February 23, 2025
$100K Roadblock
Bitcoin faced volatility early in the week, dropping to $95,300 on Monday and $93,000 on Tuesday. After bulls intervened, BTC recovered to $96,000. The rally peaked on Friday after Coinbase’s CEO announced that the SEC would dismiss its lawsuit, pushing Bitcoin to $99,700.
However, BTC’s $100,000 challenge ended when Bybit was hacked for $1.4 billion in ETH, causing BTC to drop to $95,000. It has since regained some ground, now hovering above $96,000 but is still down almost 2% on the day, with a market cap just above $1.910 trillion.
Altcoins Decline
Altcoins also suffered due to the largest crypto hack ever, with LTC, PEPE, AAVE, MNT, ONDO, APT, and TAO among the biggest losers. ETH dropped to $2,700, XRP slipped by 3%, and DOGE, ADA, TRX, LINK, XLM, LTC, and SUI fell by 4-5%. The total crypto market cap also dropped from $3.4 trillion to $3.3 trillion.
Other Markets
The dollar’s recent retreat has lured global investors back to emerging-Asia stocks, as key developments unfold worldwide. The Fed’s preferred inflation gauge is expected to hit a seven-month low, while Berkshire Hathaway sees a profit boost from insurance and interest rates.
Elsewhere, European banks are rushing into the dollar market for AT1 debt, and Trump’s energy advisor plans to map U.S. oil reserves. In Iraq, oil exports may resume through the Turkish pipeline, and South Africa’s central bank cuts rates again amid power shortages.
