Ethereum Price Could rise After Massive Bybit Hack
The biggest financial hack in history might actually boost Ethereum’s price. Bybit, a crypto exchange, announced it has recovered from a massive theft. analysts from Bitfinex believe this could positively impact Ethereum.
Hackers, likely from the Lazarus group in North Korea, stole nearly $1.5 billion in ethereum and related assets from Bybit.This event caused Ethereum’s price to drop due to market uncertainty. Though, Bitfinex analysts see a potential upside.
Bybit CEO Ben Zhou confirmed the exchange has covered the losses. The company even published a proof-of-reserves audit to regain trust. Data shows Bybit bought back Ethereum and secured loans, which could counteract selling pressure.
Bitfinex analysts note that while Ethereum’s price recovery is possible, the broader crypto market remains volatile. Most major cryptocurrencies, including Bitcoin and Solana, have declined as their November and December rallies. Memecoins have also fallen sharply.
The analysts believe macroeconomic factors will influence the next major move for Bitcoin and the crypto market. Traders are reducing leveraged positions due to weaker market momentum and increased uncertainty.
