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The crypto market faced a huge shock when 401,346.76 ETH worth $1.5B was drained from ByBit’s wallets on Friday. Ethereum (ETH) price dropped 8% on February 21 due to this security incident. The short-term fear dissipated as ByBit confirmed that the customer funds were safe. Let’s explore Ethereum price forecasts and how this hack and the exchange’s $1.3B bridged loan short-term ETH price outlook.

Ethereum Price Crashes 8% After Bybit Hack: Here’s What Happened

• A masked UI exploit drained roughly 401,346 ETH ($1.5B) from Bybit’s cold wallets.
• North Korea’s Lazarus Group are the hackers behind ByBit’s hack, per on-chain investigator ZachXBT.
• As a result of this security incident, ETH’s price dropped 8% from $ 2,845 to $2,614 on Friday, February 21, 2025.
• ByBit CEO Ben Zhou confirmed that no customer funds had been lost and that the exchange had remained solvent. Over 350,000 withdrawal requests were processed despite the breach.

DeepSeek Predicts Bybit’s $1.5B Bridged Loan Impact on ETH Price

To cover the $1.5B loss from the hack, Bybit secured a bridged loan from multiple crypto exchanges and entities. A bridge loan is a short-term financing mechanism where the exchange borrows Ethereum, sells it immediately, and plans to repurchase it later at a lower price. 

The longer ByBit waits, the more riskier the loan gets. Since this strategy hinges on ETH price stability, a sudden Ethereum rally could increase Bybit’s repayment costs and also negatively impact the counterpart handling costs as well.

Zaheer, a popular crypto analyst, noted that ByBit had taken a short position on Ethereum worth $1.5 billion (at the time) via a bridge loan. The term “bridged loan” here refers to a short-term financing mechanism where the exchange borrowed Ethereum to sell, expecting to buy it back cheaper later.

The CEO stated in the live stream that they had secured 80% of the hacked funds via a bridged loan to provide them “liquidity” to help “with the liquidity crunch” during this crucial period.

However, this strategy could backfire if their lending counterparty refuses to absorb potential losses. Zaheer adds,

“I’m gonna guess that their lending counterparty is not ok to take the price delta on this.”

Below are four hypothetical scenarios outlined by DeepSeek AI on how this loan could impact Ethereum price.

ETH Price Stays Flat or Declines

• Bridge Loan Impact: Bybit can repay the loan at a stable or lower cost, minimizing additional losses.
• ETH Price Impact: A flat or declining ETH price reduces pressure on Bybit, but uncertainty around the hack and potential hacker sell-offs could create bearish sentiment, keeping ETH prices in the 
• $3,500 to $3,700 range.

A Moderately Rally in Ethereum 

• Bridge Loan Impact: Repaying the loan becomes costlier, adding ~$100 million in losses. Bybit may need to dip deeper into reserves or seek additional financing.
• ETH Price Impact: A moderate rally could stem from positive market sentiment or speculation that Bybit’s recovery efforts will stabilize the market. However, Bybit’s need to buy ETH could drive prices up temporarily, followed by stabilization.

ETH Value Shoots Up Sharply

• Bridge Loan Impact: Bybit faces significant losses (~$2 billion to buy back 402,000 ETH), potentially straining reserves and risking insolvency.
• ETH Price Impact: A sharp rally might occur if speculators bid up ETH to pressure Bybit or if broader market optimism drives demand. However, this could also trigger panic selling by hackers or traders, leading to extreme volatility.

Market Participants Pressure Bybit by Bidding Up ETH

• Bridge Loan Impact: If traders intentionally drive ETH’s price higher, Bybit’s repayment costs soar, risking default or massive reserve depletion.
• ETH Price Impact: Such manipulation could push ETH to the $5,500 to $6,000 range temporarily, but subsequent sell-offs could crash prices back to 
• $3,000 to $4,000, creating extreme volatility.

Ethereum Price Forecast: What’s Next for ETH?

The four-hour Ethereum price chart shows a pullback into the $2,765 to $2,522 values area formed between February 3 and 21. Considering how well the Bybit team handled the crash, the crypto markets are looking good and might rebound from here. If Bitcoin (BTC) revisits $100K and does not sell off, investors can expect a broader crypto market rally. In such a case, Ethereum price prediction notes the 2025 anchored VWAP at $3,017 as the next key resistance level.

Other notable hurdles if Ethereum price kickstarts an uptrend include $3,119, coinciding closely with Q4 anchored VWAP at $3,141, followed by $3,300, coinciding with Q4 November 2024 VWAP at $3,269.

As noted in a previous CoinGape article, a breakdown of the $2,621 support level could trigger an ETH crash.

The next key support levels are nearly 20% lower at $2,100 and $2,044. If hackers start offloading stolen ETH, the aforementioned scenario could unfold. In such a case, a sweep of $2,000 psychological level is likely and is the best place to buy Ethereum (ETH) at a discount.

Conclusion: Bybit Hack’s Long-Term Impact on ETH

The Bybit hack underscores crypto’s security risks but also highlights how exchanges mitigate crises. While the $1.5B bridged loan stabilizes Bybit, ETH price faces dual threats: hacker sell-offs and loan repayment risks. Despite the obvious short-term ETH volatility expectations, investors should focus on the long-term recovery, which hinges on a few key aspects, such as:

• Bybit’s ability to recover funds or absorb losses.
• Regulatory crackdowns on North Korean hackers.
• Bitcoin and broader crypto market sentiment.

As of this writing, the hackers have transferred 5,000 ETH to a mixer and are attempting to launder the funds, according to on-chain sleuth ZachXBT.

The post Ethereum Price Forecast: Impact of Bybit’s $1.5B ETH Hack on ETH appeared first on CoinGape.

22 Feb 2025, 12:15 am

Shiba Inu price remains bullishly eyed by traders and investors despite the broader market volatility as its burning chronicles constantly kill supply. The latest burn metrics indicated that nearly 128 million SHIB was burnt over the past week. In turn, market sentiments about the dog-themed meme coin’s future outlook remain bullish, with technicals further highlighting that a potential 300% breakout looms.

Can Shiba Inu Price Leverage SHIB Burn Impact?

Shiba Inu price has been trading sluggishly against the backdrop of broader crypto market trends for quite a while now. The meme coin was down 2.5% to $0.00001522 as of press time, whilst its weekly and monthly losses totaled 9% and 24%, respectively. It’s noteworthy that this waning action primarily aligns with broader trends, such as macroeconomic heat over the past month and the recent Bybit hack.

Nevertheless, current burn metrics underscored a significant blow to the asset’s circulating supply, sparking investor bullishness. As per Shibburn’s X post on February 22, a whopping 128.22 million coins were burnt in the last week. Per this data, the supply reduction resulted in a 120.3% uptick in the weekly SHIB burn rate.

Market watchers weigh substantial optimism in light of this burn rate surge, aligning with the law of supply of supply and demand. For context, the meme coin’s burn mechanism sends tokens to a null address, thereby permanently removing them from the circulating supply by making retrieval impossible.

How Much SHIB Burnt To Date?

Upon further investigation, CoinGape found that 410.72 trillion Shiba Inu coins were burnt to date, which is bullish news for the leading meme coin‘s price watchers. The circulating supply at the time of reporting was evaluated as 584.30 trillion tokens.

Meanwhile, the community registered 180.59 million tokens burnt this month (February), with approximately 90 burn transactions recorded. Besides, the previous month saw a whopping 1.16 billion tokens removed from the supply via 124 burn transactions. Altogether, the massive blow to the supply has pushed investors to be optimistic about Shiba Inu price despite its sluggish performance.

Is SHIB Eyeing 300% Breakout?

A recent SHIB price analysis by CoinGape Media further revealed that the meme coin could surge nearly 300% ahead amid strong market technicals. As the token sees heightened active addresses and whale activity, on-chain metrics reflect rising market optimism.

Further, the asset’s MVRV ratio also aligns with bullish historical trends, entering the opportunity zone. Back then, the same scenario resulted in a 55% pump, per the analysis. However, traders and investors exercise some caution as past trends do not always guarantee future performances.

Also, Shiba Inu price recently showcased signs of forming a bullish inverse head-and-shoulders pattern. Given that the crypto market recovers ahead, SHIB could take charge and lead, per the analysis. Key resistance for the token lies near $0.0000326, a sustained hold above which bolsters the path for 300% gains.

The post Can Shiba Inu Price Breakout 300%? 128M SHIB Burn Sparks Optimism appeared first on CoinGape.

