I have to go with @Dunamisx on this, the Bybit hack should only have a little effect on the market, Bybit is just an exchange and it's not all its money that was stolen. Perhaps you talked based on what is currently happening in the crypto market, it may happen with or without the Bybit issue, the $1.4b hack is too small to cause a serious issue in the crypto market. What happens now is a result of the persistent hovering of the market beneath upper resistance without a breakthrough due to the inability to attract more liquidity. This eventually created FUD in the market which resulted in what we see now. However, I see this as a temporary setback, so expect Bitcoin to move higher than before by the time it bounces back.
I hope it's temporary and the market recovers pretty fast.
That would be great to witness after this sell we see
All I know is that Bitcoin will always overcome any hurdle that comes its way, it's a moment of challenges, it SHALL pass and Bitcoin will wax stronger and greater on the comeback to break above even higher levels.
At times, this kind of selling is needed to gather the needed momentum. Think of it like a ram that moved a little backward to gather the needed force to knock down the opponent.