β‘οΈ Bybit CEO: We are solvent. Even if the losses from the hack are not reimbursed, all customer assets are fully backed 1:1, and we will be able to cover the losses. ( Twitter )
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β‘ Bybit has fully restored its ETH reserves
The exchange lost over $1.5 billion in ETH in a recent attack. This is one of the rare incidents of its kind.
Before the hack on February 21, when hackers withdrew over $1.5 billion, Bybit had 439,000 ETH. After the attack, the reserves were temporarily reduced to 61,000 ETH. The gap has now been completely closed.
Despite various hacks in its history, Bybit continues to operate as usual and processes withdrawals without processing. According to Hacken, an independent auditor of Bybit's reserves, its assets exceed strictly established limits.
The exchange lost over $1.5 billion in ETH in a recent attack. This is one of the rare incidents of its kind.
Before the hack on February 21, when hackers withdrew over $1.5 billion, Bybit had 439,000 ETH. After the attack, the reserves were temporarily reduced to 61,000 ETH. The gap has now been completely closed.
Despite various hacks in its history, Bybit continues to operate as usual and processes withdrawals without processing. According to Hacken, an independent auditor of Bybit's reserves, its assets exceed strictly established limits.
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Let's figure it out: crypto is not going anywhere, it is preparing for growth, and there is definitely no need to panic.
Globally, everything is even better than before. Spot Bitcoin ETFs were launched in 2024, and BlackRock is actively promoting them in investment portfolios. The US is becoming more and more loyal to crypto: Trump won the election in November with a pro-crypto position. Companies like MicroStrategy continue to buy Bitcoin, and banks, including Goldman Sachs, are implementing it into their systems.
All these factors create a solid foundation for growth, and we are on the verge of a new rise. Yes, there is a decline now, but this is not a crisis. Binance and other exchanges have staged a "cleanup": Bitcoin fell to 90 thousand, although large players have poured in billions. Perhaps this is their last chance before the upcoming regulations. Soon, such sharp fluctuations may become a thing of the past.
Large investors are actively buying Bitcoin, but its price is still stagnant - this is not an accident, but a sign of planned growth. As soon as the market comes to life, Bitcoin's dominance will decrease, and altcoins will start to grow. This has already happened in previous cycles: after falls, there was always a new round of growth, like in 2021.
The main thing is not to panic and look to the future. We have already been through ups and downs and we know that after the storm, the sun always comes out. Everything is just beginning, so be prepared!
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This is the opinion of crypto analyst Ted Pillos.
BTC's rise from a bear market low of around $200 ended in a parabolic rise to $780. Likewise, ETH appears to have completed its accumulation phase and broken through key resistance levels.
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The Salvadoran government bought Bitcoin during the Bitcoin dump that began yesterday. Officials took advantage of the bearish trend to increase their holdings to 6,088 BTC.
They purchased 7 BTC on February 25 at approximately 01:00 at a price of $94,169. The deal left the government with an unrealized loss, which is more than offset by the $147.7 million unrecorded profit it has earned since it started investing in BTC in October 2021.
Members of the crypto community have seen the Salvadoran governmentβs Bitcoin purchase as a bullish signal.
There are two other important factors that support the upward trend. First, the Fear and Greed index has already dropped to 29 and entered the fear zone. Secondly, the RSI index on the four-hour chart has dropped significantly, which means the market is oversold.
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This was stated by the head of Binance, Richard Tang.
Binance recorded liquidations worth $334 million over the past 24 hours, which is common for medium-term corrections.
In past bear markets, BTC lost from 70% to 90% of its value, while in the current cycle, the maximum correction was about 25%.
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Crypto analyst Dan Gambardello recalled the scenario when the BTC price crashed in July 2024.
While many observers feared that the cryptocurrency would continue to fall, the situation has changed. BTC reversed the trend and began a bullish rally that led to an all-time high of over $100,000.
According to the expert, despite the prevailing discontent among retail investors on social media, mainstream investors argue that the market is optimistic.
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According to an analyst at IntoTheBlock, the upgrade scheduled for March 5 could help ease long-term selling pressure.
βBy reducing consensus overhead and increasing L2 scalability, it will expand the overall network capacity, thereby increasing its competitive advantage,β the expert said.
Also, Ethereum Improvement Proposal (EIP)-7251 will increase the validator staking limit from 32 ETH to 2,048 ETH, making it easier for validators to pool their earnings.
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βͺοΈOur priority is not memes and hype, but sustainable and long-term values ββof blockchain technologies that will benefit the city and its residents.
βͺοΈCryptocurrency, blockchain, fintech β New York is open to those who move these areas forward.
βͺοΈWe are already living in the era of a technological revolution. This is not a distant prospect β this is our reality.
βͺοΈOur goal is to build a real empire here in New York, especially in the crypto sector.
βͺοΈSince the first day of my work, I have been striving for one thing β to make New York the crypto capital of the world.
βͺοΈWe will attract global talent, create financial opportunities for the unbanked, and improve access to public services.
βͺοΈThe city will provide a robust regulatory environment that investors can confidently enter.
βͺοΈRegulation is important for security, but we will not allow excessive restrictions to stifle crypto innovation.
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After the tariff announcement, both cryptocurrencies initially declined, but then stabilized at $103,000 and $2,400.
QCP Capital analysts note Bitcoin's contradictory position between the status of "digital gold" and a risky asset, which prevents a clear trend.
Renewed interest in long-term ETH options may signal a capital flow.
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The Federal Reserveβs Depository Institutions Council (CDIAC) said the rise of non-bank stablecoins poses a serious threat to the traditional banking sector.
Key concerns:
β Stablecoins are becoming digital analogues of money market funds, which have already radically changed the financial system in the past
β They compete with bank deposits, but are not subject to the same liquidity rules and regulatory oversight
β This could destabilize local credit mechanisms, especially in small towns and among vulnerable groups
To sum up, the Fed fears that stablecoins could quietly destroy the foundation of traditional lending.
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π€ Bitcoin's illiquid supply has exceeded 14 million BTC
This means that more and more bitcoins are going "into hibernation" β holders are in no hurry to sell, and there are fewer coins available for purchase on the market.
π This trend could become a factor in price growth: a supply shortage amid stable demand increases upward pressure.
According to CryptoRank, the volume of BTC's illiquid supply β that is, coins that are stored in wallets and hardly move β has exceeded 14 million BTC for the first time in history.
This means that more and more bitcoins are going "into hibernation" β holders are in no hurry to sell, and there are fewer coins available for purchase on the market.
π This trend could become a factor in price growth: a supply shortage amid stable demand increases upward pressure.
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(Even taking into account today's fall)
Analyst Willy Woo noted: since funds and large players started buying BTC (since 2020), its growth has slowed. Previously - more than 100% per year. Now - 30-40%. And in 10-20 years, it may be only 8% per year.
What does this mean:
βΎοΈ Bitcoin is no longer a tool for hype and X
βΎοΈ It is turning into "digital gold" - a stable asset for years
βΎοΈ Ahead is not waves, but a plateau
Woo: "We are leaving the Wild West phase. The maturity phase is beginning. And this is normal."
Conclusion: speculators are bored, long-term investors are calm.
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