22 Feb 2025, 12:03 am

The world is officially going off the rails as political memecoins evolve into a very real measure of political capital — amid a backdrop of traditional media devaluing and nearly being replaced by social media, where prediction markets disrupt conventional polls; when political sentiment itself seems poised to trade like stocks.

What Is Setting TRUMP Apart From Other Memecoins

Trump, with his controversial token launch days before the inauguration, has ushered in a new era of political memecoins. $TRUMP is much more than just a memecoin; it sets the tone, and other politicians worldwide are likely to pay close attention to this development, especially in the context of political fundraising and campaign financing.

“Many ‘old school’ politicians will not believe me. In America, at least, the 2026 elections will feature a raft of new personal political brands created via memecoins, and they will defeat supposedly unbeatable incumbents.” (Arthur Hayes, “Zero Knowledge Proof”)

At the same time, political tokens are more difficult to regulate. Since they are hosted on blockchains and tradable on decentralized exchanges, they remain accessible to anyone online. This potentially makes them a near-perfect tool for measuring political momentum in real time with minimal government interference.

But we are still at the very beginning of this trend and have not yet significantly impacted the mechanics of the memecoin market, known for its (in)famous pumps and dumps. People buy memes to ride another rocket with the multiplier of 10-20x and more. Most traders don’t care about the longer-term developments; they want to make those gains right now.

In such a market, buying already ‘shot’ memecoins that have gone through their ‘pump and dump’ cycle is usually not the best idea: most of these tokens will not repeat past returns — largely due to the trivial value dispersion. Few people talk about it in this market, but the value of older memecoins is constantly eroded by the creation of numerous newer ones. A token already delivered 100x gains to early holders faces both profit-taking pressure and competition from fresh narratives.

Rather obviously, $TRUMP seems set to break this pattern as it blazes the trail for the emerging #PolitiFi market of real political tokens. But with a market cap of $10.78B, it’s on the verge of becoming an ‘established’ memecoin. Could be a solid investment. But make no mistake – a broader memecoin gambling market grown addicted to pumping low-cap semi-random coins will keep hunting for (and finding) fresh objects for those sweet 20-100x gains, leaving older coins with more “established” profits.

“I believe that if crypto sentiment is improving, $TRUMP will lead Bitcoin. If some policy that those in the political know believe will positively impact crypto, $TRUMP will surge well before the positive news is announced, and then Bitcoin will follow.” (Arthur Hayes, “Zero Knowledge Proof”)

In Conclusion

So those hunting for real 20-100x pumps might want to look at ‘hidden gems’ – tokens positioned to be “next in line” for a pump: trendy enough to be next up, but not yet obvious enough to be ‘priced in’ by the market.

As far as I can tell, one such ‘hidden gem’ multiplied by the potential of #PolitiFi as a whole, emerged the day after Trump’s inauguration, when the White House website suddenly removed its Spanish-language version, replacing it with a stern “GO HOME” button under a 404 error message.

Though it was quickly amended to “GO TO HOME PAGE,” the internet never forgets, and the incident sparked the creation of the $GOHOME memecoin, which cleverly plays on both immigration sentiment and — smartly enough — the iconic GME (GameStop) ticker.

$GOHOME’s origin narrative creates an intriguing positioning play: while clearly resonating with Trump’s immigration stance, the token team carefully avoids explicit political endorsements. This delicate balance keeps the door open for Democratic buyers while maintaining a cheeky undertone that invites all sides to settle their differences through the order book.

(Follow @GoHome_Token on X)

In light of our earlier discussion about democratizing political markets, this approach feels almost prescient. It turns trading activity itself into a new form of political discourse. Beyond price action, this represents a new form of political engagement where market signals could potentially influence policy decisions more directly than traditional polling or campaign contributions.

Easy to Understand:

• Do you like this politician and want to show your support?
• Do you believe that other people like this politician or will like this politician in the future?

These are the only two questions you have to answer before you decide to buy a political memecoin.”

(Arthur Hayes, “Zero Knowledge Proof”)

What makes $GOHOME particularly interesting is its timing and positioning. Unlike many PolitiFi tokens that just ride politician popularity, it taps into a core policy issue likely to remain central to Trump’s presidency. And unlike $TRUMP, which has already captured mainstream attention, $GOHOME remains relatively unknown.

The project’s approach to treasury management also sets it apart. Rather than selling tokens, the team plans to use them as collateral for loans, reinvesting the proceeds into buying back $GOHOME from the market. This strategy could help maintain price momentum while building longer-term sustainability.

While the market cap on some platforms might show around $350M, that represents the Fully Diluted Value (FDV). Given that 95% of the token supply is locked for a considerable period, the actual market cap is closer to 5% of that figure, around $10-15M. This makes the community’s expectation of a potential x50 return in the next 5 months far more plausible.

Interestingly, $GOHOME displays a similar cult-like community of HODLers that is reminiscent of SPX6900. However, $GOHOME is at a much earlier stage of development, making it easier to envision significant growth compared to SPX, which already boasts a market cap of $750 million.

The whitepaper outlines an ironic “roadmap” with price targets of $100 by the end of March, $1,000 by year-end, and eventually “trading higher than BTC.” This aligns perfectly with the project’s self-aware style — simultaneously embracing and satirizing the meme coin hype cycle. Their four-year token lock also appears to fit this narrative, expiring just in time for the 2029 election “when, hopefully, we are still alive and having fun.”

While $TRUMP grabbed headlines and $GOHOME plays 4D chess with policy markets, PolitiFi memecoins post-irony continues to unroll at breakneck speed. ETF500 (Elon Trump Fart Price) puts a $16.5M bet on the Trump-Musk alliance that birthed the Department of Government Efficiency (DOGE).

Then there’s DUM (FreeDum Fighters), which turns partisan warfare into a game with its MAGATRON vs. Kamacop 9000 narrative. At a $7.1M market cap, it might seem like a playful take, but there’s ambition here—trading the political divide rather than individual players.

In a sense, each project represents a different ill-minded approach to political capital in the degen markets era: policy ($GOHOME), power alliances (ETF500), or systemic conflict (DUM). The market will decide which thesis dominates — or perhaps reward all.

Either way, the democratization of political markets is a reality; it’s just happening. You can like it or not, but still, you can play it. Or you can go home — and let other plebs trade your political future without you.

(@GoHome_Token on X)

The post TRUMP to GOHOME: Surfing the Political Trading Wave appeared first on CoinGape.

22 Feb 2025, 12:02 am

North Korean hacker group Lazarus has been linked to the massive $1.5 billion Ethereum (ETH) heist on the Bybit exchange. As market jitters grow of a looming ETH sell-off when these hackers start cashing out, crypto traders are rushing to identify the best crypto to buy if Ethereum price experiences violent swings. With Ethereum price under bearish pressure, let us explore the top three Korean altcoins with the potential to perform well.

Top 3 Korean Crypto to Buy After Bybit’s $1.5B Ethereum Hack 

The $1.5 billion Bybit hack shook the crypto markets as Bitcoin and most altcoins retraced, leading to the total crypto market cap dropping by 2% to $3.17 trillion. Despite this dip, three altcoins have stood out due to their potential to swiftly recover from these headwinds. 

Pi Network Token (PI) 

Pi Network Token, a newly launched crypto that has already secured the backing of major cryptocurrency exchanges is the best crypto to invest in due to rising market interest. 

Despite the pullback across the broader market today, Pi Coin is up by 8.5% to trade at $0.756. The altcoin has jumped by 23% from its all-time low of $0.61 registered on February 20, 2025. 

After experiencing intense selling activity in the last two days, Pi Coin is recovering to target resistance at $0.80. A swing above this level could lead to gains past $1, paving the way for a rally to the $3.4 all-time high. 

Given that the Pi network token is barely three days old, its Relative Strength Index (RSI) to measure buying activity and momentum can only be tracked on a 15-minute chart. 

The RSI has risen to 64 after making a series of highs, suggesting that buying pressure is growing and the momentum is bullish. 

This bullish outlook makes the Pi token a top crypto to buy to mitigate the risks of a possible Ethereum selloff. 

Ripple (XRP) 

Ripple price has retained its bullish outlook despite the recent pullback, making it a top crypto to buy for Korean investors. XRP price today trades at $2.58 and continued to defend support at an ascending channel, suggesting a bullish continuation. 

After bouncing yet again from the lower trendline of the ascending parallel channel, XRP needs to flip the midline for a sustained uptrend to the upper trendline. The key resistance level to watch for this altcoin is $2.83. 

Ripple is also on the verge of a breakthrough in its legal case with the US securities regulator, which is bullish for the XRP price. According to Fox Business reporter Eleanor Terett, the SEC is likely to “favorably settle cases” with crypto firms under the new SEC Chair. 

