The price of BTC has fallen below 97,000 dollars, causing altcoins to plummet rapidly. We anticipated a beautiful day for crypto, only to witness a few fleeting moments of positivity. The current situation for altcoins appears to be a last stop before a breakdown.
Everything is Dropping
US markets are declining, with Bitcoin 
$95,022‘s price dipping to 97,000 dollars and Ether struggling to surpass 2,800 dollars, now reverting to the 2,670 dollar range. The recent hack of the ByBit exchange has severely undermined the last hopes for a recovery in cryptocurrencies, as 1.4 billion dollars worth of Ethereum 
$1,821 was stolen, with the attacker beginning to distribute the funds into various wallets.
Despite the ongoing volatility attracting some opportunistic traders in futures, those anticipating an altcoin surge for years are deeply concerned. Trump has announced that car tariffs will take effect early April, while recent cautious remarks from Fed members have further pressured stock markets.
Current Situation of ByBit Exchange
The CEO of the cryptocurrency exchange launched a live stream on the website to make announcements. Ben Zhou, Bybit’s co-founder and CEO, noted that the firm experienced a significant number of withdrawal requests within the last two hours. This situation could lead to alarming outcomes for the exchange if adequate cash reserves are lacking.
Panic may escalate as users awaiting withdrawal approvals spark discussions on social media in the hours to come. However, Zhou assured viewers that they would approve pending withdrawal requests “within a few hours.” Despite CZ suggesting they might need to suspend withdrawals, Zhou emphasized they would not take such action.
Zhou stated that Bybit is seeking bridge loans to fill the gap caused by the theft and asserted that they have the capacity to cover the losses. Should the exchange’s cash balance be strong, the 1.4 billion dollars, representing 5% of total assets under management, should not pose significant problems for ByBit.
Such negative news can sometimes be interpreted as a “bottom story,” causing one last jolt before markets rebound. If this is the case, we should expect a return to normalcy and a rise within a few days.
