The simultaneous decline of Bitcoin and Ethereum. What is the reason?

The direct cause of this decline is a major hacking incident that occurred at the global cryptocurrency exchange Bybit.

Due to this attack, Ethereum (ETH) worth 1.4 billion dollars was stolen, and it is expected to be recorded as one of the largest hacking incidents in the history of the cryptocurrency industry.

This incident not only affected the Bybit platform but also amplified anxiety across the entire market. Ethereum also experienced a downturn due to this hacking incident, and as investors engaged in panic selling, it negatively impacted Bitcoin prices.

Meanwhile, on the same day, Coinbase announced an update regarding the lawsuit with the U.S. Securities and Exchange Commission (SEC). Coinbase stated that SEC staff had agreed to withdraw the lawsuit. This news acted as a positive factor in the market, helping to partially mitigate the market shock caused by the Bybit hacking.

Every time a major hacking incident occurred in the past, the price of Bitcoin repeatedly plummeted. A representative example is the 2014 hacking incident of Japan's cryptocurrency exchange Mt. Gox. At that time, Mt. Gox was robbed of approximately 850,000 BTC (worth about 450 million dollars at the time), and as a result of this incident, the price of Bitcoin plummeted from $1,200 to around $300.

Experts predict that the direction of Bitcoin prices will be determined by how long the impact of the recent hacking incident on Binance lasts.

--------------------------------------------------------

A large-scale hacking incident has occurred..

No wonder the decline was so severe...

It seems that investing is not something just anyone can do..