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Bitcoin, Ether Slump as Crypto Prices Dip on Report of Massive $1.5B Bybit Hack
The move happened as crypto exchange Bybit saw a sudden $1.5 billion worth of ETH outflow.
Updated Feb 21, 2025, 6:47 p.m. Published Feb 21, 2025, 3:51 p.m.
What to know:
- Crypto prices dropped on Friday on crypto exchange Bybit enduring a security incident.
- Bitcoin (BTC) slid to near $97,000, while ether (ETH) slipped nearly 4%, dipping below $2,700.
- Bybit saw a $1.5 billion ETH outflow in a hacker attack, Bybit CEO later confirmed.
Cryptocurrency prices dropped on Friday, reversing early gains on reports that crypto exchange Bybit was seeing $1.5 billion worth of crypto outflows in a potential security incident.
Bitcoin slid to near $97,000 after hovering near $100,000 earlier during the day, while ether slipped nearly 4%, dipping below $2,700.
The sudden downturn liquidated roughly $100 million worth of leveraged derivatives trading positions, overwhelmingly longs anticipating prices to rise, CoinGlass data shows.
STORY CONTINUES BELOW
The move happened after well-followed blockchain sleuth ZachXBT noted a "suspicious" $1.5 billion ETH outflow. Ben Zhou, CEO of Bybit confirmed the hack in an X post.
UPDATE (Feb. 21, 16:07 UTC): Adds details about liquidation and updates price actions.
Read more: Bitcoin and Ether Tumble on Potential $1.46B Bybit Hack
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The crypto exchange also took note of a so-called AI bubble that continues to go strong and a weaker U.S. dollar.
알아야 할 것:
- Coinbase Institutional is seeing a potential December recovery in crypto, citing improving liquidity and a shift in macroeconomic conditions that could favor risk assets like bitcoin.
- The firm's optimism is driven by rising odds of Federal Reserve rate cuts, with markets pricing in a 93% chance easing next week, and improving liquidity conditions.
- Several recent institutional developments, including Vanguard's crypto ETF policy reversal and Bank of America's greenlighting of crypto allocations, have contributed to bitcoin's rebound from recent lows.
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