity, making up $125.58 billion, or 94.84% of the total 24-hour trading volume.
Fear and Greed Index Signals Rising Caution in Crypto Market
The crypto market took a hit today as investor sentiment quickly turned cautious. The Fear and Greed Index for crypto dropped sharply from Greed (55) to Neutral (49) within just 24 hours, reflecting growing nervousness among traders.
This rapid decline in confidence has led many investors to pull back from risky assets, contributing to the crypto market downturn amid rising uncertainty.