Bitcoin (BTC) 

Bitcoin has outperformed the altcoin market in the last month, making it one of the best cryptos to buy after the Bybit hack. For context, Bitcoin’s dominance has gradually risen and recently reached its highest level since 2021. 

When Bitcoin’s dominance rises, it shows that BTC is outperforming altcoins, or that its declines have been marginal compared to those of altcoins.

Such a rise also shows that crypto investors are moving from riskier altcoins to Bitcoin. Therefore, it makes sense that investors could start buying Bitcoin after the $1.5 billion Ethereum hack on Bybit. 

Conclusion: Best Korean Crypto to Buy

Traders looking for the best crypto to buy after the Bybit hack can explore Pi Network Token, XRP, or Bitcoin. These coins have a strong bullish setup and the ability to gain or outperform the broader market even if the North Korean Lazarus hacker group starts selling off ETH.

The post Top 3 Korean Crypto to Buy After Lazarus Group Steals $1.5B Ethereum (ETH) appeared first on CoinGape.

21 Feb 2025, 11:06 pm

Crypto market today (February 22): Bitcoin (BTC), Ethereum (ETH), and other altcoins reflect an alarmingly waning price action as the week comes to a close. Primarily against Bybit’s recent $1.4 billion hack, over $566 million was liquidated across the broader market in the last 24 hours. As a result, BTC price price lost nearly 2% and slipped back to the $96K level on Saturday. Further, ETH and other leading altcoins have also followed the waning trajectory.

Crypto Market Today: BTC, ETH & Altcoins Suffer Amid Bybit’s Hack & Massive Liquidations

Notably, the crypto exchange behemoth Bybit recently suffered an exploitation attack, resulting in the theft of $1.4 billion ETH from the platform. CoinGape reported that the mastermind behind this hack was ‘The Lazarus Group,’ a North Korean cybercriminal organization.

As a response to the hack, the crypto market saw $566.64 liquidated in the last 24 hours, per Coinglass data. The massive liquidations, underscoring panic selling, in turn brought significant heat to cryptocurrency prices. Further, the global cryptocurrency market cap slipped 1.98% from yesterday to reach $3.17 trillion.

BTC Price Backtracks To $96K

In sync with the colossal liquidations, BTC price witnessed a 2% loss in value over the past 24 hours, resting at $96,170. The flagship coin’s intraday bottom and peak were $94,852.96 and $99,497.97, respectively. Coinglass data showed that Bitcoin recorded $199.44 million worth of liquidations in the past 24 hours. Simultaneously, its market dominance slipped marginally by 0.01% to 60.29%.

ETH Price Takes Heat Amid Crypto Market’s New Hack

ETH price tanked nearly 3% in the past 24 hours and is currently trading at $2,674. The coin’s 24-hour low and high were $2,616.92 and $2,842.83, respectively. Ethereum recorded liquidations worth $141.76 million in the past 24 hours. Meanwhile, market watchers remain cautious about the coin’s future movements in light of the massive Bybit hack. Given that the hackers decide to sell the stolen funds ahead, heightened selling pressure could pull the price further down.

XRP Price Cracks 3%

XRP price fell by 3% intraday and is now sitting at $2.57. The coin hit a bottom and peak of $2.51 and $2.71 in the last 24 hours. Notably, the Ripple-backed asset saw liquidations worth $14.95 million over the past day and followed the broader market trend to dip in the red zone.

SOL Price Slips 2%

SOL price saw a 2% decline in the past 24 hours and is now trading at $170. The coin swooped to a low of $167.31 and a high of $180.43 in the last 24 hours. Solana recorded liquidations worth $22.24 million intraday, aligning with the market trend.

Meme Crypto Market Also Tumbles

Dogecoin: DOGE price saw a 4% drop to $0.2417 amid $14.03 million liquidated in the Dogecoin market.

Shiba Inu: SHIB price waned by 2% in the past 24 hours and is currently trading at $0.00001516, mirroring the market trend.

Even Pepe Coin (PEPE) and Official Trump (TRUMP) prices cracked 2%-5%, reaching $0.000009188 and $16.08, respectively. The meme coin market has primarily mirrored the broader market trend as the week comes to a close.

Top Crypto Market Gainers Today

Ethena (ENA)

Price: $0.4544
24-Hour Gains: +11%

ENA price soared as the crypto project reassured users that its stablecoin USDe remains solvent despite the recent Bybit hack.

Bitget Token (BGB)

Price: $5.05
24-Hour Gains: +8%

Bitget’s BGB token soars amid its rival exchange’s hack saga, and the Bitget wallet launching a limited-time BGB on-chain staking program.

Jito (JTO)

Price: $2.84
24-Hour Gains: +5%

JTO price gains alongside S. Korean cryptocurrency exchange Upbit’s announcement to list the token in the KRW market.

Top Crypto Market Losers Today

Mantle (MNT)

Price: $0.883
24-Hour Loss: -15%

Berachain (BERA)

Price: $7.16
24-Hour Loss: -12%

Sonic (S)

Price: $0.8546
24-Hour Loss: -10%

Overall, the current investor sentiment remains highly uncertain surrounding the crypto sector’s future, with prices taking heat amid Bybit’s hack and massive liquidations.

The post Crypto Market Today (Feb-22): BTC, ETH Drop As $566M Liquidated Amid Bybit Hack appeared first on CoinGape.

21 Feb 2025, 8:45 pm

Crypto analyst Ali Martinez has noted key support levels for Cardano (ADA) price between $0.67 and $0.80. He emphasized their role in sustaining the current bullish trend. According to Martinez’s analysis, these levels have historically acted as both resistance and support for the altcoin. The repeated interaction with this range indicates its significance in determining ADA price direction.

Key Support Levels for Cardano Price Stability

In a post on X, Ali Martinez highlighted that Cardano price has repeatedly tested the $0.67–$0.80 range. This zone has provided stability for ADA, preventing further declines and acting as a foundation for bullish movements.

Historical price movements suggest that this support area has been critical during both uptrends and corrections. The ability of ADA to hold above this range signals strong buying interest.

Recent market data indicates that ADA remains within this support range, maintaining its position despite market fluctuations. If buying pressure persists, Cardano price could establish a stronger footing and attempt an upward breakout.

Meanwhile, Grok 3 AI highlighted Cardano’s strong decentralization as a driving force behind its potential rally to $5-$6 in this bull cycle. If Cardano price can break key resistance levels, it may gain the bullish momentum needed to reach these ambitious price targets.

Technical Indicators Suggest Growing Buying Pressure

Cardano price is about to cross the 20-day Exponential Moving Average, a significant indicator for short-term trend identification. The 20 EMA acts as a support level and a breakout above it may indicate a rally for the altcoin.

Supporting the bullish sentiments, the 1-day Moving Average Convergence Divergence indicates Cardano price is holding above key support levels, providing a foundation for a altcoin rally.

More so, the MACD line is above the signal line, signaling a bullish crossover. If ADA maintains its position above $0.75 and builds on this momentum, it will break the $0.80 resistance and push higher in the short term.

Furthermore, there is the Parabolic Stop and Reverse (SAR) indicator whose dotted lines are placed below Cardano price, which is common in an upward trend. This suggests that ADA price has found a strong support base, further reinforcing the likelihood of an upward move.

ADA Price To $1?

If Cardano price remains above the key support range of $0.67–$0.80 and manages to break above resistance levels, analysts project a potential rally toward $0.94. A successful test of this price point could pave the way for ADA to revisit the $1 mark.

Conversely, if ADA fails to sustain support above $0.67, selling pressure could increase, driving the price lower. In such a scenario, the next key support level would be around $0.54, where buyers might re-enter the market.

Moreover, another analyst shared the bullish sentiments, emphasizing that ADA price movements suggest a potential breakout. The expert highlighted that if Cardano surpasses the critical resistance at $0.9837, it could pave the way for a rally toward $1.35.

The post Analyst Identifies Key Support For Cardano Price Bullish Momentum appeared first on CoinGape.

21 Feb 2025, 4:50 pm

The price of XRP lost its edge earlier when it failed to retain the $2.6 support level despite a positive update from the US Securities and Exchange Commission (SEC). Notably, the pro-crypto stance of the Mark Uyeda-led SEC has ignited a possibility of XRP benefitting uniquely. Per the current trend, investors wonder if the coin could hit a $300 price target in the long term if the US SEC drops the XRP lawsuit. 

Is Ripple versus US SEC Lawsuit Suppressing XRP Price?

