15.08.2025 20:26

Internet Computer (ICP) experienced a significant price drop, plummeting 8.86% to $5.52 following a security breach at Odin.fun, a development that triggered widespread selling. This sharp decline occurred despite a recent listing on the Bullish exchange, an event typically expected to boost the token's price.

The security incident at Odin.fun, specifically impacting the "Sign-In With Bitcoin" functionality of Internet Computer, fueled anxieties regarding the platform's overall security. This led to a brief, fleeting rally to $6.08 before a dramatic reversal within 23 hours, starkly illustrating the cryptocurrency market's susceptibility to negative security news. The positive impact of the Bullish exchange listing on August 7th, intended to improve liquidity and accessibility, was quickly overshadowed by the resulting sell-off. Investor confidence in Internet Computer's authentication systems suffered significantly, resulting in substantial selling pressure.

Prior to this setback, ICP showed signs of strength, gaining 2.29% earlier in the week, rising from $5.25 to $5.37 on strong trading volume. This positive momentum, however, was completely reversed and surpassed by the negative impact of the security breach, highlighting the volatile nature of the cryptocurrency market and its susceptibility to rapid sentiment shifts.

Technical analysis of ICP presents a mixed outlook. Currently trading below several short-term moving averages, the token's price sits beneath the 7-day Simple Moving Average (SMA) at $5.62, reinforcing the short-term bearish trend. However, the 20-day SMA, at $5.41, offers some level of underlying support. The Relative Strength Index (RSI) currently stands at 51.16, suggesting a neutral market sentiment despite the recent price volatility. The overall picture, therefore, remains uncertain.