The cryptocurrency market saw a significant pullback on February 22, as a staggering $566 million was liquidated in just 24 hours following the recent Bybit hack. The theft of $1.4 billion worth of Ethereum (ETH) from the crypto exchange has sent shockwaves across the market, triggering a panic sell-off that led to substantial losses in major cryptocurrencies, including Bitcoin (BTC) and Ethereum.

Bitcoin price slipped back to the $96K level, shedding nearly 2% in the last 24 hours. The intraday low for BTC was recorded at $94,852.96, while its high touched $99,497.97. Additionally, Bitcoin’s market dominance slightly declined to 60.29%, with Coinglass data revealing $199.44 million worth of BTC liquidations within a day.

Ethereum, too, suffered from the broader market turbulence, dropping by approximately 3% to trade at $2,674. Its 24-hour low stood at $2,616.92, while its high reached $2,842.83. The ETH market saw liquidations totaling $141.76 million, and analysts caution that the price may experience further downside pressure if the stolen ETH from Bybit is dumped on exchanges.

Altcoins also struggled, with XRP falling 3% to $2.57, hitting a low of $2.51 and a high of $2.71 within the day. Solana (SOL) faced a 2% decline, now trading at $170 after fluctuating between $167.31 and $180.43. Market-wide liquidations saw SOL lose $22.24 million, keeping it aligned with the broader trend.

The meme coin sector also mirrored the downtrend. Dogecoin (DOGE) dropped 4% to $0.2417, while Shiba Inu (SHIB) declined by 2%, trading at $0.00001516. Other popular meme coins like Pepe Coin (PEPE) and Official Trump (TRUMP) fell between 2% and 5%, reflecting overall investor uncertainty.

Despite the widespread market decline, some tokens managed to rally. Ethena (ENA) surged by 11% to $0.4544 after its stablecoin USDe was reassured as solvent post-Bybit hack. Bitget Token (BGB) saw an 8% increase to $5.05 as Bitget launched a staking program amid its competitor’s troubles. Jito (JTO) also gained 5%, rising to $2.84 following an announcement that South Korean exchange Upbit would list the token in the KRW market.

On the losing side, Mantle (MNT) suffered a 15% loss, trading at $0.883, while Berachain (BERA) dropped 12% to $7.16. Sonic (S) declined by 10%, settling at $0.8546.

As the market reels from the impact of Bybit’s massive hack, investor sentiment remains on edge. Market watchers fear that if the stolen Ethereum is offloaded, selling pressure could intensify, leading to further price declines. Meanwhile, traders are closely monitoring the market for signs of recovery, but with uncertainty looming, volatility remains high.