{"id":15475,"date":"2025-03-03T04:56:21","date_gmt":"2025-03-02T20:56:21","guid":{"rendered":"https:\/\/monsterblockhk.com\/?p=15475"},"modified":"2025-03-03T04:57:09","modified_gmt":"2025-03-02T20:57:09","slug":"weekly-report-feb-23","status":"publish","type":"post","link":"https:\/\/monsterblockhk.com\/en\/weekly-report-feb-23\/","title":{"rendered":"Bitcoin Panic Sell-Off! Bybit Hacked for $1.5 Billion, U.S. Tariffs Shock Market - 0223 Weekly"},"content":{"rendered":"
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Market Overview: Positive factors suppressed positive, overall price correction<\/span><\/font><\/h2>\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t
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This week, the cryptocurrency market was affected by multiple negative factors, resulting in a sharp price correction. Bitcoin plummeted from its January all-time high of $109,000 to $82,000, a drop of more than 20%, and market panic rose, with the fear index dropping to 10 points at one point.<\/span><\/span><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t

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The cryptocurrency market has been volatile recently, with Bitcoin falling from its January high of $109,000 to $82,000, a drop of 20%. As of Saturday, Bitcoin has recovered slightly to $86,000, but market sentiment is still unstable.<\/span><\/span><\/p>

Former BitMEX CEO Arthur Hayes predicts further downside for Bitcoin, suggesting that money is flowing out of the cryptocurrency market into other asset classes. Leading cryptocurrency analyst Michael van de Poppe believes that this pullback is just a prelude to the next upturn, and that the market still has a chance to recover.<\/span><\/span><\/p>

Leveraged traders were also hit by the market shock. A Chinese KOL, JasonLeo, went long 5,184 BTC in a contract (quadruple leverage) with an average opening price of about $100,000 and a margin of $130 million. As the market continued to fall, he finally lost 1,783.48 BTC (about 159 million U.S. dollars) at $89,138, realizing a loss of 46.92 million U.S. dollars. The wave of leveraged liquidation further aggravated the panic in the market.<\/span><\/span><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t

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Related Post:<\/span><\/span>
Best Cryptocurrency Trading Platform for Hong Kong Users?2025 Latest Bitcoin Tips for Beginners
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DA Labs Releases Cryptocurrency Market Outlook Report 2025<\/a><\/u><\/span><\/b><\/span><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t

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Cryptocurrency exchange Bybit recently suffered a highly sophisticated cyberattack that resulted in unauthorized access to its Ether (ETH) cold wallets. According to Bybit officials, the hackers manipulated the transfer of ETH multi-signature cold wallets to hot wallets through a highly sophisticated attack, tampering with the signing interface so that the correct address appeared on the surface, but the underlying smart contract logic was actually tampered with.<\/span><\/span><\/p>

Later, the North Korean hacker group Lazarus confirmed the attack. They are a hacker group allegedly controlled by the North Korean government. Despite the hacking attack, Bybit assured users and partners that all other cold wallets remained safe and secure and that all user funds were backed 1:1. They then purchased $100 million in Ether from the OTC market.<\/span><\/span><\/p>

It is worth noting that after the Bybit hack, North Korean hackers attempted to extract 15,000 cmETH (~$43 million) via the mETH Protocol, but the team was able to take timely action to prevent the unauthorized withdrawal and restore the assets to the recovery address, thanks to the protocol's built-in 8-hour delay mechanism.<\/span><\/span><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t

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Zhu Su, founder of Three Arrows Capital, commented on the incident, saying that there is finally a \"market-shaking\" narrative for Ether, as the market can't find any positive factors that can drive the price of Ether due to the current weakness of the Ether ecosystem. Meanwhile, panic has intensified, with prominent investors such as Trump's son, Eric Trump, posting a message on X urging investors to \"Buy the dip! (Buy the dip!). Robert Kiyosaki, author of Rich Dad, Poor Dad, also said he is buying Bitcoin in a big way.<\/span><\/span><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t

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On February 4, the U.S. announced the imposition of 25% tariffs on Canada and Mexico and 10% tariffs on China. However, before the tariffs went into effect, Trump announced that he had reached an agreement with Canada and Mexico that the tariffs would be suspended for one month.<\/span><\/span><\/p>

