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.

Top Crypto Gainers 

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 

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.