Ah, the cryptocurrency market—where fortunes are made, lost, and occasionally stolen in broad daylight. Early Saturday trading saw the usual suspects—XRP, Dogecoin (DOGE), Shiba Inu (SHIB), and Cardano (ADA)—draped in red, like a tragic opera cast. The culprit? A $1.5 billion heist at Bybit, which, let’s face it, is the crypto equivalent of robbing Fort Knox with a spoon. 🥄💎
Bitcoin and its cohorts have been trading in a range so narrow it could double as a yoga mat. Implied volatility for short-term Bitcoin futures hit a June low, which, after February’s sell-off, is like saying a hurricane has downgraded to a light breeze. 🌪️➡️🍃
At the time of writing, XRP was down 3.07%, Dogecoin 4.84%, Cardano 5.17%, and Shiba Inu 2.45%. Bitcoin and Ethereum weren’t spared either, with losses of 2.34% and 3.59%, respectively. It’s as if the entire market collectively decided to take a nap—face-first into a puddle. 💤💧
This delightful downturn triggered $556 million in liquidations across various crypto assets in the last 24 hours, according to CoinGlass. Bullish bets took the brunt at $321 million, while shorts liquidation hit $234 million. The pièce de résistance? A single liquidation order on Binance worth $12.14 million. Someone’s having a very bad day. 🎭💔
What happened?
Friday started with a glimmer of hope. Coinbase announced that U.S. securities regulators were about to drop a lawsuit against them, and the crypto world collectively popped champagne. Bitcoin flirted with $100,000 for the first time since February. 🍾✨
But alas, the joy was short-lived. Analysts spotted massive, suspicious Ethereum withdrawals from Bybit, a Dubai-based exchange with a daily trading volume of $36 billion. Three hours later, Bybit confirmed it had been hacked. Cue the market freefall. Bitcoin and friends tumbled, and Coinbase shares dropped over 5%. It’s like watching a soufflé collapse in slow motion. 🍰😱
Bybit, which isn’t available in the U.S., had $16.2 billion in assets before the attack. The stolen Ethereum and ETH derivatives accounted for nearly 9% of its total assets. In other words, someone just walked away with a very expensive slice of the pie. 🥧💰
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2025-02-22 13:23