Bitcoin continued its disappointing performance, falling below $96,000 after holding above that level over the weekend.
Bitcoin’s decline and its impact:
Bitcoin fell to $93,500 early in the week before recovering some of its losses and reaching $99,500 after positive comments from Coinbase CEO.
The $1.4 billion Bybit hack led to a rapid decline of over $4,000, bringing the price back down to $95,000, before later falling back below $96,000 at the start of the new week.
Altcoins came under heavy selling pressure, with Ethereum losing 4% to fall below $2,600, while XRP recorded a similar decline to below $2.50.
The crypto community remains focused on the ByBit hack, which resulted in losses of $1.5 billion, in one of the largest thefts in cryptocurrency history.
According to a Whale Alert report, 52 million XRP (worth $128.78 million) were transferred to ByBit from a wallet called “rGdKQ,” which was activated in September by Binance.
Interestingly, this wallet was filled with transfers from ByBit before the XRP was sent to it, suggesting that there may have been interaction between the two exchanges.
While transfers to exchanges are often interpreted as an indication of an intent to sell, this transfer may have been part of an internal process between Binance and ByBit, especially after Binance supported ByBit following the hack.
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