Why Altcoins Were Having a Serious Case of the Mondays Today
The cryptocurrency market, rocked by a high-profile hack Friday morning, continued to be in hangover mode as the work week started. On Monday, a vast number of digital coins and tokens continued to lose value, some even at double-digit percentage rates.Leading altcoin Ethereum (CRYPTO: ETH) -- the token at the center of the hack -- had fallen nearly 8% in value from 4 p.m. ET in late afternoon trading. Dogecoin (CRYPTO: DOGE) was acting like a bad doggie with a more than 11% drop, while utility cryptos Chainlink (CRYPTO: LINK) and Solana (CRYPTO: SOL) were down by roughly 11% and 12%, respectively.The hack that sent the market reeling was targeted at cryptocurrency exchange Bybit. Friday morning, the company reported that hackers lifted around $1.5 billion worth of tokens from a cold wallet that was used to store Ethereum token Ether. (A "cold" wallet is a crypto digital wallet stored offline; worryingly, this is often considered a relatively secure form of storage.) Continue reading
The cryptocurrency market, rocked by a high-profile hack Friday morning, continued to be in hangover mode as the work week started. On Monday, a vast number of digital coins and tokens continued to lose value, some even at double-digit percentage rates.
Leading altcoin Ethereum (CRYPTO: ETH) -- the token at the center of the hack -- had fallen nearly 8% in value from 4 p.m. ET in late afternoon trading. Dogecoin (CRYPTO: DOGE) was acting like a bad doggie with a more than 11% drop, while utility cryptos Chainlink (CRYPTO: LINK) and Solana (CRYPTO: SOL) were down by roughly 11% and 12%, respectively.
The hack that sent the market reeling was targeted at cryptocurrency exchange Bybit. Friday morning, the company reported that hackers lifted around $1.5 billion worth of tokens from a cold wallet that was used to store Ethereum token Ether. (A "cold" wallet is a crypto digital wallet stored offline; worryingly, this is often considered a relatively secure form of storage.)
