Key Points
- It seems likely that Bitcoin, Ethereum, and Solana are down today due to the recent Bybit hack. The hack stole around $1.4 billion in ETH and related tokens, shaking investor confidence.
- The evidence leans toward the hack causing a broader market sell-off, with Bitcoin at about $95,000, Ethereum at around $2,700, and Solana at approximately $150, reflecting the market’s reaction.
- Research suggests that past network issues may also influence Solana’s decline, though no recent outages have been reported for February 2025.
- An unexpected detail is that the Bybit hack on February 21, 2025, is the largest crypto heist ever, potentially impacting long-term market trust.
Current Market Overview
On February 24, 2025, the cryptocurrency market experienced significant volatility, with major coins like Bitcoin, Ethereum, and Solana seeing notable price drops. This downturn appears to be driven by the aftermath of the Bybit hack, which has led to widespread selling and a risk-off sentiment among investors.
Reasons for the Decline
The primary reason for today’s decline is the Bybit hack on February 21, 2025, where hackers stole approximately $1.4 billion in ETH and related tokens. This event, the largest crypto hack to date, has caused a loss of investor confidence, leading to a market-wide sell-off. Outflows from crypto product funds and general market uncertainty are contributing factors. For Solana, past network congestion issues may amplify the negative sentiment, though no specific outages have been reported for this month.
Impact on Specific Coins
- Bitcoin: It is currently trading at around $95,000, down from recent highs, reflecting the market’s reaction to the hack.
- Ethereum: At approximately $2,700, Ethereum has been particularly affected by the hack involving ETH, which led to a significant price drop.
- Solana: Hovering around $150, Solana’s decline is part of the broader market trend, potentially exacerbated by historical network challenges.
Survey Note: Detailed Analysis of Crypto Market Movements on February 24, 2025
Introduction
The cryptocurrency market on February 24, 2025, is witnessing a significant downturn, with major coins like Bitcoin (BTC), Ethereum (ETH), and Solana (SOL) experiencing notable price declines. This analysis delves into the events of today, February 24, 2025, focusing on the impact of the recent Bybit hack and other contributing factors to understand why these coins are down and what it means for the future of the crypto ecosystem.
Background: The Bybit Hack and Its Immediate Effects
On February 21, 2025, Bybit, a prominent Seychelles-based cryptocurrency exchange, announced a security breach that resulted in the theft of approximately $1.4 to $1.5 billion worth of Ethereum (ETH) and related tokens from one of its cold wallets. This hack, executed through a sophisticated social engineering attack, manipulated the smart contract logic of Bybit’s multi-signature wallet, allowing the attacker to transfer ownership and drain the funds. According to Explained: The Bybit Hack (February 2025), this is the largest crypto heist in history, surpassing the previous record held by the 2022 Ronin Network hack of $624 million.
The immediate aftermath saw the price of ETH drop by over 3%, as reported by “Bybit exchange hacked. “Over $1.4 billion in ETH-related tokens were drained, and the total market capitalization dropped by over $200 billion. Bybit’s CEO, Ben Zhou, assured users via an X post that the exchange remains solvent and client funds are safe. Still, the incident has raised significant concerns about the security of centralized exchanges.
Market Reaction on February 24, 2025
As of 07:45 PM EET on February 24, 2025, the crypto market continues to feel the ripple effects of the Bybit hack. The total market cap has further declined, with investors in a risk-off mode, leading to widespread selling. According to Why is the crypto market down today?, published on the same day, the market capitalization dropped by 3% to about $3.1 trillion, with several concrete factors contributing to the decline, including the Bybit hack and continued outflows from crypto investment products.
Current prices, based on recent data, show:
- Bitcoin (BTC) is at approximately $95,000, down from recent highs, as seen on Bitcoin Price, BTC Price, Live Charts, and Marketcap.
- Ethereum (ETH) trading at around $2,700, with a 24-hour trading volume of $24.03B, as per Ethereum Price, ETH Price, Live Charts, and Marketcap.
- Solana (SOL) hovering around $150, with a 24-hour trading volume of $4.74B, according to Solana Price, SOL Price, Live Charts, and Marketcap.
These figures indicate a significant drop, with Bitcoin and Ethereum mainly affected due to their market dominance and ETH’s direct involvement in the hack.
Specific Impact on Bitcoin, Ethereum, and Solana
The decline in prices is not uniform across all coins, with each facing unique pressures:
- Bitcoin: As the flagship cryptocurrency, Bitcoin often leads market movements. Its current price of around $95,000 reflects the broader market sell-off triggered by the Bybit hack. According to Bitcoin Price | BTC to USD Converter, Chart and News, BTC has seen a 1.04% decline in the last 24 hours, which is below the $100,000 mark.
- Ethereum: Given that the Bybit hack involved ETH, Ethereum has been hit harder, with its price dropping to approximately $2,700. This is evident from Ethereum price today, ETH to USD live price, marketcap and chart | CoinMarketCap, which shows a 2.49% decline in the last 24 hours. The direct loss of ETH in the hack has amplified the negative sentiment, leading to increased selling pressure.
- Solana: Solana, while not directly involved in the hack, has seen its price decline to around $150, as per Solana Price: SOL Live Price Chart, Market Cap & News Today. This decline is part of the broader market trend, but Solana may also face additional pressure from past network issues. Although Solana Status reports no incidents in February 2025, historical data from Solana Network Performance Report: March 2024 | Solana highlights previous outages, such as one on February 6, 2024, which may still linger in investors’ minds, contributing to the current downturn.
Additional Factors Contributing to the Decline
Beyond the Bybit hack, other factors are at play. The search results indicate outflows from crypto product funds, as mentioned in Why is the crypto market down today?, which adds to the bearish sentiment. Additionally, general market uncertainty, possibly influenced by regulatory developments or macroeconomic factors, contributes to the sell-off.
Comparative Analysis: Price Movements and Market Cap
To provide a clearer picture, here is a table summarizing the current prices and recent performance of Bitcoin, Ethereum, and Solana:
| Coin | Current Price (USD) | 24-Hour Change | 7-Day Change | Market Cap (USD) |
|---|---|---|---|---|
| Bitcoin | ~95,000 | -1.04% | -1.24% | ~1.87T |
| Ethereum | ~2,700 | -2.49% | -4.59% | ~323B |
| Solana | ~150 | -8.60% | -13.67% | ~75B |
This table, derived from the search results, highlights the varying degrees of decline, with Solana showing a steeper drop, possibly due to additional pressures from its ecosystem.
Future Outlook and Recovery Prospects
The crypto market’s resilience is well-documented, and historical patterns suggest a potential recovery. Bybit’s assurance of solvency, as stated in Bybit says $1.5 billion worth of crypto stolen in ether wallet hack, may help restore some confidence, but the long-term impact on market trust remains to be seen. The industry may see an increased focus on security, with exchanges likely to implement stricter measures.
In the short term, volatility is expected to continue as investors assess the full impact of the hack. In the long term, the fundamentals of blockchain technology and growing adoption could drive recovery. For Solana, upcoming events like the Solana Foundation’s 2025 conferences, as mentioned in Gather to Build: Solana Foundation Events in 2025 | Solana, may boost its ecosystem.
Conclusion
On February 24, 2025, the crypto market is down, with Bitcoin, Ethereum, and Solana experiencing significant price declines primarily due to the Bybit hack. This event, coupled with outflows from crypto funds and Solana’s historical network issues, has created a challenging environment for investors. While recovery is possible, the market’s future will depend on how the industry addresses these security concerns and restores investor confidence.