In a recent update, Coinbase revealed that the SEC staff has agreed to drop its lawsuit, pending potential approval by the agency’s commissioners in the coming week. By a large margin, the Coinbase versus SEC lawsuit is considered the second biggest after Ripple Labs. 

Though similar, the Ripple lawsuit has advanced much more, with the end close as predicted. Gary Gensler fanned the lawsuit, alleging that XRP is a security when sold to the public, significantly impacting the price. 

Like Coinbase, there is speculation that the US SEC will dismiss its Ripple lawsuit appeal. If this happens, the price of XRP is expected to rise dramatically.

Is XRP Price to $300 Feasible?

In recent times, analysts have issued massive projections regarding the XRP price. As reported earlier by CoinGape, market analyst XRP Captain predicted that the XRP price could rally to $250 between now and 2026.

While analysts justify this projection based on the current trend within the Ripple ecosystem, the economics presents a different picture. With XRP having more than 57.89 billion circulating supply per CoinMarketCap data, a $300 target will give it a valuation of $17.367 trillion for the coin.

This fund is way bigger than the crypto industry, which is only worth $3.17 trillion, with Bitcoin dominating. However, this does not discount the likelihood of a massive rally if the lawsuit ends.

The XRP ETF Advantage

Meanwhile, the Ripple ecosystem has continued to expand at a unique pace. More than four asset managers are seeking approval to offer XRP ETF products to institutional investors. Canary Capital, Bitwise, and CoinShares are some of the firms pushing for this new product.

With a 65% odds of approval, the community is somewhat pricing in this product already. With the likelihood of a new capital influx, the expectation is that the XRP price will benefit immensely in the long term.

The post Will XRP Price Hit $300 If US SEC Calls Off Ripple Lawsuit? appeared first on CoinGape.

21 Feb 2025, 3:58 pm

The Lazarus Group, a hacking organization linked to North Korea, has been identified as behind the recent $1.4 billion Ethereum theft from cryptocurrency exchange Bybit. This revelation was made after blockchain investigator ZachXBT provided strong evidence linking the attack to them.

Lazarus Group Implicated in the Bybit Hack

It is worth mentioning that ZachXBT’s investigation found a series of test transactions and connected wallets that led directly to the Lazarus Group. 

The research as shared on X included detailed graphs and time-based analysis, which have been shared with Bybit to help their ongoing investigation.

Meanwhile, Arkham Intelligence, a blockchain data platform, had offered a reward of 50,000 ARKM tokens for information that could identify the hackers. After reviewing ZachXBT’s findings, Arkham confirmed the link to the Lazarus Group. 

They stated that his report included a full breakdown of test transactions, connected wallets, and forensic graphs showing how the attack happened.

The Bybit Exploit: How Bad is it?

Notably, the Bybit hack occurred on Friday, with about 401,346 ETH (worth $1.4 billion) stolen from Bybit’s cold wallet. While cold wallets are supposed to be safe since they are not connected to the internet, the hackers still managed to get in. It shows how desperate the hackers are and how fragile the cryptocurrency market is. This also raises a question of how genuinely decentralized or safe the crypto market is.

On the flip side, reports also show that the stolen funds were transferred to different wallets, and at least $200 million worth of staked Ether (stETH) has already been sold on decentralized exchanges.

In response to the event that has brought mixed feelings among the Bybit community and the cryptocurrency community at large, CEO Ben Zhou took to his page on X and reassured users that the exchange is financially stable and will still function well irrespective of the severity of the attack. Again, he confirmed that all client assets are fully backed and that the exchange remains solvent despite the large loss.

Unfortunately, this attack has also affected the broader digital asset market. Ethereum’s Relative Strength Index (RSI) dropped sharply from 62.8 to 51.6 within hours. This shows a decrease in buying activity as the Lazarus Group carted away with the stolen ETH. 

While the RSI is still above the neutral 50 mark, this drop suggests investors are becoming more cautious. The Altcoin also decreased by 4% moments after the hack. The attack has also affected Bitcoin and other altcoins, with the entire cryptocurrency market capitalization reeling in loss.

Lazarus Group and its Trend in Crypto

In other news, the Lazarus Group has been responsible for some of the biggest hacks in crypto. There is speculation that the North Korean government is supporting the group. Put differently, they are a state tool that is used for stealing funds to bypass economic sanctions. 

In March 2022, they stole about $625 million from the Ronin Network, which is connected to the Axie Infinity game. 

A few months later, in June 2022, it was confirmed by the US. FBI that they had taken $100 million from Harmony’s Horizon bridge. More recently, in 2024, they stole over $300 million from Japan’s DMM Bitcoin exchange. 

Sadly, these attacks show that the Lazarus Group keeps changing its methods to exploit security gaps in cryptocurrency systems. 

The Bybit hack is another warning that stronger security measures are needed to protect digital assets.

In January, the United States, Japan, and South Korea issued a joint statement to address threats from North Korean hackers. The joint statement noted that despite the threats, they are working to disrupt their potency.

The post Lazarus Group Responsible For Bybit’s $1.4 Billion Ethereum Hack: Report appeared first on CoinGape.

21 Feb 2025, 3:17 pm

Pi Network price has the potential to rally towards all-time highs if it can hold support at $0.60. Moreover, despite a rather disappointing “launch” that saw Pi Coin drop by more than 60% in one day, the project’s founder has asserted that the token is not a “scam” and quashed FUD surrounding the project. 

Pi Coin trades at $0.663 today after retreating from a daily high of $0.996. After a heightened period of volatility, PI Coin seems to be stabilizing between the $0.64 and the $0.66 range. 

Pi Network Founder Quashes FUD: Can Price Reach ATH? 

In a recent YouTube video, Pi Network’s founder, Chengdiao Fan, defended the network, saying that, unlike new blockchain projects, Pi Coin never made an Initial Coin Offering (ICO). Instead, the project made sure the tokens were free and accessible to everyone. 

Fan added that unlike meme coins, which lacked strong fundamentals, Pi Network had built a solid infrastructure and ecosystem to ensure Pi Coin has utility. 

“Don’t let the noise distract you, focus on what matters, and what makes a difference in the crypto space,” she stated. 

Her remarks come after several pioneers expressed their “disappointment” in the recent launch. Dr Picoin opined that considering the launch price of below $2 and the subsequent drop, the project should have been released three years ago. 

“Yesterday was shockingly disappointing!… I am requesting the Core Team to return to the drawing board and assess the potential repercussions of having very disappointed pioneers,” the pioneer noted. 

Bybit CEO Ben Zhou has also labeled the project a “scam” and added that the exchange will not allow its users to buy Pi Coin on the platform. 

Given these headwinds, Pi Coin’s short-term outlook seems bearish. However, if Pi Network price can overcome these challenges and regain community support, how high can it rally, and could it reach an ATH? 

Pi Network Token Analysis – Is a $3.4 ATH in Sight? 

Pi Coin seems to be cooling off after a period of intense price volatility. The token has formed support at $0.60, and if it can successfully defend this level, it could prevent further drops. 

If buyers make a comeback, the Pi Network token faces resistance at $0.82. A recovery past $1 will also spark an extended rally towards an all-time high level of $3.4. 

Besides needing buying support, Pi Network needs to announce strategic partnerships that highlight Open Network’s use case. Strong fundamentals tend to bode well for new tokens and could dispel concerns about the project being a scam. 

The post Can Pi Coin Price Hit $3.4 ATH as Pi Network Founder Quashes “Scam” FUD? appeared first on CoinGape.

21 Feb 2025, 2:34 pm

The crypto market has seen a bearish trend recently, causing significant liquidation in various assets. Among the altcoins to avoid this cycle are MELANIA, CAR, and LIBRA WIF. These tokens have experienced multiple downturns, seeing drastic price reductions since their launches. Investors should tread cautiously with these options as they continue to show downward momentum.

MELANIA

MELANIA, a meme-based cryptocurrency, saw a surge in popularity following Trump’s inauguration, creating significant hype. However, this excitement quickly dwindled, leading to a sharp decline. 

After hitting its all-time high of $13.73 on January 20, 2025, MELANIA experienced a dramatic 91% drop in value. By February 20, 2025, it reached an all-time low of $1.20, marking it as one of the altcoins to never buy in this cycle. 

Despite the unlocking of $39 million worth of tokens, MELANIA has shown no significant price movement, signaling investor disinterest and a lack of market confidence.

CAR

CAR (Central African Republic) has launched its $CAR token, aiming to demonstrate how a simple meme can bring people together, promote national growth, and put the country on the global stage. 

Trading at $0.01430, the token has experienced a 40% decline recently. Its all-time low was recorded on February 18, 2025, at $0.01139. The CAR experiment seeks to innovate and raise the nation’s profile through the power of digital currency and community engagement.

