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$200 Million Crypto Exploit, Bitcoin Drops Below $23,000, What's Happening? Crypto Market Review, August 2

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$BTC dropped below $23,000 following the $200 million Nomad bridge exploit that affected users from all major networks, including Cardano

Unfortunately, Bitcoin was not able to hold above the $23,000 threshold and had already reached a $22,800 price level, which shows that the first cryptocurrency does not have enough buying power behind it. The lack of trading volume on BTC caused a reversal from the local high of $24,800.

The most likely scenario from a technical standpoint right now is another test of the local trend's support level located at around the $22,000 price level. At press time, the line has been tested twice in July and ended up as a rally to new highs.Another event that disrupted the entire industry is one of the biggest exploits we saw in the last few months. The Nomad bridge faced a critical issue. More than 40 addresses grabbed around $150 million worth of cryptocurrency.

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