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I just noticed that Bitcoin is bouncing strongly, already around $80,900 after a tough period. But what has everyone panicking is what happened with KelpDAO - apparently they suffered a pretty serious hack that triggered a chain reaction throughout the DeFi ecosystem.
The crazy part is that after the KelpDAO hack, we've seen a massive exodus of liquidity. We're talking about around $14 billion leaving the DeFi sector in a short period of time. People are scared and prefer to withdraw their funds before something else happens.
It's interesting to see how the hack affected Bitcoin so differently from the rest of the market. While BTC manages to recover and climb above $80K, DeFi continues to suffer the consequences of the attack. It seems that confidence in decentralized protocols was quite shaken after this hack.
Anyway, typical of the crypto market - one day everything is fine, the next there's a major hack and everyone rushes to save their funds. We'll have to see if DeFi recovers soon or if this hack marks a more serious turning point.