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- Crypto Compass by BitcoinWalletSG #110
Crypto Compass by BitcoinWalletSG #110
Cryptocurrency Market Plummets Amid Tariffs? Read it in our weekly newsletter now!
Hello Fam,
This week, the crypto market has been hit hard, with Bitcoin plunging below $90,000 and Ethereum down nearly 10%. The market downturn, fueled by macroeconomic uncertainty, coincides with a massive security breach at Bybit, where hackers stole $1.5 billion worth of Ethereum. The Crypto Fear & Greed Index has dropped to “Extreme Fear,” reflecting the shaken confidence among investors.
In times like these, security should be your top priority. If you’re holding assets on exchanges, consider moving them to a hardware wallet for safekeeping. Always enable two-factor authentication (2FA) and stay vigilant against phishing attacks. The market may be turbulent, but staying informed and secure will help you weather the storm.
Cryptocurrency Market Plummets Amid Tariffs
The cryptocurrency market has experienced a significant downturn, with Bitcoin (BTC) currently trading at $89,302, reflecting a 6.9% decrease from the previous close. Ethereum (ETH) has also declined by 12.5%, now priced at $2,383.21. This market sentiment shift towards “Extreme Fear” coincides with President Donald Trump’s announcement that 25% tariffs on imports from Canada and Mexico are proceeding as planned. The Crypto Fear & Greed Index has dropped to 25, indicating heightened investor anxiety.
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Bybit Suffers Historic $1.5 Billion Ethereum Theft
On February 21, 2025, Dubai-based cryptocurrency exchange Bybit experienced a significant security breach, resulting in the theft of approximately 401,000 Ether (ETH), valued at around $1.5 billion. The attack occurred during a routine transfer from an offline “cold” wallet to a “warm” wallet, when hackers manipulated the transaction to divert funds to an unknown address. Bybit’s CEO, Ben Zhou, assured customers that the exchange remains solvent, with all client assets backed 1:1, and that withdrawals continue to be processed normally.
Blockchain analytics firms, including Elliptic, have attributed the attack to North Korea’s Lazarus Group, known for previous large-scale cryptocurrency heists. In response, Bybit is collaborating with cybersecurity experts and law enforcement agencies to trace the stolen assets and has launched a recovery bounty program, offering up to 10% of the recovered amount to individuals assisting in the effort.
Citadel Securities Ventures into Cryptocurrency Market-Making
Citadel Securities, a leading market-making firm, has announced its entry into the cryptocurrency sector. This move reflects growing institutional confidence in crypto markets, especially amid a more accommodating regulatory environment under President Trump’s administration. Citadel plans to establish market-making teams outside the U.S., focusing on providing liquidity on major exchanges such as Coinbase, Binance, and Crypto.com.
Happenings of the week
Meme Coin Scandals Highlight Risks in Cryptocurrency Investments
The cryptocurrency market has seen a surge in meme coins, often promoted by public figures, leading to initial value spikes followed by sharp declines. Notable incidents include Hailey Welch's coin, which resulted in a $465 million loss, and the $LIBRA coin promoted by Argentine President Javier Milei, which lost $100 million after reaching a $4.6 billion market cap. These events underscore the speculative and volatile nature of meme coins, with early investors profiting at the expense of those who invest later. The chaotic and often unregulated environment of meme coins raises concerns about investor protection and the overall perception of cryptocurrencies.
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