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Cryptocurrency Market Faces Downturn Amid Bybit Hack

Posted on February 24, 2025

Bitcoin experienced a slight decline of 0.4% to $95,822, with a modest annual gain of less than 3% in 2025. XRP dropped 4% to $2.47 but remains up 19% this year and 304% in the past six months. Ethereum fell 4% to $2,698 amid broader cryptocurrency struggles following a recent slump. This downturn aligns with a stock market decline as investors shy away from riskier assets. The market faced further strain due to a $1.5 billion hack on Bybit’s Ethereum wallet. The failure of the worst-hit cryptocurrencies to rebound reflects ongoing pressure from the significant cyberattack, contrasting with U.S. equities that showed premarket gains.

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