After a recent security incident, Bybit made an impressive purchase of 36383 ETH, totaling ~$100M, triggering a short-term ETH 2.5% rally.
Cryptocurrency exchange Bybit has made a significant purchase of 36,383 ETH, totaling approximately $100 million, following a recent security incident. This bulk buying has triggered a short-term rally in ETH, leading to a 2.5% increase in its price.
According to data from Arkham Intelligence, Bybit purchased the ETH at an average price of $2,711, with a total purchase price ranging from $98.2 to $101.3 million. This purchase is part of a resurgence plan following the incident, with partners and even other competing crypto platforms consolidating their support in an effort to unite against actors seeking to harm the entire crypto industry.
The massive purchase has inevitably impacted ETH's price performance, contributing to a 2.5% increase, outperforming BTC and XRP over the last 24 hours.
ETH has broken through a key resistance level of $2,824, with many traders anticipating a further rise to $3,100; however, the cryptocurrency faced a correction, dropping to $2,790. Later, ETH attempted another breakout at $2,839, but the momentum collapsed, driving the price down to $2,700. Two more attempts were made to hold the price at $2,730 and $2,680, respectively, before the price continued to fall, reaching $2,650 at the time of writing.
It's good to see Bybit taking swift action to rectify the situation, and the sharp rise in ETH was to be expected as a consequence. This surge was particularly interesting considering the decline of other key cryptocurrencies like Bitcoin and others, which later began to level off.
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