Bitcoin and ether, the two largest cryptocurrencies by market capitalization, plunged to multi-month lows on Tuesday amid a broad market sell-off and heightened uncertainty following last week's hack that siphoned $1.5 billion in ether from the crypto exchange Bybit.
Bitcoin, which had been holding above the $90,000 threshold since mid-January, fell as much as 6% to $88,245 - its lowest level since November. Ether experienced an even steeper decline, shedding up to 11% at one point to reach $2,333, marking its lowest price since October.
Market analysts attribute the sharp downturn to a combination of general market volatility and lingering concerns over the recent security breach, which has rattled investor confidence in the crypto ecosystem. As traders continue to digest the implications of the massive hack, the sell-off has exacerbated downward pressure on prices across the board.
The incident at Bybit underscores the ongoing challenges in the cryptocurrency sector, where security issues remain a significant risk. With global regulators and industry stakeholders closely watching developments, the current market instability may prompt further scrutiny of cybersecurity practices within crypto exchanges.
Investors are now bracing for additional volatility in the coming days as the market reacts to both external economic pressures and internal challenges within the crypto industry.
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