Bybit Hack Aftermath: Crypto Market Sell-Off Deepens, Liquidations Hit $1.34B

In the aftermath of the Bybit hack, the crypto market sell-off is deepening, with combined crypto liquidations reaching $1.34 billion in the past 24 hours.

Crypto Sell-Off Deepens as Combined Liquidations Hit $1.34B in 24 Hours

Following the Bybit hack news, the crypto market sell-off is deepening, with combined crypto liquidations reaching $1.34 billion in the past 24 hours.

As top coins prepare for a reset, the liquidations have impacted more than 363,000 traders. Bitcoin (BTC), Ethereum (ETH) and XRP are leading this sell-off, while almost all altcoins in the top 100 are experiencing massive price drawdowns.

Crypto liquidations by the numbers

According to CoinGlass data, Bitcoin led the sell-off with liquidations valued at $526.31 million in the past 24 hours. Long traders suffered the most, with $502.5 million in losses, while short traders lost $23.81 million. This marks the largest crypto liquidation event of 2023 so far.

Ethereum also experienced significant liquidations, totaling $292.42 million, with long traders accounting for $270.13 million and short traders losing $22.29 million. XRP liquidations reached $56.77 million in 24 hours, the highest recorded so far. As expected, long traders faced $52.38 million in liquidations, while short traders saw a drawdown of $4.39 million.

The trend continued across the market, with Solana (SOL), Dogecoin (DOGE) and Litecoin (LTC) also experiencing substantial liquidations. However, despite the bearish outlook, futures traders remained optimistic, betting on an upcoming price increase.

BoD updates on the market

The bearish sentiment may also be influenced by regional trade concerns in North America, which are impacting the stock market. Given the correlation between crypto and mainstream stock markets, the economic uncertainty could continue to affect Bitcoin.

However, Bitcoin still enjoys positive sentiment and a high adoption rate among institutional investors. As reported by BoD on Feb. 24, Michael Saylor’s Strategy has allocated $2 billion to Bitcoin. This move has inspired several other Wall Street firms to adopt a BTC treasury strategy in anticipation of price recovery.