Digital assets markets are plummeting following Bitcoin’s (BTC) loss of the $90,000 level and subsequent collapse to $86,141, triggering severe corrections in most altcoins as well.
According to crypto data aggregator CoinGlass, there have been over $1.58 billion in liquidations in the last 24 hours, most of them leveraged long positions in Bitcoin.
The market correction follows last week’s record-shattering Bybit hack.
The Lazarus Group, a prolific North Korean cybercriminal outfit known for numerous high-profile hacks on major crypto platforms, is alleged to have committed the hack and made off with nearly $1.5 billion worth of Ethereum (ETH) and Lido Staked Ether (stETH) from Bybit on Friday.
Blockchain research firm Elliptic alleges the Lazarus Group is now laundering the stolen crypto by moving the stolen funds through multiple wallets, exchanges, cross-chain bridges and crypto mixers to obfuscate the transaction trail, including using eXch, a privacy-focused crypto exchange.
The correction also comes amid a large sell-off in the stock market amid macroeconomic worries as well as the uncertainty surrounding US President Donald Trump’s tariff policies.
Consumer confidence, based on the Conference Board’s Consumer Confidence Index, declined sharply this month.
Bitcoin is trading for $87,277 at time of writing, down 7.9% in the last 24 hours. Meanwhile, ETH is trading for 2,410 at time of writing, down 9.9% on the day.
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