Unveiling the Ripple Effects of a $1.5 Billion Crypto Heist

A tempest swept through the cryptocurrency world this weekend, leaving the community reeling from a stunning $1.5 billion hack of ByBit.

Bitcoin price stumbles after a $1.5B ByBit hack, here's what happened

Bitcoin price lost crucial support after a massive $1.5 billion hack on cryptocurrency exchange ByBit sent shivers down traders’ spines. The digital asset began the week strong, rallying to highs around $99,380 on Monday. However, a stunning heist saw Bitcoin prices whipsawed, staggering to lows of $95,000.

Meanwhile, the total cryptocurrency market capitalization also faced the brunt of the attack. As the dust settled, the global market cap sank by 1.22%, bringing it down to $3.14 trillion. Notably, over $85 billion in crypto was traded throughout the day.

Bitcoin price attempts to recover from key support loss

After rallying to highs of $99,380 at the start of the week, Bitcoin price encountered a stunning blow as news of a $1.5 billion hack on cryptocurrency exchange ByBit spread. This saw BTC prices staggering from earlier gains.

As reported, Monday began with Bitcoin prices rallying to highs around $99,380. This followed a bullish weekend where BTC prices surged past crucial resistance at $96,000. However, the rally was short-lived as news of the ByBit hack saw Bitcoin prices whipsawed.

Bitcoin price 1-hour chart. Source: TradingView

The world's leading cryptocurrency plunged to lows of $95,000 as traders reacted to the massive cryptocurrency theft. This saw Bitcoin prices staggering more than $4,000 from earlier highs. At the time of writing, BTC prices attempt to recover from the key support loss.

Bitcoin prices now face crucial resistance at the $96,000 level after losing out on a crucial attempt to rally past the $100,000 psychological price level. Notably, if Bitcoin prices fail to recover from current levels, we could see BTC prices sliding further down to lows around $90,000.

On the other hand, Bitcoin prices could rally to highs of $115,000 before meeting strong resistance levels. This would see BTC prices surging by over 15% from current price levels.

Cryptocurrency prices today: Ethereum, Solana impacted by massive ByBit hack

Bitcoin prices were not the only ones impacted by the massive $1.5 billion hack on cryptocurrency exchange ByBit. Other digital assets also bore the brunt of the attack, with some seeing significant value erosion.

As reported earlier in the week, Monday saw Bitcoin prices staggering from earlier gains after news of the cryptocurrency exchange hack emerged. Notably, other cryptocurrencies also saw prices whipsawed.

Ethereum price 1-hour chart. Source: TradingView

The world's second-largest cryptocurrency, Ethereum, began the week trading at highs around $2,840. However, the massive cryptocurrency theft saw ETH prices whipsawed, staggering to lows of $2,621. At the time of writing, Ethereum prices attempt to recover from the key support loss.

Ethereum prices now face crucial resistance at the $2,700 level after losing out on a crucial attempt to rally past the $3,000 psychological price level. Notably, if ETH prices fail to recover from current levels, we could see further losses.

Solana price 1-hour chart. Source: TradingView

On the other hand, Solana prices also saw significant losses after news of the ByBit hack emerged. SOL prices began rallying to highs of $172 at the start of the week before staggering to lows of $158.1. At the time of writing, Solana prices attempt to recover from the key support loss.

Solana prices now face crucial resistance at the $165 level after losing out on a crucial attempt to rally past the $200 psychological price level. Notably, if SOL prices fail to recover from current levels, we could see further losses towards lows of $145.