Bybit Boosts Ethereum Holdings Amid Market Turmoil

Cryptocurrency exchange Bybit has made a significant purchase of Ethereum (ETH), acquiring an additional 36,893 ETH via over-the-counter (OTC) transactions just three hours ago. This move comes amidst a backdrop of increased volatility and liquidations in the cryptocurrency market.

In a separate development, an address holding 12.61 cbBTC was liquidated, with a value of approximately $1.11 million. This liquidation highlights the risks associated with leveraged trading in the volatile cryptocurrency market.

Meanwhile, security firm SlowMist has reported that the Bybit attacker has used THORChain to transfer over 70,000 ETH to the Bitcoin network. This development underscores the ongoing security challenges faced by cryptocurrency exchanges and the need for robust security measures.

Market analysts are closely monitoring the ETH price, as a drop below $1793 could trigger the liquidation of a total of approximately $340 million, spanning three large positions. This potential liquidation event could further exacerbate the market's volatility.