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The cryptocurrency market: hacking Bybit and a new week of challenges


February, 24 2025
watermark Economic news

The capitalization of the cryptocurrency market today amounted to $3.269 trillion, having decreased by $51 billion in a day. The share of bitcoin reached 58.1%, Ethereum – 10.10%.  


Over the past week, bitcoin has been trading in the range of $94,000-$100,000, ending the period with a slight decrease of 0.15% to $96,248. The most high-profile event was the hacking of the Bybit exchange, as a result of which hackers stole assets in ETH worth $ 1.4 billion. The incident triggered a short-term price correction on Friday after reaching a weekly high of $99.475.  


The first half of the week was marked by a decline, with a low of $93,388 being tested. However, positive geopolitical news contributed to the recovery, and on Thursday bitcoin rose to $99,475. Friday's pullback was mitigated by Bybit's prompt action and partner support.  


According to BitRiver, bitcoin remains consolidating. The key resistance is at $99,400, and for the resumption of growth, it will be important to overcome $ 100,000 and consolidate above $102,500. Support is identified in the $93,500-$94,000 zone, the breakdown of which may lead to a decline to $90,000. 


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Foreign exchange trading carries a high risk of losing money due to leverage and may not be suitable for all investors. Before deciding to invest your money, you should carefully consider all the features associated with Forex, as well as your investment objectives, level of experience, and risk tolerance.