- Bybit purchased $100M worth of ETH after a security issue
- The purchase amounted to 36383 ETH at an average price of $2711
- This sparked a 2.5% rally, and trading volume increased by 10%
After a recent security incident, Bybit made an impressive purchase of 36383 ETH, totaling ~$100M, triggering a short-term ETH 2.5% rally.
More About Bybit’s Massive Purchase and ETH Momentum
Arkham Intelligence data indicates that Bybit purchased 36,383 ETH at an average price of $2,711 for a total of $100M.
This is part of a resurgence plan that is possible thanks to the consolidated support of partners and even other competing crypto platforms in an effort to unite against actors harming the entire crypto industry.
Such a massive purchase has inevitably affected the ETH price performance, namely a 2.5% increase, surpassing BTC and XRP during the last 24 hours.
ETH broke through $2824, and probably many traders were aiming for $3100, but it experienced a correction to $2790. Later, ETH made another break of $2839, but further momentum collapsed to $2700, with a further attempt to hold at $2730, and another collapse to $2680, and is now trading at ~$2650.
Conclusion
It’s good to see Bybit taking immediate action to rectify the situation, and the sharp rise in ETH was probably inevitable as a result.
It was especially an interesting jump amidst the fall of other key cryptocurrencies like Bitcoin and others, which later on started to level off.
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