The crypto market remained relatively muted over the weekend as markets steadied themselves after the Bybit hack. Bitcoin (BTC) hovered around $96,000 after falling from a peak of $99,411 to $95,063 before marginally recovering and moving to its current level. The flagship cryptocurrency has been down nearly 1% over the past 24 hours and is trading at $95,570.
The crypto market also opened in the red, with most cryptocurrencies registering substantial declines. Ethereum (ETH) is down just over 1%, trading around $2,720. Ripple (XRP) is down nearly 3%, trading around $2.48. Meanwhile, Solana (SOL) registered a substantial decline, with the Ethereum killer down almost 6% and trading at $160. Dogecoin (DOGE), Cardano (ADA), Chainlink (LINK), Stellar (XLM), Litecoin (LTC), Toncoin (TON), Hedera (HBAR), and Polkadot (DOT) also registered substantial losses. The crypto market cap is down just under 1% and currently sits at $3.16 trillion.
Russia Unveils CBDC Anti-Fraud System
Russia’s central bank has released a CBDC anti-fraud system for banks as it lays the groundwork for the digital RUB. Sergei Gavrilov, Chairman of the State Duma Committee on Property, Land, and Property Relations, stated the measures would help protect transactions made using the digital ruble. According to Garilov, the measures would allow financial institutions to suspend a CBDC transfer if they detect evidence of fraud.
“If a [commercial] bank suspects a transaction may be related to fraud, it can suspend it for two days for verification. During this period, the client will receive a notification explaining the situation. They will be required to confirm their transaction the following day.”
If the bank client fails to respond to these requests, the transaction will not be executed. Instead, the coins would remain in the sender’s digital wallet, allowing the client to avoid unwanted consequences and ensure the safety of their funds. The measures are primarily aimed at B2B, commercial, and corporate users.
eXch Denies Laundering Stolen Bybit Funds
Cryptocurrency exchange eXch has denied laundering money for the dreaded Lazarus Group following the Bybit hack on February 21. The eXch team said that the exchange did not launder funds for Lazarus, and all of its funds were safe and not impacted by the Bybit hack. The exchange also stated that anyone saying it laundered the funds was spreading fear, uncertainty, and doubt (FUD). However, the platform admitted to processing an insignificant portion of funds from the hack.
“The insignificant portion of funds from the Bybit hack eventually entered our address 0xf1da173228fcf015f43f3ea15abbb51f0d8f1123, which was an isolated case and the only part processed by our exchange, fees from which we will be donated for the public good. There are no other addresses on the Ethereum blockchain aside from deposit addresses that interact with this address that are associated with our exchange.”
The post was in response to allegations the platform had laundered over $30 million from the Bybit hack. Onchain investigator ZachXBT said eXch laundered $35 million from the Bybit hack and accidentally sent 34 ETH to a hot wallet of another platform. Several other blockchain analysts also accused eXch of receiving ETH from wallets associated with the Bybit hack.
Ripple CTO Addresses Misleading Price Comparisons
Ripple Chief Technology Officer David Schwartz has addressed a significant issue in the crypto ecosystem: misleading comparisons between the price and supply of crypto assets. Schwartz took to X to highlight how misleading price comparisons can create a false perception and misguide investors. The comments were in response to a user who highlighted the dangers of comparing prices or supply figures between digital assets.
One of the main issues identified by Schwartz was a tendency to compare prices of different cryptocurrencies without considering other factors. For example, BTC may be priced higher than XRP, but it does not inherently make it more valuable. According to Schwartz, this misconception is because comparing prices of a single coin ignores key differences like total supply, tokenomics, and market capitalization. Schwartz urged the crypto community to avoid drawing comparisons based purely on price, instead advocating for a more comprehensive analysis of assets and considering various aspects of each cryptocurrency, like market capitalization, liquidity, and use cases.
Crypto Security And Infrastructure Sees VC Funding
The third week of February saw significant investment in crypto security and infrastructure, with Blockaid leading the way with a $150M Series B funding round. The ecosystem saw $150M in funding, with security, blockchain, and DeFi projects leading funding. Blockaid’s latest funding raises the amount raised by the project to $83 million. Kinto also secured $20 million in investment in an unknown round, raising the total amount to $25 million. Meanwhile, Cygnus raised $20 million in pre-seed funding. Cygnus is backed by OKX Ventures, Mirana, and Manifold.
Bitcoin (BTC) Price Analysis
Bitcoin’s (BTC) rally last week was cut short on Friday following the Bybit hack, which sent shockwaves through the market. As a result, BTC lost all momentum, and an expected push to $100,000 fell short, with bearish sentiment returning as key indicators turned red. Analysts believe BTC’s rally could be threatened after flagging a notable decline in institutional interest particularly through Bitcoin and Ethereum futures contracts. Institutional investors have played a key role during BTC’s price rallies over the past year and its move past $100,000. However, BTC has failed to push higher after breaking above this level and dipped into the $90,000-$100,000 range, signaling a slowdown in institutional investments.
