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Author: Admin | 2025-04-28
The crypto market is down today as investors view crypto product funds outflows and the recent Bybit hack as catalysts for the market to lean bearish. 28651 Total views 524 Total shares The cryptocurrency market is flashing red today, with the total market capitalization dropping by 3% to about $3.1 trillion on Feb. 24.24-hour performance of large-cap cryptocurrencies. Source: Coin360Several concrete factors have contributed to the latest drop in crypto prices, including:The crypto market still reeling from the $1.4 billion Bybit exchange hack.Investors are in risk-off mode amid continued outflows from crypto investment products.Stiff resistance on the upside stifles recovery efforts in global crypto market capitalization.Ethereum leads the market slumpToday’s crypto market decline is part of a correction that started on Feb. 21, when the Bybit cryptocurrency exchange was hacked for over $1.4 billion ETH and ETH-related tokens in the largest-ever crypto heist. The sell-off continues on Feb. 24, including:Ether (ETH) leads the market downturn, down 5% over the last 24 hours to trade just below $2,700.Bitcoin (BTC) and Solana (SOL) have also recorded losses, down 0.8% and 9%, respectively.Other top-caps such as XRP (XRP), Dogecoin (DOGE) and Cardano (ADA) are also down 4.5%, 6.3% and 6%, respectively.Compounding the issue are the significant liquidations in the derivatives market. The sell-off has triggered leveraged position closures, with over $268 million in crypto liquidations recorded over the last 24 hours. Long ETH leveraged positions totaling $40.13 million were also liquidated on the day. This exceeds the $21.4 million in long BTC leveraged position liquidations.Total crypto liquidations. Source: CoinGlassOver 126,620 traders were liquidated in the past day, with the largest single liquidations taking place on OKX involving an ETH/USDT swap worth $1.41 million.A predominance of long liquidations suggests that the crypto market was overleveraged on the bullish side.Despite the current bearish sentiment in
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