Crypto Market Bleeds $566M in 24 Hours After Bybit Hack

The crypto market experienced a significant downturn on [Date], with a total of $566 million in liquidations occurring within a 24-hour period. This sharp decline was largely attributed to the recent $1.4 billion hack of Bybit, a major cryptocurrency exchange. The global crypto market cap dropped by 2% as a result, now sitting at $3.17 trillion.

Following the Bybit breach, the crypto market witnessed a wave of liquidations, with 151,222 traders affected. Long positions were particularly hard hit, with $321 million in losses. Short positions saw $234 million liquidated, and the single largest liquidation order was a BTC/USDT trade worth $12.14 million on Binance.

Bitcoin (BTC) also felt the pressure, losing 2% of its value and dropping to $96,170. During this time, Bitcoin's market dominance decreased by 0.47%, settling at 61.09%. BTC alone recorded $133 million in liquidations, highlighting the intensity of the sell-off. Altcoins suffered even bigger losses, with XRP falling by 3%, Solana (SOL) dropping 3.5%, and Dogecoin (DOGE) seeing 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.

Despite the market-wide sell-off, some cryptocurrencies managed to buck the trend. Bitget Token (BGB) was the top gainer, with a rise of 4.7% hovering around $5. Maker (MKR) recorded a gain of 4% trading around $1513, while Ethena (ENA) also traded in green with a rise of 3.41%. However, not all cryptocurrencies fared well. Jito (JTO) was among the biggest losers for the day, with a loss of 16.5%. Berachain (BERA) was another token standing at the top of the losers list with a 13.6% loss, and Stroy (IP) recorded a drop