The market had expected that Trump's tariff policy might be further delayed, but on the evening of February 27, Trump posted on Truth Social, emphasizing that the tariff policy would be implemented as scheduled starting in March, and that an additional 10% tariff would be imposed on China (increasing the total rate to 20%).<\/span><\/span><\/p>

Trump's latest tariff policy once again shook the financial market, coupled with the recent US economic data showing a slowdown in economic growth, investors' worries about the possibility of the US economy falling into recession or stagnation intensified, leading to a synchronized decline in cryptocurrencies and US stocks. Among them, Bitcoin fell below the $80,000 support, and mainstream torrents such as Ether and XRP fell even more significantly, with Ether falling below $2,200 and XRP close to $2.<\/span><\/span><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t

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SEC Dismisses Litigation Against Uniswap and Robinhood<\/span><\/font><\/h2>\t\t\t\t<\/div>\n\t\t\t\t
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The U.S. Securities and Exchange Commission (SEC) has recently made a significant shift in its regulatory stance towards the cryptocurrency market. With the departure of SEC Chairman Gary Gensler, a number of charges against cryptocurrency companies have begun to be dropped. This week the SEC formally dropped its lawsuits against Uniswap Labs and Robinhood Crypto, which the market took as a sign of leniency.<\/span><\/span><\/p>

Uniswap CEO Hayden Adams said, \"This is a testament to what we firmly believe - that the technology we build is on the right side of the law, and that our work is on the right side of history.\" Then again, Robinhood Crypto, a centralized cryptocurrency exchange, was sued for non-compliance with federal securities laws in May 2024. About nine months later now, they are officially out of the SEC's investigation.<\/span><\/span><\/p>

Meanwhile, Robinhood Crypto was charged by the SEC in May 2024 with violating federal securities laws. After a nine-month investigation, the SEC formally dismissed the charges against Robinhood Crypto.<\/span><\/span><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t

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Ken's Coinage Fiasco<\/span><\/font><\/h2>\t\t\t\t<\/div>\n\t\t\t\t
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Earlier this month, singer Kanye West revealed in a post on his personal X account that he was offered US$2 million (HK$15 million) to launch a cryptocurrency, but he rejected the offer and said he wouldn't cheat his fans. However, after two weeks, Kanye suddenly changed his stance on Monday, announcing on X that he would soon be launching a cryptocurrency called \"YEEZY\", claiming that his goal was to create a \"real currency\".<\/span><\/span><\/p>

The distribution of the tokens has caused widespread concern in the market, with 70% to be held by Kanye himself, only 10% to be used for liquidity provision, and the remaining 20% to be allocated to investors. Such an extreme design of Tokenomics has raised questions about fairness and transparency in the market.<\/span><\/span><\/p>

Nate Geraci, CEO of ETF Store, commented on the matter, \"If you choose to buy this token and lose money, please remember that it is entirely your personal choice.\"<\/span><\/span><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t

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Circuit and Public Chain Ecology Data<\/span><\/font><\/h2>\t\t\t\t<\/div>\n\t\t\t\t
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Liquidity increased quite a bit from last week. This is due to the fact that the trading volume was much higher this week. The market can now be described as in a \"washout\" process. Compared to the highs we saw in December, we can see that prices for most currencies are now back down to where they were before Trump was elected, or even lower. This is because many large investors have withdrawn their funds and are waiting for the next opportunity to enter the market.<\/span><\/span><\/p>\n

The market is likely to go through a period of adjustment, and if we want to see a rise in the price of a currency, we need to wait for what is commonly referred to as a \"catalyst\" event. This could be the release of some economic data, a change in policy, etc. For investors, it is important to stay alert and watch the market closely. For investors, it is important to stay alert and pay close attention to market movements.<\/span><\/span><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t

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Maximum increase items (MC > 500M)<\/span><\/font><\/h2>\t\t\t\t<\/div>\n\t\t\t\t
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This week, the top gaining currencies were Kaito, AB, Story Protocol, Berachain, Hbar and Celestia.<\/span><\/span><\/p>\n

The currencies that rose the most included:
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