Cryptocurrency prices dropped after news broke of a $1.5 billion heist on the Bybit exchange, causing major cryptocurrencies like XRP, Dogecoin, Shiba Inu, and Cardano to decline. Bitcoin and other tokens had been trading in a narrow range recently, with low volatility. XRP was down 3.07%, Dogecoin fell 4.84%, Cardano dropped 5.17%, and Shiba Inu declined 2.45%. Bitcoin and Ethereum reported losses of 2.34% and 3.59%, respectively. This decline led to liquidations totaling $556 million across various crypto assets within the last 24 hours. The sell-off affected both long and short positions. The crypto market had been optimistic after Coinbase announced the dismissal of a legal lawsuit by U.S. securities regulators, but this optimism was short-lived as the Bybit hack and subsequent Ethereum withdrawals were discovered. Bybit, one of the world's largest exchanges, announced that it had been hacked, causing a decline in Bitcoin and other crypto assets. Coinbase shares also fell more than 5% after previously rising. The stolen Ethereum and ETH derivatives accounted for nearly 9% of Bybit's total assets.



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