A significant hack on the Bybit exchange has sent shockwaves through the cryptocurrency market. Almost $1.5 billion was stolen in what analysts say is the largest crypto theft ever. As a result, Bitcoin and Ether prices dipped, with smaller tokens experiencing more substantial losses.
Bitcoin initially gained 1.4% before falling 2.1%, trading at around $96,057. Meanwhile, Ether slid over 7% from its daily high, now valued at approximately $2,650. Despite the dip, both cryptocurrencies remain within their weekslong trading ranges.
In contrast, smaller altcoins like XRP, Solana, and Dogecoin saw deeper losses. The market’s reaction to the Bybit hack has led to “panic selling,” causing prices to drop sharply.
Source: https://www.bloomberg.com/news/articles/2025-02-21/crypto-prices-dip-after-1-5-billion-theft-from-bybit-exchange