In a recent video, CryptosRUs unpacked the unsettling developments affecting the cryptocurrency market. The CoinSpeech team collected the most important takeaways from his recent appearance. For those eager to dive in, find CryptosRUs’s new video below.
Unexpected Plunge in Bitcoin Prices
During a live stream, Bitcoin was approaching an unprecedented $100,000 milestone. As the day unfolded, however, a sudden dip saw prices fall dramatically. CryptosRUs expressed his frustration: “It’s so freaking frustrating to see Bitcoin at 995 and then now lose all of its gains back to 97.”
Bybit Exchange Hacked
The drop wasn’t coincidental. It followed news of a major hack at Bybit, one of the largest crypto exchanges. In a shocking breach, $1.4 billion in ETH was stolen. CryptosRUs explained, “One of their cold wallets somehow was hacked for 1.4 billion.”
Bybit’s CEO, Ben Zhou, attempted to reassure users in a live stream, promising that funds were safe. However, concerns remain as users experience delays in withdrawals.
The Importance of Self-Custody
This incident underscores the critical importance of self-custody in protecting cryptocurrency assets. “This goes to show you that self-custody is important,” CryptosRUs emphasized. He further advised, “If you have crypto in your own wallet then you don’t have to worry at all.”
He recommended using hardware wallets like Ledger or browser-based solutions such as Metamask and Trust Wallet to securely manage crypto assets.
Market Manipulation Concerns
CryptosRUs expressed skepticism regarding the timing of the hack, suggesting it “seems like it’s all planned.” He has often spoken about market manipulation and price suppression, adding, “What are the chances that today of all days we were about to Rally to $100,000 and then this hack happens?”
Market Outlook
Despite the setback, there’s cautious optimism for recovery. “The good news is 1.4 billion, okay, it’s not like 14 billion,” he noted. CryptosRUs predicts a market rebound once the stolen ETH is either sold off or locked up, restoring balance.