LIBRA, once touted as Argentina’s official cryptocurrency, has collapsed, resulting in a staggering $4.4 billion loss for investors.

Initially embraced as a promising digital asset, the memecoin is now trading at $0.1856, reflecting a sharp 10% drop. 

Its all-time low of $0.123 was recorded just a week ago, on February 15, 2025. The scandal surrounding LIBRA has sent shockwaves through Argentina’s crypto scene and political landscape, with President Javier Milei facing mounting corruption accusations. 

Critics argue that Milei’s promotion of LIBRA misled investors and artificially inflated its market value. Meanwhile, lawmakers claim insiders benefitted by cashing out before the inevitable collapse, leaving many with heavy financial losses.

Dogwifhat (WIF)

Dogwifhat (WIF) has been trading in a bearish trend since it fell below the $1 mark, signaling ongoing struggles. At the time of writing WIF price is trading at $0.6338, within 10% decrease in the past week.

The Solana meme coin has remained below its support levels, with the price potentially heading toward $0.50 if the bearish pressure persists. 

Many meme coins, including the DOGE price, have faced difficulties in reclaiming their all-time highs. As of March 31, 2024, WIF saw a steep decline of over 86%, making it one of the Altcoins to never buy during this market cycle.

In conclusion, while the crypto market presents opportunities, it’s crucial to be mindful of altcoins never to buy like MELANIA, CAR, and LIBRA WIF. They have displayed persistent downward movements, making them risky investments in the current market cycle. 

 

The post 4 Altcoins to Never Buy This Cycle appeared first on CoinGape.

21 Feb 2025, 2:11 pm

Ethereum (ETH) price has recorded a 4% decline in the past 24 hours, trading below $2,650 at press time. The drop follows reports of a security breach at cryptocurrency exchange Bybit, which confirmed an unauthorized transfer of approximately 401,347 ETH, valued at $1.12 billion, from its cold wallet. The breach involved an attack that manipulated the transaction signing process, allowing the hacker to redirect funds to an unidentified address.

Bybit Hack Triggers Ethereum Price Decline

The breach at Bybit has led to heightened concerns among investors, contributing to Ethereum price decline. The attack was carried out by exploiting a vulnerability in the multisig cold wallet, altering the signing interface while keeping the displayed address unchanged. This allowed the unauthorized transfer of ETH, stETH, and other assets.

The confirmation of the hack caused an immediate market reaction, with Ethereum price dropping from $2,850 to $2,750 within an hour. The stolen funds began moving to multiple addresses, intensifying fears of further sell-offs. The movement of stolen assets to decentralized exchanges raised concerns about increased selling pressure in the market.

Following the breach, Bybit CEO Ben Zhou assured users that client funds remain safe and that all assets are backed on a one-to-one basis. However, investor sentiment remained uncertain, as the scale of the attack affected confidence in centralized exchanges.

Trading Volume Surges Amid Market Uncertainty

Alongside Ethereum price drop, trading volume surged by over 82%, reaching $29.46 billion within 24 hours. This increase suggests that traders reacted swiftly to the hack, either selling assets or repositioning portfolios in anticipation of further volatility.

A rise in trading volume often signals increased market activity, with both buyers and sellers reacting to major developments. In this case, the uncertainty surrounding Bybit’s ability to recover the stolen funds contributed to the heightened trading levels. The sell-off intensified as the stolen ETH and stETH were moved, potentially indicating liquidation by the attacker.

More so, analysts note that continued selling pressure could push Ethereum toward the $2.5K support level. Further price declines may occur if the stolen funds continue to be sold on the open market.

Technical Indicators Suggest Key Resistance for ETH

Ethereum is facing a crucial resistance zone near $2.9K, which includes the 200-day moving average. Price action at this level will determine the next market direction, as failure to break above could lead to another decline.

On the 4-hour chart, Ethereum has been in a consolidation phase after breaking below a descending wedge pattern. The asset is hovering near the 0.5-0.618 Fibonacci retracement levels, a zone where sellers could exert additional pressure. 

More so, the MACD has confirmed a bearish sentiment as the MACD line crossed below the signal line. The histogram also increased red bars, indicating growing downward momentum. This suggests that Ethereum may experience further price weakness in the short term.

Additional data shows that Ethereum’s OI-weighted funding rate has been declining since early January, with a sharp dip into negative territory around February 6. This suggests increased bearish sentiment and possible deleveraging in the futures market.

Meanwhile, a recent report highlighted how China’s money supply nearly doubled to 112 trillion Yuan, sparking speculation about its effect on Ethereum. Analysts suggest the impact on ETH may be minimal, but increased liquidity could still influence global risk assets.

The post Why Ethereum Price Is Down 4% Today appeared first on CoinGape.

21 Feb 2025, 1:34 pm

The price of Bitcoin (BTC) has shed most of the gains it accrued in early trading hours after the industry faced another major hack event. Bitcoin price, on pace to breach the $100,000 price mark, is now fighting to hold the $96,000 support zone.

Bitcoin Price Rise and Fall

At the time of writing, Bitcoin’s price dropped slightly below the $96,000 mark. Per data from CoinMarketCap, BTC’s price changed hands for $95,885, down by 2.23% in the past 24 hours. There is a high level of volatility around this price level as the coin dropped from a daily high of $99,497.96 to a low of $95,829.33.

While the coin has not dropped below $90,000 since it crossed that level in mid-November 2024, it also finds the $100,000 resistance level hard to breach. However, BTC price generally reclaims its All-Time High (ATH) at least once a month, a trend it has not repeated in February.

Despite the early signs of recovery, an earlier CoinGape BTC price analysis shows a cautious signal in the coin’s trend. This later proved true as the coin quickly gave up its over 5% gains earlier.

Per current market data, the digital currency has robust liquidity in the market, with trading volume up 45.7% to $45.02 billion. This indicates that the Bitcoin price has the right market conditions to pick a rebound.

What Caused the BTC Price Selloff

Things were normal in the market until Bybit suffered a wallet exploit. The top digital currency trading platform lost over $1.4 billion in Ethereum (ETH). This exploit is considered one of the biggest in the crypto ecosystem’s history.

This hack reversed Ethereum’s growth and triggered an unexpected panic in the broader market. Meanwhile, the Bybit hack occurred when Coinbase shared an update on its case with the US Securities and Exchange Commission (SEC).

As the trading platform detailed, the SEC staff has agreed to dismiss its lawsuit. While this is still subject to the commission’s approval, it helped buffer the Bybit hack. This helped cushion the Bitcoin price selloff from dropping below the $90,000 mark.

What Next for Bitcoin?

The price of Bitcoin remains the major performance gauge in the crypto market. BTC has suffered an intense drawdown in the past, and on all occasions, market bulls helped it plot a rebound.

Many catalysts will fuel its potential growth in the short term. The institutional adoption hype remains, with Strategy planning a purchase worth $2 billion following its latest private debt offering.

In addition, the nation-state engagement of the coin has also placed it in the spotlight, with demand exceeding supply.

The post Bitcoin Price Crash: Why is BTC Down Today? appeared first on CoinGape.

21 Feb 2025, 1:11 pm

After registering a trust in Delaware in preparation for a potential Solana (SOL) exchange-traded fund (ETF) in the United States last week, Franklin Templeton has formally filed an S-1 registration statement with the Securities and Exchange Commission (SEC).

Franklin Templeton Joins Race for Solana ETF Approval

According to the filing, Franklin Templeton aims to launch a spot Solana ETF that tracks the price of Solana, one of the leading cryptocurrencies by market capitalization. The fund seeks to reflect the performance of Solana’s price, allowing investors to gain exposure to the digital asset without directly purchasing the cryptocurrency.

The firm had established the Franklin Solana Trust in Delaware to facilitate the launch of this ETF. This move places Franklin Templeton among a growing list of asset managers seeking SEC approval for Solana-based ETFs, including Grayscale, Bitwise, Canary Capital, 21Shares, and VanEck.

These companies are looking to capitalize on the increasing popularity of digital assets and the growing demand for diversified cryptocurrency investment products.

Growing Interest in Digital Assets and Cryptocurrency ETFs

Franklin Templeton’s decision to file for a Solana ETF reflects the rising interest among institutional investors in digital assets beyond Bitcoin and Ethereum. The firm’s move follows a trend of asset managers seeking to expand their cryptocurrency offerings amid improving regulatory conditions and increasing investor demand.

Joe DiPasquale, CEO of BitBull Capital, commented, “This move reflects a growing interest among asset managers to offer investment products beyond Bitcoin, especially as regulatory conditions become more favorable.”

