The cryptocurrency market faced intense selling pressure following the approximately $6.3 billion security breach targeting Binance. Major cryptocurrencies, particularly Bitcoin and Ethereum, lost value.
Sharp Drop in Bitcoin and Ethereum!
Following the hack news, sell-offs accelerated in the cryptocurrency market. Bitcoin fell by over 3%, dropping to around $76,000, while Ethereum also fell below $2,200.
According to the data, approximately $1.5 billion worth of leveraged positions were liquidated in the market within 24 hours, with the majority of these liquidations consisting of long positions opened with the expectation of an upward trend.
Standard Chartered: The Decline May Continue!
While the decline has unnerved the market, banking giant Standard Chartered warned that the market downturn may not be over yet.
Speaking to Coindesk, Geoffrey Kendrick, Head of Digital Assets Research at Standard Chartered, stated that selling pressure following the Binance attack could continue for some time.
According to Kendrick, for a new balance to be established in the market, the status of the frozen assets must be clarified and the details of the attack must be revealed.
Kendrick also noted that the attack could accelerate investors’ shift towards decentralized trading platforms, a development that could support Uniswap’s long-term growth potential. He added that the bank maintains its UNI price target of $100 for 2030.
Kendrick also stated that the Binance attack was a new development that strengthened the possibility of exceeding their previously predicted price forecast.
*This is not investment advice.
