Cryptocurrency markets are trading lower on Friday after a $1.4 billion hack on Bybit dragged down the market.
| Cryptocurrency | Price | Gains +/- |
| Bitcoin BTC/USD | $95,385.38 | -3.1% |
| Ethereum ETH/USD | $2,634.96 | -4.3% |
| Solana SOL/USD | $168.78 | -3.5% |
| XRP XRP/USD | $2.52 | -6.9% |
| Dogecoin DOGE/USD | $0.2400 | -5.6% |
| Shiba Inu SHIB/USD | $0.00001494 | -4% |
Notable Statistics:
- IntoTheBlock data shows large transaction volume increasing by 12.3% and daily active addresses growing by 4%. Transactions greater than $100,000 are up from 9,587 to 9,988 in a single day. Exchanges netflows are up by 105.3%.
- Coinglass data reports 188,950 traders were liquidated in the past 24 hours for $551.47 million.
Notable Developments:
- Bybit Founder Confirms $1.4 Billion Ethereum Hack, Blames ‘Masked’ Transaction
- Coinbase CEO Brian Armstrong Says SEC Has Agreed To End ‘Bogus’ Enforcement Case Without Penalties
- Coinbase Shares Rise As SEC Moves To Drop Lawsuit: What’s Going On?
- Michael Saylor: ‘Bitcoin Is Economic Armor’, Calls On US To Accumulate BTC
- New FBI Director Kash Patel Holds Over $100,000 In Bitcoin ETFs, Has Significant Exposure To BTC Miner Core Scientific
Top Gainers:
| Cryptocurrency | Price | Gains +/- |
| Story IP/USD | $4.51 | +17.8% |
| Jito JTO/USD | $3.04 | +11.7% |
| Bitget Token BGB/USD | $4.67 | +3% |
Trader Notes: More Crypto Online noted that Bitcoin has confirmed a local top, aligning with broader market trends. The price failed to sustain above the Feb. 14 high. For a bullish continuation, it should hold above $94,645 in this potential wave 2. The key invalidation level is $93,450.
Crypto trader CJ explained Bitcoin has tagged last week’s high and low. It provided clean trades on both sides of the range. The trader awaits to see if mid-range demand holds. Ideally, BTC ranges through the weekend.
$BTCPrevious week high and low tagged. Both sides of the range produced a very clean trade. Let's see if the mid-range demand holds or not. Ideally just range for the weekend.Notable strength on a couple alts here e.g. ENA🍿 pic.twitter.com/d8TtHjecRz
— CJ (@CJ900X) February 21, 2025
Crypto trader Jelle reaffirmed his expectations and predicts that market looks good for a strong end to the month.
Read Next:
- Bitcoin Reserve With 1 Million BTC Could Offset $21 Trillion National Debt By 2049, Expert Says
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