This filing comes after the success of Bitcoin and Ethereum ETFs, which have seen substantial inflows from investors looking to diversify their portfolios.

Coinbase Chosen as Custodian for Solana Holdings

In its filing, Franklin Templeton revealed that it has selected Coinbase as the custodian for its Solana holdings. Coinbase, a leading cryptocurrency exchange, will be responsible for safeguarding the fund’s digital assets.

Franklin Templeton declined to provide further details about the partnership or the timeline for the ETF’s launch.

Choosing Coinbase as the custodian aligns with a broader trend among asset managers who are partnering with established cryptocurrency exchanges to ensure secure storage and management of digital assets. This strategic choice highlights Franklin Templeton’s commitment to leveraging trusted platforms to support its cryptocurrency investment products.

Uncertain Approval Timeline Amid Regulatory Review

While Franklin Templeton’s filing marks a significant step towards launching a spot Solana ETF, approval from the SEC is not guaranteed.

The regulatory body is currently reviewing multiple filings for Solana ETFs, with analysts estimating a 70% chance of approval this year. However, the timing remains uncertain due to ongoing enforcement actions and public comments on the filings.

Bloomberg Senior ETF Analyst Eric Balchunas noted, “Right now, the only thing that’s happened is they didn’t get a phone call telling them to go away,” suggesting cautious optimism among market analysts about the prospects of Solana ETFs.

Despite the uncertainty, Franklin Templeton’s move underscores the growing confidence among asset managers in the cryptocurrency market. If approved, the Franklin Solana ETF will be listed on the Cboe BZX Exchange, offering investors another avenue to participate in the digital asset market.

The post Breaking: Franklin Templeton Files S-1 To Launch Spot Solana ETF with US SEC appeared first on CoinGape.

21 Feb 2025, 1:02 pm

Ripple vs SEC lawsuit: The legal battle between Ripple and the U.S. Securities and Exchange Commission (SEC) may take more time to resolve than the ongoing case involving Coinbase, legal experts suggest.

With a ruling already in place and other procedural complexities, experts believe that Ripple’s case faces a different set of challenges compared to Coinbase’s recent settlement.

Ripple Vs SEC Lawsuit May Take Longer To Settle

After the US SEC disclosed plans to drop the Coinbase lawsuit, speculations and debate have taken a turn on the potential of the Ripple vs SEC lawsuit outcome and when. However, legal experts have noted the Ripple lawsuit may not be as smooth as Coinbase case. One major factor making the Ripple vs SEC lawsuit more complicated is the ruling already handed down by Judge Torres. According to the filings, Ripple had been ordered to pay a $125 million penalty as part of the settlement with the SEC.

Subsequently, according to experts, the firm’s options now include the possibility of requesting a penalty reduction, which would require both parties to reach an agreement. Legal expert Sherrie, in a recent conversation on X, noted that while a settlement may be reached, it is unlikely that the separation of sales, as stipulated by Judge Torres, would be altered.

Any request to reduce the penalty, she said, would need to be carefully considered by both Ripple and the SEC. Additionally, a request to dismiss the appeal would mean that the original ruling by Judge Torres remains in effect.

“It’s more complicated for Ripple, given the existing ruling. The penalty would still stand unless both parties agree to a reduction,” Sherrie stated.

Ripple Cross-Appeal and Timing Considerations

Ripple vs SEC lawsuit involves more layers due to its cross-appeal, which must also be taken into account. Legal analysts suggest that the timing of Ripple’s upcoming filing—scheduled for April—may be pivotal in determining the case’s trajectory.

Ripple’s request to extend the filing deadline to April 16, 2025, gives further credence to the idea that a resolution may take longer than anticipated. As Ripple’s legal team moves forward with the appeal, both Ripple and the SEC will have to consider how to approach the next steps. As Ripple works toward securing an agreement or a potential settlement, it may continue to assess the possibility of lowering the penalty.

“Ripple’s next filing deadline is in April, which gives both parties more time to negotiate,” said legal expert Bill Morgan.

Ripple lawsuit Appellate Court’s Role

The involvement of the Appellate Court could also extend the timeline for resolving the Ripple vs SEC lawsuit. The court has a panel of three judges who will review and hear the case, a process that takes additional time compared to the procedures of a District Court. This contrasts with the process seen in the Coinbase case, where a settlement was reached more quickly, possibly due to the absence of such complications.

Eleanor Terrett, a FOX journalist, noted that the SEC may also choose to seek an agreement with Ripple at the district court level. The judge overseeing the case, Torres, retains jurisdiction until August 2025, and any changes to the terms of the ruling would require her approval.

“There’s a lot of uncertainty with the Ripple case. The SEC’s next steps are unclear, and any decisions may need Torres’s approval,” said Terrett.

Jeremy Hogan also suggested that Ripple vs SEC lawsuit might take longer to resolve due to the multiple steps involved in the appeal process.

“This isn’t just a straightforward case of settlement or dismissal,” Hogan remarked

The post Ripple Vs SEC Lawsuit May Take Longer To Settle Than Coinbase, Expert Warns appeared first on CoinGape.

21 Feb 2025, 12:21 pm

ConsenSys has submitted a letter to the U.S. Securities and Exchange Commission (SEC) expressing concerns about the proposed amendments to the definition of “exchange” under U.S. securities laws. The letter, addressed to Commissioner Hester Peirce and the SEC’s Crypto Task Force, requests the removal of the rulemaking from the regulatory agenda.

ConsenSys Challenges US SEC Proposed DeFi Rule Change

According to a recent submission, ConsenSys has urged the SEC to withdraw its proposed rule that expands the definition of an “exchange” to include decentralized finance (DeFi) platforms. The company argues that the amendments exceed the SEC’s legal authority.

ConsenSys asserts that the proposed rule violates the Administrative Procedure Act (APA) by improperly broadening the regulatory scope. Additionally, the company claims that the rule conflicts with the U.S. Constitution by imposing regulatory obligations on decentralized protocols that do not fit the traditional definition of an exchange.

SEC’s proposed amendments on DeFi exchanges received substantial opposition during the 2022 comment period. ConsenSys referenced prior submissions made in April 2022 and June 2023, reinforcing its position that blockchain-based systems should not be categorized as traditional financial intermediaries.

The submission to Hester Peirce’s task force comes just weeks after the launch of a dedicated website outlining its role in establishing clear crypto regulations. The new platform provides a way for industry participants, including ConsenSys, to submit input and engage with regulators.

Concerns Over US SEC’s Statutory Authority

Moreover, ConsenSys maintains that the SEC lacks the statutory authority to extend the definition of an exchange to blockchain-based systems. The company argues that the Securities Exchange Act of 1934 defines an exchange as an entity that provides a centralized market for securities transactions. The proposed rule, according to ConsenSys, improperly expands this definition to cover decentralized protocols.

The submission points out that DeFi platforms operate differently from traditional financial exchanges. Rather than facilitating transactions in a centralized manner, these platforms rely on smart contracts and peer-to-peer networks. ConsenSys warns that regulating these decentralized technologies as securities exchanges would create compliance burdens that are incompatible with their structure.

Consequences On Blockchain Innovation

The letter also warns that the amendments could negatively affect blockchain development and DeFi adoption. ConsenSys states that the proposed rule could discourage innovation by imposing regulatory uncertainty on blockchain developers and users.

The crypto company contends that the amendments could force decentralized platforms out of the U.S. market. By treating DeFi protocols as regulated exchanges, developers may face increased legal risks, reducing the incentive to create blockchain-based financial services within the country.

In its submission, the crypto company has expressed willingness to discuss the issue further with the SEC’s Crypto Task Force. The company emphasized the importance of ensuring that blockchain regulations align with technological realities and legal constraints.

ConsenSys reaffirmed its stance that the SEC’s proposed rule should be removed from the regulatory agenda. With the new Hester Peirce Crypto Task Force, there is hope for ConsenSys and other blockchain firms facing regulatory scrutiny. 

Most recently, the pro-crypto task force influenced the decision to pause the SEC’s lawsuit against Binance for 60 days. The review of cryptocurrency regulations may lead to clearer guidelines, potentially benefiting DeFi platforms.

The post ConsenSys Submits Letter to SEC on DeFi Rule Amendment Concerns appeared first on CoinGape.

21 Feb 2025, 11:36 am

Acre, a pioneering Bitcoin platform, revealed today via a X post the successful closure of a $4 million strategic funding round, elevating its valuation to $90 million. It further made the public launch of its decentralized application (dapp) to provide a seamless way for its users to compound their BTC holdings.

