A significant hack on a major crypto exchange caused Bitcoin's price to plummet by 20%, dropping from $30,000 to $24,000 within just 24 hours.

This hack resulted in estimated losses of around $100 million and coincided with a notable surge in trading volumes for altcoins such as Ethereum and Cardano.

In the wake of this turmoil, trading volumes for Bitcoin surged, with the BTC/USDT pair on Binance increasing by 150% to $2.5 billion, and the BTC/ETH pair on Kraken rising by 120% to $500 million.

Overall trading volumes across major exchanges increased by 200%, reaching $10 billion, while the Bollinger Bands for Bitcoin widened, indicating a potential price reversal.

However, technical indicators presented mixed signals; the Relative Strength Index (RSI) fell from 70 to 30, suggesting oversold conditions, while the MACD showed a bearish crossover.

Traders with stop-loss orders set below $24,000 faced liquidations, which further pressured Bitcoin's price downward.

Despite this volatility, long-term holders, often referred to as 'HODLers,' managed to stabilize Bitcoin's price at around $25,000 by the end of the trading day.

The hack also led to a temporary liquidity crunch, resulting in wider spreads on affected trading platforms, while the Fear and Greed Index dropped from 60 to 40, indicating heightened market fear.

On-chain metrics revealed a decrease in active addresses from 1.2 million to 1.1 million, reflecting a stabilization effort by long-term holders.

Network activity showed signs of decline, with the number of transactions per block falling from 2,500 to 2,000.

Amid the chaos, Ethereum's price increased by 5% to $1,900, while Cardano rose by 8% to $0.45.

Market sentiment was notably affected by ongoing FUD (fear, uncertainty, doubt), particularly rumors of regulatory crackdowns in major economies.