A terrifying night in the cryptocurrency market! The crash swept through, and 290,000 investors lost all their money.
The cryptocurrency market suddenly exploded early this morning, scaring those of us in the cryptocurrency circle so much that we couldn't sleep well all night. The crash was so fierce that the prices of many major currencies fell so badly. Ethereum fell directly below $2,500, and Bitcoin also suffered, sliding all the way below $92,000.
Today, the cryptocurrency market was really crying. Bitcoin fell by more than 4%, and Ethereum was even more exaggerated, falling by more than 11%. There were also SOL, XRP, and Dogecoin, which couldn't hold up, falling by 16%, 11%, and more than 13% respectively.
This crash really hurt a lot of people. I heard that more than 290,000 investors were liquidated, and the total loss was $855 million.
This crash was not without reason. On the evening of February 21, there was a big news that the Bybit trading platform was hacked. Hackers stole $1.5 billion worth of tokens, a terrifying amount.
In the early hours of this morning, the price of the currency began to fall. Everyone was eager to sell in order to reduce their losses, but the more they sold, the more it fell. It was really a rainy night. On February 24, bad news came from South Dakota, USA, saying that a bill that might allow the state government to invest in Bitcoin was shelved. This bill would have allowed Bitcoin to be legally invested in the state, but now that it has been done, everyone has lost confidence in the future, and the price of the currency has fallen again.
In the cryptocurrency circle, there are risks and opportunities, but this plunge really sounded a wake-up call for us. Be careful when investing, look at the market situation more, and don't rush in. In this market, getting rich overnight and going bankrupt overnight are really just a little bit apart.
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