Emma Nelson 
Crypto Market Today (Feb-22): The market is experiencing a significant downturn, with an astonishing $566 million liquidated in the aftermath of Bybit’s major hack. Bitcoin has retracted to the $96K mark while Ethereum is trading below $2,700.
Crypto Market Today. Overall Market Sentiment
On February 22, the crypto market has shown clear signs of weakness as Bitcoin (BTC), Ethereum (ETH), and several altcoins have seen steep declines. The market’s dismal performance is largely attributed to the fallout from Bybit’s recent hack, which saw a staggering $1.4 billion breach. In the last 24 hours alone, over $566 million in liquidations occurred, intensifying investor concerns and contributing to the broader market slump.
Impact of the Bybit Hack
The situation worsened following Bybit’s exploitation, reportedly orchestrated by the notorious North Korean cybercriminal group, The Lazarus Group. This hack has led to massive liquidations—$566.64 million, according to Coinglass data—triggering panic selling across the market. As a result, the overall global cryptocurrency market capitalization has dipped by 1.98%, settling at approximately $3.17 trillion.
Crypto Market
Major Coin Movements
Bitcoin has taken a notable hit, losing nearly 2% over the past 24 hours and falling to around $96,170. Its intraday trading saw a low of $94,852.96 and a high near $99,497.97, while it recorded about $199.44 million in liquidations. Additionally, BTC’s market dominance slipped slightly to 60.29%.
Ethereum also wasn’t spared from the downward trend, with its price dropping almost 3% to trade at $2,674. The 24-hour range for ETH was between $2,616.92 and $2,842.83, and it faced liquidations totaling $141.76 million. Market analysts remain cautious, noting that any further selling pressure—possibly stemming from the hacked funds—could push the price even lower.
Ripple’s XRP experienced a 3% intraday decline, now trading at approximately $2.57, after hitting a low of $2.51 and a high of $2.71. Liquidations in XRP reached about $14.95 million over the last day.
Solana (SOL) also saw its price dip by 2% to around $170, with an intraday low of $167.31 and a high of $180.43, accompanied by $22.24 million in liquidations.
Meme Coin Market Reaction
The meme coin segment mirrored the broader market downturn. Dogecoin (DOGE) dropped by 4% to $0.2417, with $14.03 million liquidated in its market. Shiba Inu (SHIB) slid by 2%, trading at $0.00001516. Other meme coins like Pepe Coin (PEPE) and Official Trump (TRUMP) also experienced declines ranging from 2% to 5%, with current prices at $0.000009188 and $16.08 respectively.
Top Market Gainers
In contrast to the widespread declines, a few projects managed to outperform:
- Ethena (ENA): Trading at $0.4544, ENA surged by 11% in the past 24 hours after reassuring users about the stability of its USDe stablecoin despite the recent Bybit hack.
- Bitget Token (BGB): Currently priced at $5.05, BGB saw an 8% increase, buoyed by developments from a rival exchange’s hack saga and the launch of a limited-time on-chain staking program for BGB.
- Jito (JTO): Jito climbed by 5% to $2.84, supported by news that the South Korean exchange Upbit would soon list the token in the KRW market.
Top Market Losers
On the downside, a few tokens bore the brunt of the market’s negative momentum:
- Mantle (MNT): Fell by 15% to trade at $0.883.
- Berachain (BERA): Dropped by 12% to $7.16.
- Sonic (S): Slid by 10%, reaching $0.8546.
Conclusion
Overall, investor sentiment remains highly uncertain as the crypto market reels from the impact of Bybit’s hack and the massive liquidation events that followed. With key assets like BTC and ETH taking significant hits, and even the meme coin sector feeling the pressure, the market appears to be in a fragile state. As the week draws to a close, market participants are advised to exercise caution and closely monitor the unfolding situation.
Crypto Market Today: BTC, ETH & Altcoins Struggle Amid Bybit’s Hack and Sweeping Liquidations.
