In the past period, we noticed a lot of volatility and almost entered the bear market, but the recovery came with an unprecedented rise in cryptocurrencies to increase in 24 hours by more than $ 300 billion in Market Cap, but let's go back in time a few weeks and Bybit hack.
The market was not affected much by the hack as it was previously, as cryptocurrencies fell not significantly and Bitcoin fell to about $ 96,000 before regaining its momentum and gradually rising again. As for Ethereum, which was the hacker, it performed better after the hack, as it currently reached $ 2,800, despite the presence of a large amount of Ethereum with hackers that they are supposed to sell and lead to pressure on the price, but despite that, the price rose slightly.
This is at the beginning, as days passed after the hack and we did not see any significant impact regarding the hack as happened previously, and it was from my point of view that the hack was for Ethereum and not Bitcoin, as at first this hack did not affect the market significantly as happened previously with MtGox, as the decline was very strong, reaching 50%, as Bitcoin was trading at $850, and after the decline it reached about $440.
But in another comparison, when Poly Network was hacked in 2021, Bitcoin fell by about 2%, but the price quickly recovered significantly and returned to the normal price, and this answers the question that the market was not affected by Bybit hack and the theft of Ethereum because simply Bitcoin was not targeted, but Ethereum was targeted as happened with Poly Network, as the targeting was for the Defi network, so there were no concerns about the security of Bitcoin itself.
Also, this hack was the result of a glitch or manipulation, as some say, of the platform's Cold Wallets, so there was no hack of the Ethereum network itself, and this is what we saw in the price, which was not greatly affected by the hack, and Bitcoin, which leads the cryptocurrency market as a whole, was not affected either in terms of stealing coins or the network itself, which is the most important.
But what happened a few days later and we saw a continuous decline in cryptocurrencies, as Bitcoin reached levels of 70k? I do not think it was due to the hack, and I do not see that we should add it to the large declines that occurred previously, such as what happened, for example, with Mt Gox, but I think it is a big game of whales. What confuses me is whether there was previously known information that the United States would put a reserve of cryptocurrencies.
Because this large decline was for a goal, which is for small investors and those with shaky hands to sell their currencies, and suddenly we find that on Sunday morning someone puts 50x of long on Bitcoin, and then Trump tweet that makes all coins go up.
Do you really think the drop was due to Bybit hack or manipulation?
