Crypto Market Update

Crypto markets have turned red after top digital assets exchange Bybit was hit by a $1.4 billion hack, along with renewed concerns over inflation.

According to CoinGecko data, major digital currencies such as Bitcoin, Ethereum, and XRP have all experienced declines, along with other high-cap coins.

• Bitcoin, the leading cryptocurrency, is trading at $96,300, indicating a decrease of over 2% in the past day.
• Ethereum’s price has fallen further, down 3%, currently valued at $2,669.
• XRP, the third-largest digital asset, has plunged nearly 6%, trading at $2.56.
• The original meme coin, Dogecoin, ranked eighth, has lost 4% of its value, currently priced at approximately $0.244.

The total market capitalization of crypto now stands at $3.3 trillion, having dropped over 3% in the last 24 hours.

Futures traders have also suffered, with over 192,000 positions liquidated and a total of $570 million closed in the past day, according to CoinGlass.

Moreover, U.S. equities faced a setback on Friday after weaker-than-expected economic data raised concerns about lingering inflation. Crypto markets often mirror stock movements as they are seen as “risk-on” assets.

The University of Michigan Surveys of Consumers disclosed that Americans are worried inflation may persist amid President Trump’s aggressive tariff policies.

The recent price decline follows a targeted attack on crypto exchange Bybit. The Singapore-based platform lost over $1.4 billion in Ethereum and related assets Friday morning.

Ben Zhou, Bybit’s co-founder and CEO, reported experiencing massive withdrawals following the hack. The exchange is still investigating how the breach occurred but has suggested a large transaction was possibly altered to redirect funds to the attackers’ wallet. Zhou mentioned that it’s plausible the thieves hacked all computers involved in authorizing transactions.

He also stated that Bybit is seeking a bridge loan to return customer funds and is confident it can cover all losses.

Edited by Andrew Hayward