Ether’s Path to $3,000: Investor Sentiment Shifts After Crypto Exchange Breach and Large-Scale Buyba
Ether’s price is at a critical point following the Bybit exchange hack on Feb. 21, in which over $1.4 billion worth of liquid-staked Ether and other digital assets were stolen. This attack is now the largest crypto theft in history, with the North Korean state-affiliated Lazarus Group identified as the main suspect. In response, Bybit has purchased over 106,498 Ether worth about $295 million in over-the-counter trades, recovering nearly 50% of its pre-hack Ether supply.
- The recent market volatility surrounding the Bybit hack and subsequent institutional buy activity may signal a turning point for investor sentiment, potentially paving the way for a sustained upward trend in Ether's price.
- Can a successful price breakout above $3,000 be replicated by other cryptocurrencies affected by similar cyber threats, or will Ether's unique circumstances provide a catalyst for its recovery?