Crypto Market Sees Sharp Decline Amid Bybit Outflow Reports

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21 Feb 2025

Cryptocurrency Market Faces Downturn

On Friday, cryptocurrency markets experienced a decline as earlier gains were reversed. This downturn followed reports of a significant crypto outflow from the Bybit exchange, amounting to $1.5 billion, which may be tied to a security issue.

Bitcoin, known as BTC, dropped to approximately $97,000 after reaching near $100,000 earlier in the day. Concurrently, ether, or ETH, fell by almost 4%, closing below the $2,700 mark.

This unexpected drop resulted in the liquidation of about $100 million in leveraged trading positions, which were primarily long positions betting on price increases, according to data from CoinGlass.

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Cryptocurrency Market Faces Downturn

Read more

Zoth Hit by $8.4M Crypto Exploit After Wallet Compromise

Bitcoin’s Wild Card: How Germany’s Debt Plans Could Shake Up Crypto

Are XRP Whales Preparing for a Big Move as Ripple vs. SEC Lawsuit Nears Conclusion?

XRP Price Consolidates as Key Levels Hold