1)
#Bybit Recovers After
#Hack Bybit has managed to recover following the hack. To restore balances, they purchased part of the required ETH on the OTC market, while partners provided the rest. Meanwhile, the hackers have started slowly selling off stolen funds through various DEXs. This was the biggest hack in history.
$ETH Some people have been comparing it to the
#FTX collapse, but that’s completely inaccurate for several reasons:
- The market is in a bull run now, unlike during the FTX collapse, which happened in a bear cycle. Exchanges are doing well thanks to high trading volumes and, consequently, substantial fee revenue.
- The FTX collapse was a coordinated attack by media figures due to Alameda’s reckless behavior. Alameda was manipulating the market and misusing customer funds. Traditional banks learned a lesson in 2008, and crypto exchanges learned from FTX in 2022—no one wants to repeat that mistake.
- A top exchange collapsing now isn’t in anyone’s interest. We’ve already seen how quickly partners stepped in to support Bybit and bridge the gap while they recovered.
- This was the biggest stress test for an exchange in dollar terms. If Bybit didn’t collapse on the first day, the chances of it happening later are minimal. Credit goes to their team for handling the crisis so well.
2)
#SEC Is Gradually Retreating
- They recently withdrew the lawsuit against Coinbase.
- Today, they closed the investigation into Robinhood.
- There’s a high chance they’ll also close the case against Consensys (which, like others, revolves around staking regulations).
Overall, I really like how "SEC 2.0" is operating. Long-term deregulation is beneficial for the crypto industry. The agency is no longer actively hindering crypto’s growth. Remember the article about debanking crypto and the Biden administration’s shadow war against it? That’s now fading into the past.
$BTC 3) M2 Money Supply Keeps Rising After
#Correction This is a very bullish signal for crypto. Remember the correlation between M2 growth and crypto market trends.