Start of red week. It is a bloodbath for Ethereum, Solana and the market as a whole. Even bitcoin is splashed.
The hack of discord
The market has lightened $ 400 billion since last Friday. Bitcoin returns below 90,000 dollars, at the lowest since November.
It was the hacking of $ 1.4 billion from the Bybit exchange platform on February 21, which sparked hostilities. It is the most important hack in history. It alone represents 16 % of all hacks of the past fifteen years.
Analysts believe that the North Korean hacker group Lazarus is behind this flight of nearly 500,000 ETH. Its strategy is to exchange these eThs for bitcoins, especially via the platform exch who refused to freeze these funds belonging to Bybit. The bybit pirate performs 2 to 3 transactions per minute and stops every 45 minutes for a 15 -minute break after Arkham.
Ethereum collapsed by more than 16 % from the hack, despite the fact that Bybit has decided to buy the ETH lost on the market. XRP also loses 16 %, Solana more than 21 %, also taking Bitcoin in their fall (-7 %).
Binance took the opportunity to sell a substantial part of its reserves in ETH and soil. These sales coincide with the release of $ 2 billion in the soil scheduled for March 1ᵉʳ. The Solana is down 54 % compared to its historic highest.
Kraken also takes advantage of the hack to get rid of his eth and soil reserves. In other words, it would seem that the Alt Season is starting to have a lot of lead in the wing.
Bitcoin resists better
The hack was certainly the spark, but other bad news participates in the ambient gloom. In particular, the fact that the States of Montana, Northern Dakota and Wyoming have rejected bills aimed at creating bitcoin reserves.
That said, these are small states that do not weigh heavily. A green light in Texas or Florida will soon rekindle optimism, especially for the creation of a strategic reserve on a federal scale. This is why Binance and Kraken do not sell their bitcoins …
Another advanced explanation here and there: customs taxes against Mexico and Canada. The latter will be synonymous with inflation, which will encourage the Fed not to lower its interest rates. However, high rates reduce liquidity in the system, slow down economic growth and, by ricochet, weigh on the stock markets.
But Bitcoin is not a multinational whose profits could suffer from the economic slowdown. On the contrary, inflation is blessed bread, especially since its correlation with the scholarships has faded strongly over the past two years.
There are actually not many reasons to sell your bitcoins. While some panic, Michael Saylor has just bought for two billion dollars of bitcoins. His freshly renowned company (Bitcoin) Strategy now holds almost 500,000 BTC.
Would it be (thanks to its frequent meetings with the Trump government) aware of the imminent creation of an American Bitcoins reserve? Patience…
Don't miss our article: Ethereum: The descent into hell.
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