The crypto market is in a full-scale meltdown, with $325 billion in market cap wiped out since Friday morning as of press time, according to data from Coinglass, which also shows that the largest drop was when $100 billion disappeared within one hour.
The crypto market experienced a massive sell-off on Monday, losing $325 billion in market capitalization, as shown by data from Coinglass.
The biggest drop occurred when $100 billion was wiped out in just one hour. Despite the magnitude of the sell-off, there were no major headlines covering it.
The sell-off affected even meme coins, which had been performing well in recent weeks. Liquidity dried up across the board, leading to concerns about further downside.
The sell-off began on February 21 with the Bybit hack, where North Korea's Lazarus Group stole $1.5 billion from Bybit's Ethereum wallets. This theft was the largest in history, surpassing the $611 million PolyNetwork hack in 2021.
Ethereum, which had already been performing poorly, suffered further as traders withdrew their funds, fearing another collapse like FTX.
Despite CEO Ben Zhou's announcement that the exchange would cover all losses, it failed to restore confidence. Traders were wary of billion-dollar hacks, especially after the recent experiences.
Bitcoin initially remained unaffected by the sell-off, but it broke down on Friday as the S&P 500 tanked. As stocks began slipping, Bitcoin followed, losing its key support level of $98,000.
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