Though AcreBTC began offering Bitcoin staking services on July 25, 2024, it was doing so through a partnership with Xverse that allowed users to stake their BTC directly from the Bitcoin mainnet via the Xverse wallet. Now the launch of its own dApp will expand access to its Bitcoin-native compounding services.

The $4 million investment underscores the growing confidence in Acre’s mission to provide Bitcoin holders with secure, native compounding opportunities while bolstering decentralized networks’ economic security.

The funding round saw participation from prominent investors, including Draper Dragon, Big Brain Holdings, and Orange DAO. Additionally, key angel investors from Threshold Network, Lido, EigenLayer, Wormhole, BoB, Thesis, VVV, and Quantstamp contributed, reflecting a broad spectrum of support from the decentralized finance (DeFi) community.

The capital infusion is set to be utilised for enhancing Acre’s ecosystem, supporting projects building on its platform, and ensuring the protocol’s long-term sustainability as it progresses toward mainnet rewards.

“Acre is delivering exactly what the DeFi ecosystem needs—simple, secure solutions that make it easy for holders to put their BTC to work,” said Jakov Buratović, contributor to Lido DAO. “Their focus on user-friendly, Bitcoin-native tools aligns perfectly with my personal mission to support projects that drive real, sustainable growth in decentralized finance.”

Acre is breaking new ground for Bitcoin holders: $4M raised at a $90M FDV, $100M+ TVL, and now open access to its dApp. Acre is the first platform designed to help Bitcoin holders securely compound their BTC while maintaining full control.

Read more from @Yogita_Khatri5 via… https://t.co/l9pCHDvc8x

— AcreBTC (@AcreBTC) February 20, 2025

What it means for BTC Holders

Acre’s platform addresses a significant gap in the market by offering a Bitcoin-in, Bitcoin-out model, simplifying the compounding process for BTC holders. With over $100 million in Total Value Locked (TVL), Acre will now enable its users to deposit Bitcoin and engage with its decentralized application (dApp) to earn compounded returns directly in BTC. This approach eliminates the need for intermediaries, allowing users to maintain full control over their assets.

Further, with the received funding, Acre aims to enhance such Bitcoin-native compounding features so that BTC staking can be made more accessible. It also further aims to integrate additional decentralized insurance for protection of users’ funds while working on its protocol security.

How BTC Compounding can make profit for you?

BTC Compounding enables users to earn more BTC without actively trading or working for it.The longer users compound, the higher the returns they get over time – generating passive income for them. Without needing to Sell BTC, Users keep their Bitcoin while growing their holdings.

BTC Compounding also comes with reduced risk in comparision to BTC trading as instead of high-risk trading of buy/sell, users here earn from BTC’s price appreciation & rewards. According to an estimate, if BTC grows at an average of 10% per year, a $10,000 investment would be worth $16,105 after 5 years.

Does Acre’s launch of dApp signal growth for Bitcoin Compounding

Since the launch of its gated mainnet, Acre’s community has experienced substantial growth, expanding from 6,000 to over 36,000 active members since September 2024. This vibrant community has generated over 8 million engagement points and hosted more than 42 community-led events, highlighting the increasing demand for Bitcoin-native solutions that prioritize user control and transparency.

By connecting Bitcoin to decentralized protocols like lending, insurance, and Bitcoin layer 2 networks, Acre creates a seamless way for users to compound their Bitcoin without complexity or the risk from centralized custodians.

Looking ahead, Acre plans to integrate with Layer 2 networks, decentralized insurance protocols, and other emerging DeFi applications. These developments aim to expand opportunities for Bitcoin holders to participate in decentralized ecosystems while adhering to core principles of financial sovereignty.

Thus, the launch of Acre’s dApp can make BTC compounding easier, safer, and more rewarding, while reducing reliance on centralized services. This can also attract more BTC holders to staking, further integrating Bitcoin into the DeFi landscape

The post Good News for BTC Holders? Acre Raises $4M and Launches dAPP for Bitcoin-native compounding services appeared first on CoinGape.

21 Feb 2025, 10:28 am

Bybit Hack Update: Bybit cryptocurrency exchange is facing a severe security incident that has left the crypto community concerned. The Bybit hack, which involved the compromise of a multi-signature cold wallet, has resulted in significant financial losses.

After 1 hour of the Bybit hack, a net outflow of $700 million was reported, following the initial breach of $1.4 billion in ETH from Bybit’s cold wallet. The exchange’s founder, Ben Zhou, has provided updates on the situation, assuring users of the platform’s financial stability. However, the hack’s broader impact on the crypto market continues to unfold.

Reasons Behind the Bybit Hack 

The Bybit hack began with the deployment of a malicious implementation contract on February 19, 2025. Blockchain security firm SlowMist outlined how the attacker used sophisticated methods to exploit vulnerabilities in the exchange’s system. The hacker manipulated the contract by replacing a legitimate multi-signature wallet contract with a malicious one. This manipulation allowed the attacker to gain control over the Ethereum cold wallet used by Bybit, which held a significant amount of ETH.

According to reports from SlowMist, the attacker used backdoor functions in the malicious contract to drain the wallet. These backdoor functions, “sweepETH” and “sweepERC20,” allowed the hacker to transfer large amounts of ETH to an unidentified address. The malicious contract also involved multiple signatures, which masked the attacker’s actions, making it harder to detect.

Ben Zhou, the founder of Bybit, has addressed the situation on x, confirming the breach and emphasizing the impact on Bybit’s cold storage. He stated that the ETH cold wallet was the only one affected, while other wallets remained secure. Zhou also assured customers that their funds were not at risk. However, as the investigation continued, the breach caused widespread concern about the security of cryptocurrency exchanges.

Bybit Founder Ben Zhou Responds To Hack In Livestream

Following the Bybit hack, the exchange’s team, including Ben Zhou, worked alongside blockchain forensic experts to track the stolen funds. Bybit is providing regular updates, aiming to maintain transparency and reassure users. In a live stream, Zhou emphasized that the company was solvent and capable of covering the loss, even if the stolen assets could not be recovered.

Bybit also confirmed that withdrawals and deposits remained functional, with no disruptions to its operations. Zhou stated, “Bybit is solvent even if this hack loss is not recovered. All of clients’ assets are 1 to 1 backed, and we can cover the loss.” The exchange’s ongoing efforts to address the hack included collaborating with other industry leaders for assistance in tracking the stolen funds.

Despite Bybit’s assurances, the hack triggered a wave of user withdrawals. As of writing time, reports indicated that $700 million had been withdrawn from the exchange. This has led to increased concerns about the future of the exchange and whether it can recover from the financial and reputational damage caused by the attack.

Bitcoin, Ethereum, XRP Prices Plummet

The news of the Bybit hack had an immediate effect on the broader cryptocurrency market. Bitcoin and Ether experienced a sharp decline in prices, with Bitcoin dropping to nearly $97,000 and Ether slipping below $2,700.

The Bybit hack, coupled with the market’s sensitivity to security issues, contributed to a downturn in crypto prices, triggering liquidations of leveraged positions.

Additionally, other cryptocurrencies also saw significant losses. XRP, the digital currency associated with Ripple, fell by over 4.5%, reaching a price of $2.58. Similarly, Stellar (XLM) saw a decrease of 4.84%, dropping to $0.3303. Subsequently, the Bybit hack has caused some traders to pull back from high-risk assets, further adding to the downward pressure on the market causing a dip in total crypto market cap by 0.80% to $3.2T.

The post Bybit Hack Update: Reasons Behind the Breach and How It Affects the Crypto Market appeared first on CoinGape.

21 Feb 2025, 10:01 am

The Solana meme coin market is heating up, showing a 5.7% increase in the past 24 hours, now worth $10.8 billion. Despite the looming $1.7 billion SOL unlock, these Solana meme coins present potential for explosive growth. 

Investors are eyeing these tokens for their ability to outperform the market, offering substantial returns despite challenges. The SOL price is hovering around $170, with a slight recovery.

Bonk (BONK)

Bonk (BONK), a popular Solana meme coin, has gained significant attention by dedicating half of its tokens to the Solana community. 

Currently, the BONK price is at $0.00001654, BONK has seen a 5% increase and an impressive 40% rise over the past year. 

After weeks of fluctuating lows, BONK has broken through its descending channel, signaling potential growth. Experts consider it among the Solana meme coins with a 40X growth potential.

According to Coinglass data, the Bonk derivatives market has witnessed a significant surge. Volume has increased by 77%, reaching $17.M, while open interest has grown by 6%, totaling $10.09M.

Dogwifhat (WIF)

Dogwifhat (WIF), a meme coin within the Solana ecosystem, has been making waves with its impressive growth in the past 24 hours. 

