Solana Crashes After Bridge Hack, Bitcoin Slipped To $36.5K: Analysis

Solana crashes after the recent Wormhole bridge hack while Bitcoin slipped to a $36.5K price range with the entire crypto market cap sliding down by over $100 billion as we can see further in our latest altcoin news.

After touching a ten-day high above $39,000, BTC started moving downwards and dipped below $37,000 with the altcoins all retracing and Solana being the biggest user after an exploit of the Wormhole network bridge as it lost $320 million worth of ETH. The past few days were actually quite well for the biggest cryptocurrency after dropping to $36,500, the asset changed trajectory and started gaining value.

This resulted in pushing above $38,000 and a few consecutive attempts to challenge $39,000 right the latest one coming in a brief push above this level that became the highest price tag in about 10 days. However, BTC stalled for the next 12 hours and after being unable to challenge $39,000 once again as the bears stepped up and boost the crypto south but this time, BTC dropped below $36,500 once again. It managed to recover a few hundred dollars and now sits around $37,000 so as such, the market cap is slowly preparing to break below $700 billion.

The altcoins registered a huge gain on Tuesday before stalling on Wednesday and now most of them are in the red. Solana crashed after the bridge hack, Etheruem touched $2800 two days ago and then declined by 3% which drove the asset below $2700. Similar daily price drops were evident from Cardano, Ripple, Binance Coin, DOGE, and Shiba Inu. Terra, Avalanche, and DOT charted bigger losses while Solana dumped the most. Following an exploit against the Solana-based bridge, Woromhol where the perpetrators swiped $320 million worth of ETH, SOL started dropping in value and as of now, the asset is down by 10% to below $100. more decline came from Convex Finance which dropped by 12%, Curve DAO that dropped by 10%, Kusama dropped by 9% and Sandbox dropped by 8%. the crypto market is down by $110 billion and its peak of a day ago sits around $1.650 trillion.

As recently reported, Wormhole is a protocol that allows users to move tokens and NFTs between Solana and Ethereum and it confirmed that it suffered an exploit of 120,000 wrapped Ethereum worth $320 million which is higher than the initially suspected $250 million.