After a top digital asset exchange, Bybit, was breached for $1.4 billion and investors became frightened of inflation worries again.
CoinGecko data shows that big digital coins Bitcoin, Ethereum, and XRP are all down, among other high-cap coins.
Bitcoin, the biggest cryptocurrency, is trading for $96,300, a more than 2% drop over the past day, while Ethereum's price has dropped further—by 3%—and stands at $2,669.
XRP is the third largest digital asset and has dropped by nearly 6%. It now costs $2.56.
Dogecoin, the eighth-largest virtual asset and meme coin O.G. Dogecoin has dropped 4% from its previous value. The price of Dogecoin is around $0.244.
After a decline of over 3%, the total market for cryptos now stands at $3.35 trillion.
CoinGlass says that the futures market is also being hit: in just one day, CoinGlass reported that over 192,000 traders liquidated their positions, totaling $570 Million.
U.S. equity prices also suffered a blow on Friday as investors sold their stocks after the release of weaker-than expected economic figures that indicated that inflation was not likely to be fading away anytime soon. Crypto has been moving in sync with stock prices as it is an "risk-on" asset.
As President Donald Trump continues to pursue his aggressive tariff policy, the University of Michigan Surveys of Consumers found that Americans worry about inflation.
Hackers also targeted Bybit, a crypto-exchange. Singapore’s exchange, which is based in Singapore, lost $1.4bn worth of Ethereum on Friday.
Ben Zhou, co-founder of Bybit and its CEO, said on Friday that his firm is experiencing a growth spurt. "massive withdrawals" Follow the hack.
Although the exchange has not yet provided any answers to this theft, it did suggest that there had been a substantial transaction. "masked" or altered so that the funds were sent to the attackers' wallet. Zhou stated in a video that hackers could have hacked the computers used by all those who authorize transactions.
The exchange is seeking a loan as a way to return funds and cover any losses.
Andrew Hayward edited the book