NEWSLETTER
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The greatest financial trick in history could provide a positive side for the price of ethereum, since Bybit announced a complete recovery, Bitfinex analysts wrote.
Computer pirates, which are believed to be the notorious North Korean group Lázaro, stole almost $ 1.5 billion in ethereum (eth) and derivatives of crypto Exchange bybit ether last week.
The price of ethereum, which had shown a warm action before hack, was further weakened due to Bybit's violation and subsequent market volatility. Discussions on the impact of hack were flooded social platforms, but Bitfinex analysts believe that Ether's price could benefit from the incident.
“If Bybit needs to replenish customer funds, you can be forced to buy large amounts of eth,” analysts wrote in the Bitfinex Alfa market report.
Bybit lost more than 400,000 eth of his cold wallet last Friday. However, the CEO of Bybit, Ben Zhou, said the exchange had covered the losses as of February 24. Zhou also published a reservation test audit to restore community confidence after the attack.
Lookonchain data showed the eth purchases executed by the platform, insured loans from Bridge Partners and received large whale deposits. Buy eth in the open market and through other roads “could counteract part of the sales pressure and even generate higher prices,” Bitfinex analysts wrote.
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ethereum, most crypts in the correction phase says Bitfinex
Bitfinex analysts emphasized that ethereum potential price recovery due to Bybit market activity was just one possibility. The broader digital asset market remained very volatile, with most main cryptocurrencies trapped in a correction phase, according to the report.
“bitcoin, ethereum and Solana have decreased in February of the demonstrations in November and December 2024, while Memecoins, which increased in December, have fallen abruptly by 37.4%,” the report said.
crypto's monthly open interest also decreased as merchants reduced leverage positions “in response to a weaker combination of impulse in the market and increasing uncertainty,” analysts said. According to Bitfinex, macroeconomic clarity will probably determine the next main movement for bitcoin (btc) and the broader cryptography market.