The WIF price has surged over 10% in the last 24-hours, and its recent price jump to $0.6822 has positioned it as one of the top gainers in today’s crypto market. 

With a bullish momentum, WIF could see further increases, potentially reaching $0.80 and possibly even $1, which would represent a 40% rise. The Relative Strength Index (RSI) currently stands at 58, indicating continued positive market sentiment.

Pudgy Penguins (PENGU)

Pudgy Penguins (PENGU) has seen impressive growth, rising 10% in the last 24 hours, now trading at $0.008902. During this surge, the token reached an all-time high of $0.02647, reflecting a strong bullish trend. Its market capitalization has expanded to $563.7 million, marking a 7.13% increase. 

Since its inception, PENGU has surged by 80%. Meanwhile, Solana meme coins are gaining attention, with the potential to grow significantly despite the upcoming $1.7 billion SOL unlock.

Ai16z (AI16Z) 

Ai16z (AI16Z) token has surged to $0.3656, marking a 10% increase in the last 24 hours. This meme coin, built on the Solana blockchain, stands out with its AI-powered trading system. 

Ai16z operates through a decentralized autonomous organization (DAO), giving token holders a voice in governance decisions. The DAO is overseen by the AI agent Marc Andreessen, guiding the platform’s evolution and community-driven direction.

 

Conclusion Solana meme coins are gaining attention for their explosive growth potential. Even with the upcoming $1.7B SOL unlock, these coins could see substantial gains, making them appealing for investors seeking high returns in the crypto space.

 

The post 4 Solana Meme Coins That Could 40X Despite $1.7B SOL Unlock appeared first on CoinGape.

21 Feb 2025, 9:55 am

Litecoin price has surprised several of late with its latest surge. To be precise, the LTC price today pumped by over 5%, making it trade at $134 with a market capitalization of over 10%. IntoTheBlock’s data revealed that the recent price uptick pushed over 82% of the Litecoin addresses in profit. 

These 3 Cryptos Can Earn You More Profits!

While the Litecoin price today is showing promise, there are a few other crypts that have the potential to earn you more in the coming weeks or months. Ergo, let’s take a look at these 3 top cryptos. 

Pepe coin (PEPE)

PEPE, one of the most popular memecoins, showcased even better performance than Litecoin price. To be precise, the memecoin’s price pumped by nearly 7% in the last 24 hours alone, pushing its price to $0.00001006. It was interesting to note that while PEPE price recently increased, its weighted sentiment also improved—a sign of rising bullish sentiment.

Additionally, the memecoin’s supply held by top addresses also went up last week. This indicated that the whales were confident in PEPE’s price rise in the days to follow. 

Aureal One (DLUME)

Though Litecoin price looks lucrative, Aureal One (DLUME) is another token that can potentially rise up to a level beyond Cardano with its metaverse-first blockchain. Its promise is to define the next decade of gaming using a niche that has largely been ignored by “real gamers”.

Aureal One aims to achieve this through a mix of inclusive design, fast transactions, as well as pre-existing metaverses that will launch once the ongoing presale concludes.

The native crypto of the project, DLUME, is currently being sold at a discount price of $0.0011. The listing price of the token has already been set to $0.005, which means 4x gains are a guarantee for those looking to take steps to move in early.

Beyond the listing pump, there are other reasons to be optimistic about Aureal One. Meta’s efforts in the Quest MR Headsets may eventually pay off in 2025, as the crypto market prepares for another round of blockchain gaming.

The resurgence of the metaverse and game narratives could drive market enthusiasm, propelling DLUME to new heights. Under the correct market conditions, a 10x growth is feasible.

Mantle (MNT)

Mantle price action also followed the same trajectory as Litecoin price, as the former’s value rose by nearly 3% over the past day. At press time, the MNT price is at $1.05. Things could get even better in the coming days, if MNT manages to test its support at $1.01. In the event of a successful test, then it won’t be surprising to see Mantle price move towards its next resistance near $1.24 soon. 

Conclusion

While the Litecoin price surged 5% to $134, other cryptos like PEPE, DLUME, and MNT show even greater profit potential. Investors may find better opportunities beyond Litecoin’s latest gains.

The post Litecoin (LTC) News: Litecoin price Surges 5%, But These 3 Cryptos Also Offer Greater Profit Potential appeared first on CoinGape.

21 Feb 2025, 9:30 am

Apex Fusion, a 2024-created Swiss-based Web3 project aiming to unify blockchain ecosystems, has officially launched Prime Chain, its foundational Layer 1 blockchain. With a mission to bridge the gap between Bitcoin’s UTXO-based and Ethereum’s account-based systems, Apex Fusion’s Prime Chain aims to significantly work towards the evolution of blockchain interoperability and scalability.

A New Era for Blockchain Integration?

The launch of Prime Chain will provide users with a robust infrastructure designed to facilitate seamless cross-chain transactions and interoperability. Apex Fusion’s architecture integrates three core components—Prime Chain, Vector Chain, and Nexus Chain—each serving a distinct function within the ecosystem. Currently, it has only made public the Prime Chain – rest are part of its future plans.

Prime Chain is built on the Ouroboros proof-of-stake (PoS) consensus mechanism to act as the backbone of this innovative network, providing security, scalability, and decentralization.

“Blockchain technology has long suffered from fragmentation, making it difficult for different systems to communicate efficiently,” said Alex Navarro, CEO of Apex Fusion. “Prime Chain is the first step in solving this problem, offering a platform that unifies multiple blockchain models into a single, interoperable system.”

We’re excited to announce that the AP3X token will be listed on @LBank_Exchange on February 20th at 10 AM UTC! This is an important step for the Apex Fusion ecosystem, and we can’t wait for you to be part of it.

More details about trading, deposits, and withdrawals will be… pic.twitter.com/NQQpPhXKiz

— Apex Fusion (@ApexFusion) February 14, 2025

What are the key Features of Prime Chain

Prime Chain is designed to be a high-performance, scalable blockchain capable of supporting smart contracts and decentralized applications (dApps). Some of the notable features as highlighted in the announcement include:

• Ouroboros PoS Consensus to ensure security and energy efficiency while maintaining decentralization.
• Holders of Apex Fusion’s native token, AP3X, can participate in liquid staking, earning rewards while securing the network.
• Aiiming at brining multi-chain operability through the upcoming Reactor Bridge, Prime Chain will facilitate seamless transfers between Vector Chain (UTXO-based) and Nexus Chain (EVM-compatible), enabling users and developers to interact with multiple blockchain paradigms.
• It also comes with calability and Low Fees to support enterprise-grade applications with minimal transaction costs.

Can it bridge the gap between ETH and BTC

Bitcoin’s Unspent Transaction Output (UTXO model) is used by Bitcoin to track ownership of funds as each transaction consumes previous outputs and creates new ones. It enhance security and parallel processing since transactions are made independent of each other. But it lacks smart contract capabilities, limiting its use in DeFi.

This is what Prime Chain is aiming to solve by combining Ethereum’s EVM that enables the execution of Turning-complete smart contracts. This will allow smart contracts to interact with Bitcoin-based assets with flexibility of conversion into Ethereum-wrapped tokens.

Further, it will allow developers to create DeFi apps that interact with Bitcoin liquidity – without forcing users to leave Bitcoin’s security model.

Thus, the newly launched PRIME Chain can have a strong chance of success in bridging Ethereum (ETH) and Bitcoin (BTC) because it solves key limitations of both ecosystems.

AP3X Token and Exchange Listing

As part of the launch only, Apex Fusion has also introduced the AP3X token, which plays a central role in network governance, staking, and transaction processing. The token has already been listed on the LBANK exchange, allowing early adopters to trade and stake AP3X with an initial annual yield of approximately 10%.

The Future launches of Apex Fusion

Looking ahead, Apex Fusion has revealed ambitious plans for expanding its ecosystem. As above-mentioned, the next major milestone will be the launch of the Reactor Bridge, which will enable seamless asset transfers between to-be-launched Prime, Vector, and Nexus Chains.

Additionally, Apex Fusion aims to introduce an on-chain reputation system, rewarding users for verifiable contributions and fostering trust within the ecosystem.

With the blockchain industry continuously evolving, Apex Fusion’s launch of Prime Chain represents a significant step toward a more connected and scalable future for Web3. As the project gains traction, it has the potential to revolutionize how different blockchain networks interact, setting a new standard for interoperability in the decentralized space.

The post Apex Fusion Launches Prime Chain to bridge BTC-ETH Gap; See How appeared first on CoinGape.

21 Feb 2025, 9:23 am