Crypto Market Hit Hard as $566 Million Liquidated After $1.4B Bybit Hack
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.Bybit Hack Sparks Mass LiquidationsThe 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.Long positions saw $321 million in liquidationsShort positions accounted for $234 million in lossesThe largest single liquidation happened on Binance with a BTC/USDT trade worth $12.14 millionBitcoin (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 Suffer Bigger LossesAltcoins saw even steeper declines as the sell-off intensified:XRP dropped 3%Solana (SOL) fell 3.5%Dogecoin (DOGE) declined 4%Cardano (ADA) took the biggest hit, losing 5%Shiba Inu (SHIB) slipped 2%With the market cap now at $3.17 trillion, traders are on edge, fearing further losses.Top Crypto Gainers 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%.Top Crypto Losers 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.Never Miss a Beat in the Crypto World!Stay ahead with breaking news, expert analysis, and real-time updates on the latest trends in Bitcoin, altcoins, DeFi, NFTs, and more. Daily Get real-time crypto news, market insights, and blockchain updates. Weekly Stay updated with major trends, funding news, and price analysis. Monthly Receive a detailed report with market analysis and expert predictions.