Daily Crypto Signals: Bitcoin at $96K as Bybit Hack Rocks Crypto Markets
The cryptocurrency market faces mixed signals as Bitcoin struggles below $100,000 while Strategy signals fresh Bitcoin purchases and Bybit works to recover from a historic $1.4 billion hack. Meanwhile, Ethereum shows resilience and Solana grapples with mounting concerns over memecoin scams.
Crypto Market at a Glance
| Broker | Review | Regulators | Min Deposit | Website | |
|---|---|---|---|---|---|
| 🥇 |  | Read Review | FCA, CySEC, ASIC, MAS, FSA, EFSA, DFSA, CFTC | USD 100 | Visit Broker |
| 🥈 |  | Read Review | FSCA, FSC, ASIC, CySEC, DFSA | USD 5 | Visit Broker |
| 🥉 |  | Read Review | CySEC, MISA, FSCA | USD 25 | Visit Broker |
| 4 |  | Read Review | ASIC, BaFin, CMA, CySEC, DFSA, FCA, SCB | USD 200 | Visit Broker |
| 5 |  | Read Review | ASIC, FCA, CySEC, SCB | USD 100 | Visit Broker |
| 6 |  | Read Review | FCA, FSCA, FSC, CMA | USD 200 | Visit Broker |
| 7 |  | Read Review | BVI FSC | USD 1 | Visit Broker |
| 8 |  | Read Review | CBCS, CySEC, FCA, FSA, FSC, FSCA, CMA | USD 10 | Visit Broker |
| 9 |  | Read Review | ASIC, CySEC, FSCA, CMA | USD 100 | Visit Broker |
| 10 |  | Read Review | IFSC, FSCA, ASIC, CySEC | USD 1 | Visit Broker |
Trading close to $96,000, Strategy co-founder Michael Saylor hinted at starting the company’s Bitcoin buying frenzy once their $2 billion convertible note offering was issued. With analysts split on whether BTC would achieve new highs next month or retrace to $85,000 first, the top cryptocurrency has battled to break the psychological $100,000 threshold.
The biggest theft in history shook the crypto sector as Bybit lost around $1.4 billion in liquid-staked Ether and other digital assets on February 21. Blockchain security companies named North Korea’s Lazarus Group as most likely offender. Bybit has responded quickly to rebuild its reserves, buying more than 106,498 ETH ($295 million) via over-the-counter deals and securing emergency transfers from other exchanges.
Strategy’s Bitcoin accumulation plans are unaffected by market volatility. With 478,740 Bitcoins worth at roughly $45.8 billion right now, the corporation shows a 47% profit on their investment. With big companies like BlackRock raising its stake in Strategy to 5%, their most recent $2 billion convertible note issuance reflects ongoing institutional trust in Bitcoin.
Bitcoin’s Rangebound Trading Between $93K and $100K Continues
Historically low volatility results from Bitcoin’s rangebound trading between $93,000 and $100,000. Approaching values last seen in October 2024 (22.88%), the 1-week realized volatility has declined to 23.42%, from November 2023 (21.35%). With the 50-day SMA at $98,933 acting as a vital resistance level, technical indications point to the likelihood for a significant market movement in BTC/USD.
Ethereum Surges Above $2,800
After the Bybit breach, Ethereum ETH/USD has shown amazing resistance; it surged 5.80% to reach $2,330. Supporting this recovery have been:
- Bybit’s swift replenishment of ETH reserves
- Rejection of network rollback proposals by core developers
- Significant whale accumulation, with large holders adding approximately $140 million in ETH post-hack
- Exchange reserves dropping to their lowest levels since July 2016
Can Solana ETF Help Solana Shed Memechain Image?
Working to establish itself as a major blockchain platform and shed its “memechain” label, Solana SOL/USD finds itself at a turning point. The possible approval of a Solana ETF, which Polymarket traders estimate to have an 85% probability, could serve to validate the network. But new links between the Bybit hackers and Solana memecoin frauds have sparked questions over the security and regulatory control of the network.
Top Altcoins to Watch Today
- BNB BNB/USD: Testing resistance at the 50-day SMA ($666) with sustained buying pressure
- XMR: Showing strength amid privacy coin resurgence
- TAO: Gaining attention in the DeFi sector with recent protocol upgrades
The altcoin market shows signs of increased activity, with CryptoQuant CEO Ki Young Ju noting that altcoin trading volume is currently 2.7 times higher than Bitcoin’s, potentially signaling the start of an “altseason.” However, unlike previous cycles, this rotation appears to be driven by stablecoin holders rather than direct Bitcoin outflows.
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