JPMorgan analysts confirmed the slowdown in a recent note highlighting a decline in the Bitcoin futures market on the Chicago Mercantile Exchange (CME). The bank highlighted a growing trend of backwardation, a scenario in which spot prices exceed futures prices. A healthy market generally sees futures contracts priced higher than the spot price. However, the current market scenario indicates hesitation among market participants.
“This is a negative development and indicative of demand weakness. Lower demand from systematic and momentum-driven funds, such as CTAs, has also affected bitcoin and ether futures.”
Due to its sluggishness, BTC remains entrenched between $94,000 and $100,000 and currently trades around the $95,700 mark, putting it close to the bottom of its consolidation range. If BTC closes below $94,000, it could see a rapid decline to $90,000, a level buyers are expected to defend. If this level is breached, BTC could see a deeper correction that could drag the price to $75,000 or lower.
BTC was on track to move past $100,000 last week despite starting on a negative note with a marginal drop on Monday that saw the price drop below $96,000 to $95,765. Bearish sentiment intensified on Tuesday as BTC dropped to an intraday low of $93,431. However, it recovered from this level to reclaim $95,000 and settle at $95,634. BTC recovered on Wednesday and registered an increase of nearly 1% to settle at $96,386. Bullish sentiment intensified on Thursday, and the price registered an increase of almost 2% to move past the 20-day SMA and settle at $98,251, with analysts expecting an imminent move to $100,000.
Source: TradingView
However, that changed on Friday following the Bybit hack, sending the crypto market back in the red. As a result, BTC encountered considerable volatility, dropping to an intraday low of $94,833 before settling at $96,184, ultimately registering a drop of just over 2%. The price recovered on Saturday, registering a marginal increase, but fell back in the red on Sunday, dropping to a low of $95,111 before reclaiming $96,000 and settling at $96,084. The current session sees BTC remain bearish and trading at $95,854.
BTC has support between $94,000 and $95,000. A break below these levels could see the price drop to $90,000, at which point buyers are expected to step in.
Ethereum (ETH) Price Analysis
Ethereum (ETH) briefly moved past the $2,800 level on Sunday but is back in the red during the current session, trading just above $2,700. The world’s second-largest cryptocurrency is down over 2% during the current session but still up almost 2% over the past week. Despite the decline during the current session, ETH is trading at the upper limit of its trading range, with chances of a break to $3,000 should buyers regain control.
Despite recent sluggishness, ETH started the previous week on a positive note, rising over 3% to settle at $3,745 after reaching an intraday high of $2,850. However, sentiment changed on Tuesday as ETH fell nearly 3% to $2,671. The price recovered on Wednesday as ETH rose 1.67% to reclaim $2,700 and settle at $2,716. Buyers retained control on Thursday, and ETH rose nearly 1% to settle at $2,739. However, it lost momentum after reaching this level thanks to growing selling pressure. As a result, ETH fell nearly 3% after rallying to an intraday high of $2,845 and settled at $2,663.
Source: TradingView
Sentiment changed over the weekend as buyers returned to the market. As a result, ETH registered an increase of almost 4% on Saturday, moving past $2,700 and the 20-day SMA to settle at $2,766. Buyers retained control on Sunday as ETH moved past $2,800 to settle at $2,821. However, sellers have retaken control during the ongoing session, and ETH is down 3.42%, having slipped below $2,800 and trading at $2,723. If ETH continues its latest pullback, it could drop to $2,500. A break below this level could see the price fall to $2,200. The RSI is currently below the neutral zone and pointing downwards, indicating a bearish bias.
Solana (SOL) Price Analysis
Solana (SOL) remains firmly in the red, struggling to stay above $160. A break below this level could see a deeper correction, dragging the price below $150. SOL has been bearish for two weeks, with the only positive day coming last Friday (February 14). However, it was back in the red over the weekend, dropping 2.48% on Saturday and just over 3% on Sunday to settle at $188. Sellers retained control on Monday as SOL dropped nearly 6% to slip below the 200-day SMA and settle at $177. The price fell to an intraday low of $160 as selling pressure intensified. However, it rebounded from this support level to recoup some losses and settle at $169, ultimately registering a drop of 4.66%.
Source: TradingView
SOL registered a marginal drop on Wednesday as buyers and sellers struggled to establish control. Despite the bearish sentiment, SOL recovered on Thursday, registering an increase of over 4% and settling at $176. sellers returned to the market on Friday as the price dropped just over 4%, slipping below $170 and settling at $168. The price recovered on Saturday as SOL rose nearly 2% to reclaim $170 and settle at $172. However, it was back in the red on Sunday, dropping 2.40% to $168. The current session sees SOL down over 4% as sellers look to drive it below $160. A break below this level could drag SOL below $160. The RSI is below the neutral zone and pointing downwards, indicating a growing bearish sentiment. The MACD is also bearish, indicating a further downtrend for SOL.
