Market Shock in Crypto

The crypto market faced a huge shock when 401,346.76 ETH worth $1.5B was drained from ByBit’s wallets on Friday.

Ethereum (ETH) price dropped 8% on February 21 due to this security incident. However, the short-term fear dissipated as ByBit confirmed that the customer funds were safe.

Let’s explore Ethereum price forecasts and how this hack and the exchange’s $1.3B bridged loan affect the short-term ETH price outlook.