In a startling turn of events on Tuesday, the cryptocurrency king, Bitcoin, plunged below the $90,000 mark, instigating widespread unease globally. This downfall seems to be an outcome of a combination of amplified global jitters and a cyber attack on Bybit, one of the largest crypto platforms.nnThe unanticipated devaluation, which stunned crypto enthusiasts worldwide, has sparked severe debate about the security and reliability of cryptocurrencies. Analysts attribute the abrupt decline to the increasing anxiety among investors due to unpredictable geopolitical tensions and the subsequent impact on financial markets.nnThe hack on Bybit, a well-known cryptocurrency exchange, compounded to the jittery environment, further undermining confidence. Immediate measures are being undertaken by Bybit to mitigate and manage the situation, but the damage seems to have been done. Details about the extent of the hack and the number of affected users are yet to be disclosed.nnThe ongoing situation raises complex questions about the security, regulation and the future of cryptocurrencies in an ever-evolving financial landscape. The rebound ability of Bitcoin and other digital currencies from this shock remains to be seen. Read More
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