Ripple (XRP) Price Analysis
Ripple (XRP) is down nearly 4% over the past 24 hours as sellers continue to dominate the market. The recent decline has seen its value drop almost 7% over the past week. If XRP continues to decline, it could fall to $2. A break below this level could push XRP to $1.80, its next crucial support level. XRP has traded in the red for most of the previous week, starting with a drop of 2.50% on Monday and dropping to $2.66. Selling pressure intensified on Tuesday as XRP fell to an intraday low of $2.47 going below the 20-day SMA. However, it recovered from this level to reclaim $2.50 and ultimately settled at $2.56, registering a drop of nearly 4%. Sentiment changed Wednesday as XRP rallied almost 7% to move past the 20 and 50-day SMAs and settle at $2.73.
Source: TradingView
With sellers active at this level, XRP fell back in the red on Thursday, dropping nearly 2% to $2.69. Selling pressure intensified on Friday as bears forced XRP down 4.40% to $2.57. Price action was muted over the weekend as neither buyers nor sellers could influence the price. As a result, XRP could only register marginal increases on Saturday and Sunday and end the weekend at $2.57. The current session sees sellers back in control, with the price down nearly 5% and trading at $2.45. The RSI is pointing downwards, and the MACD has also flipped to bearish, indicating a downtrend in the near term and indecisiveness among traders.
Dogecoin (DOGE) Price Analysis
Dogecoin (DOGE) has been trading downwards since last weekend, dropping over 2% on Sunday to end the previous weekend at $0.265. Sellers retained control on Monday, dropping 2.52% to $0.258. Bearish sentiment intensified on Tuesday as DOGE fell to an intraday low of $0.241. However, it recovered from this level to settle at $0.250, ultimately registering a drop of 3.21%. Despite the selling pressure, DOGE recovered on Wednesday, registering an increase of 1.56% and settled at $0.254. DOGE registered a marginal rise on Thursday before dropping back in the red on Friday, declining 6% to slip below a key support level and settle at $0.239.
Source: TradingView
DOGE started the weekend positively, rising nearly 3% to move back above its support level and settle at $0.246. However, it was back in the red on Sunday, dropping 1.50% to $0.242. Sellers have retained control during the current session, with DOGE down over 5% and trading at $0.229, slipping below the 200-day SMA. If sellers retain control the price could drop to $0.20, the next key support.
Celestia (TIA) Price Analysis
Celestia (TIA) stalled over the weekend as momentum faded after it came across selling pressure around $4. TIA started the previous week positively, rising just over 3% to $3.12. However, it fell back on Tuesday, declining nearly 4% to slip below $3 and settle at $2.99. The price recovered on Wednesday as it registered an increase of almost 5% to reclaim $3 and settle at $3.13. TIA rallied on Thursday as it surged nearly 17% to move past the 20-day SMA and settle at $3.65. Momentum waned on Friday as TIA fell almost 2% and settled at $3.58.
Source: TradingView
TIA attempted a move past $4 and the 50-day SMA on Saturday, reaching an intraday high of $3.99. However, it lost momentum after reaching this level and settled at $3.75, ultimately registering an increase of nearly 5%. TIA was back in the red on Sunday, dropping just over 1% to end the weekend at $3.71. The current session sees TIA down nearly 5% and trading at $3.53. If sellers retain control, TIA could drop below the 20-day SMA to $3, a level expected to attract buyers. However, if buyers retake control, TIA could retest the resistance at $4. A break above this level could drive the price towards $5.
Uniswap (UNI) Price Analysis
Uniswap (UNI) spent most of last week in the red despite starting it positively. UNI registered an increase of nearly 4% on Monday, surpassing the 20 and 200-day SMAs to settle at $9.94. However, it could not stay at this level, falling below the moving averages to an intraday low of $9.14 on Tuesday before settling at $9.61, a drop of over 3%. Sellers retained control on Wednesday as the price dropped 1.72% to go below $9.50 and settle at $9.45. UNI continued to decline on Thursday, falling just over 1% and settling at $9.35.
Source: TradingView
Selling pressure intensified on Friday as UNI plunged nearly 7% to slip below $9 and settle at $8.74 after dropping below a key support level. UNI recovered on Saturday, registering an increase of 3.45% to reclaim $9 and settle at $9.04. However, buyers lost momentum, and UNI ended the weekend at $9.02 after a marginal decline. The current session sees sellers firmly in control, with the price down nearly 5% and trading at $8.62. If selling pressure persists, UNI could drop to $8, where buyers could step in and prevent a further decline.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.