Coin-Turk 18 minutes ago
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The day started off positively for crypto enthusiasts, but fortunes quickly changed. A rapid increase in Bitcoin 
$0.000049‘s price brought it close to six-figure levels, yet this surge was short-lived. The situation worsened dramatically when it was revealed that $1.4 billion worth of Ether and derivatives were stolen from ByBit’s cold wallet, further exacerbated by a second reason for the decline.
What Caused the Crypto Drop?
The correlation with the SP500, which had previously dropped to zero, turned positive again alongside stock market declines. The price of BTC ($95,262.39) fell in tandem with the US markets. The initial cause of the crypto downturn was the billion-dollar hack at ByBit exchange. Additionally, negative comments regarding tariffs and the pessimistic outlook from Fed officials contributed to the negative sentiment.
Another significant reason for the decline is the emergence of a second wave of virus reports in China, raising global pandemic concerns. However, this situation may not be as alarming,…
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