#BTCDipOrRebound Bitcoin Dips to $95K Amid Bybit Hack and Fed Rate Uncertainty
BTC retreated to $95K, mostly due to the Bybit hack and Fed rate jitters, both of which shook market confidence.
Crypto Market Reels as Bitcoin Drops to $95K Following Bybit Hack and Fed Speculation
Bitcoin (BTC) is navigating a turbulent market landscape, with price fluctuations driven by a historic exchange hack and ongoing uncertainty surrounding U.S. Federal Reserve policies. At the time of reporting, BTC is trading at $95,505.39, reflecting a 0.49% decline over the past 24 hours and a 1.26% drop over the past week, according to data from Coin Market Cap.
24-Hour Price Range: Bitcoin’s price has oscillated between $95,120.85 and $96,503.45, indicating some degree of volatility.
Trading Volume: BTC’s 24-hour trading volume surged 69.77% to $25.72 billion. While this marks a significant increase, such spikes are expected following weekends when trading activity often slows.
Market Capitalization: Bitcoin’s total market cap currently sits at $1.89 trillion, down 0.58% from the previous day.
BTC Dominance: Bitcoin dominance has increased to 61.5%, up by 1.12% over the last 24 hours. This rise is partly attributed to BTC gaining ground on ETH and SOL following the fallout from the Libra debacle and the Bybit hack.
Futures Market: BTC futures open interest has climbed 2.24% to $59.61 billion, signaling increased speculation and leveraged positioning.
Liquidation Data: Total BTC liquidations remain relatively low at $2.71 million. Long positions faced the brunt of the liquidations, totaling $2.68 million, while short liquidations were minimal at $27,280.
Bybit Hack and Its Market Impact
On Friday, Dubai-based crypto exchange Bybit, suffered a staggering $1.46 billion hack, marking the largest crypto heist in history. Analysts have attributed the attack to North Korea’s infamous Lazarus Group, which has stolen over $6 billion in digital assets since 2017, reportedly funneling the proceeds into the country’s program.