Bitcoin eyes $60K dip in April amid KelpDAO hack fallout, $293M loss

Bitcoin’s recent decline has traders eyeing a possible $60,000 dip in April. This comes amid fallout from the KelpDAO hack, which exploited a LayerZero bridge flaw, resulting in a $293 million loss. The market for Bitcoin staying above $60,000 by April 19 sits at 99.9% YES.

Market reaction

The hack has added uncertainty, with 99.9% odds for Bitcoin being above $60,000 on April 19, down slightly from 100% yesterday. The April 20 market also sits at 99.9% YES for Bitcoin above $62,000, suggesting traders expect continued volatility but not a collapse to those levels.

Volume at $105,585 in actual USDC traded in the last 24 hours, with low order book depth: it takes just $2,000 to move prices by 5 percentage points. This thin liquidity means even modest trades can shift the market, which explains today’s slight price adjustments without major news.

Why it matters

The KelpDAO hack is a reminder that DeFi bridge vulnerabilities can ripple into broader crypto sentiment. Bitcoin’s dip also coincides with bearish pressure from the failed US-Iran ceasefire. Buying YES at 99¢ offers minimal return unless new negative catalysts emerge, such as further DeFi breaches or geopolitical escalations.

What to watch

Announcements from major financial players or regulatory developments could shift these markets. BlackRock allocating more funds to Bitcoin or positive legislative moves could stabilize prices. Another large-scale DeFi exploit would push sentiment in the opposite direction.

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