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Cryptocurrency investors had a relatively calm day until the market suddenly became volatile. The recent Balancer news, which we announced as breaking news a short while ago, was the trigger for the latest crash. So, what is the current state of the cryptocurrency markets? What other factors negatively affected the prices today, apart from Balancer?
Why are Cryptocurrencies Falling?
We announced as breaking news at 19:00 that the DeFi platform called Balancer has been hacked. The extent of this hack is still unclear and the results have not been confirmed yet. Balancer, with a total TVL power of over $800 million, could report massive losses once the dust settles. The team has not yet made a clear statement regarding the size of the loss. However, they have warned users to withdraw their liquidity from the affected pools. If the attacker has indeed pocketed millions of dollars in loot, this could mean further losses for the BTC price in the coming hours.
Under normal circumstances, the hacking of a platform like Balancer would not have a massive impact on prices during bullish markets. However, in bear markets where the daily cumulative volume has dropped to 17-20 billion dollars, the hacking of a platform with a TVL of $800 million has serious consequences.
We witnessed panic selling, especially in altcoins, due to the possibility of the attacker making sudden sales. AVAX, both due to its key opening and the hack, dropped below $10 after a long hiatus. Many altcoins turned red.
If BTC closes below $25,750 in the coming hours, we may see even bigger sell-offs in altcoins.
