#TrumpMarketInsights The cryptocurrency market witnessed remarkable changes coinciding with the inauguration of Donald Trump as the President of the United States. Hours before the inauguration ceremony, Bitcoin surpassed the $109,000 mark, setting a new record.
In a surprise move, Trump launched a new cryptocurrency named “$TRUMP”, which led to a significant increase in its market value, exceeding $10 billion. The First Lady, Melania Trump, also launched her own currency “$MELANIA”, whose market value exceeded $1 billion.
These developments are attributed to Trump’s statements in support of cryptocurrencies, after he was previously one of their critics. During his election campaign, he announced plans to ease regulations on the cryptocurrency sector, which boosted confidence in this market.
With these moves, analysts expect the cryptocurrency market to witness further growth, especially with the new directions of the US administration towards supporting this sector. However, caution remains required due to the ongoing fluctuations in cryptocurrency values.
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After the major hack: Binance exchange transfers 52 million XRP to ByBit
The focus of the crypto community remains on the “ByBit” hack, which resulted in losses estimated at $1.5 billion, in one of the largest thefts in the history of cryptocurrencies.
According to the “Whale Alert” report, 52 million XRP (worth $128.78 million) were transferred to ByBit from a wallet called “rGdKQ”, which was activated in September by Binance.
Interestingly, this wallet was filled with transfers from ByBit before the XRP was sent to it, indicating a possible interaction between the two exchanges.
While transfers to exchanges are often interpreted as an indication of an intention to sell, this transfer may be part of an internal process between Binance and ByBit, especially after Binance supported ByBit following the hack.
eXch Denies Money Laundering Charges Related to Bybit Hack for Lazarus
eXch has denied allegations of money laundering stemming from the Bybit hack by North Korean group Lazarus, in response to reports that it processed more than $30 million in stolen funds. In a statement on February 23 on Bitcointalk, eXch confirmed that it did not engage in any money laundering.
Will MANTRA and its token (OM) continue to rise after hitting a record high?
While most altcoins are suffering significant losses, MANTRA (OM ) stands out as an exception, rising 12.5% over the past week, hitting an all-time high of $8.90 on February 23, before settling at $8.44.
This surge is partly due to MANTRA’s expansion into the Middle East, after it received a Virtual Asset Service Provider (VASP) license from the Dubai Digital Assets Regulatory Authority.
This performance has caught the attention of analysts on the X platform, some of whom see the token as easy to trade and recommend holding onto it.
Ali Martinez also predicted that OM could reach $10 after breaking out of a bullish technical pattern, despite previously warning of a potential pullback.
Is there a correction coming?
Despite the strong performance, the overall market situation should be taken into account, as any further pullback could impact the price of OM.
The Relative Strength Index (RSI), which measures price momentum, also indicates that OM is approaching the overbought zone at 65, which could make it vulnerable to an imminent correction.
Solana TVL Drops 30%: Can the Network Recover After the Libra Meme Coin Crisis?
Solana's total value locked (TVL) has seen a significant drop, falling to $9.90 billion due to the fallout from the collapse of the Solana blockchain-based meme coin Libra (LIBRA). Although Solana's locked value later recovered to $10.3 billion, this still represents a 30% decline since mid-January, raising questions about the stability of Solana's DeFi ecosystem.
Bybit Platform Fully Restores Withdrawal System After Historic Hack: Details
#WalletActivityInsights Bybit has announced that its withdrawal system has been fully restored after a delay caused by a historic hack targeting its Ethereum cold wallet. Ben Zhou, the company’s CEO, confirmed that all withdrawal requests are now being processed without delay or restrictions on amounts. “Zo” explained via the X platform, saying:
12 hours after the worst hack in history, all withdrawals were executed.
A report by CryptoQuant revealed that Bitcoin network activity has fallen to its lowest level in a year, with the number of active addresses, transactions, and block volume down 17% from the peak recorded in November 2024.
The activity index reached 3658, falling below its annual moving average, indicating a downward trend similar to what happened after China banned Bitcoin mining in 2021.
Demand for Bitcoin is clearly weak, with ETF purchases falling from 18,000 BTC per day in November to less than 1,000 BTC currently, which does not support a price rally.
Liquidity flows from stablecoins have also slowed, with USDT’s market cap expansion down 92% since last December. If demand growth and liquidity conditions do not improve, Bitcoin could fall to $86,000, the lower end of the expected trading range.
Costa Rica’s largest commercial bank, Banco Nacional, has announced the launch of a Bitcoin ETF through its investment arm BN Fondos, a first for the country’s traditional banking system.
The bank manages over $7 billion in assets and serves over 2.1 million clients. The fund will offer Costa Rican investors exposure to Bitcoin alongside another fund linked to the S&P 500, with a minimum investment of $100.
Despite the lack of clear regulations for cryptocurrencies in the country, the fund’s structure is in line with existing laws, allowing it to be offered in a compliant manner.
Costa Rica had previously attempted to regulate the digital asset market through a bill in 2022, but it stalled in the legislative process, leaving crypto policies unclear.
However, the launch of the Bitcoin ETF represents progress towards financial institutions accepting digital assets, and could be a first step towards wider adoption of cryptocurrencies in the country.
Bybit suffered a massive hack that resulted in the theft of $1.5 billion, mostly Ethereum, prompting calls for a reversal on the Ethereum network to recover the funds.
Arthur Hayes, former CEO of BitMEX, suggested revisiting the idea after a similar reversal was implemented in 2016 following the DAO hack.
JAN3 CEO Samson Mo agreed, noting that the move could prevent stolen funds from being used to fund North Korea’s nuclear weapons program.
However, reversing transactions is a complex and controversial process, as it would undo all other transactions that took place on the network, threatening the stability of the blockchain.
The Ethereum community has expressed concerns about implementing this idea today given the complexity of the network compared to 2016.
So far, neither Vitalik Buterin nor any senior Ethereum official has issued an official comment on the proposal.
Bybit CEO Ben Zhou has slammed the Pi Network project, calling it a scam and confirming that his platform will not list it.
This comes after the Pi coin collapsed by 60% following the launch of the mainnet.
In a post on X, Zhou cited a previous warning from Chinese police about Pi Network targeting elderly individuals and stealing their data, resulting in financial losses.
While the project’s founders have rejected Bybit’s claims, calling on the exchange’s founders to be transparent rather than childish attacks.
Despite Pi being listed on exchanges like Bitget, OKX, and MEXC, and its community attacking Binance, the coin’s value has fallen to $0.67 amid concerns about the project’s legitimacy.
On our part, at Bitcoin Arabs, we did not write about the project in the past, despite following the project and its development stages, as the project started without any real application on the ground, but rather just promises, and after more than 4 years, its main network was launched, which made us avoid it and avoid publishing about it for the safety of our followers, as we see the project as not being serious and that it is very likely to be a fraudulent project.
Analysts differ on the future of altcoins, with some seeing the market witnessing a selective season, while others assert that the real rally may be delayed until the second half of 2025.
Ki Young Joo, CEO of CryptoQuant, pointed out that the flows into altcoins are coming from stablecoin holders rather than Bitcoin, creating an unconventional pattern.
Bitcoin is also no longer the reference currency for altcoin trading, reflecting a shift in the market structure.
On the other hand, analyst Xremlin believes that the altcoin season will be delayed due to the impact of exchange-traded funds, which lock up Bitcoin liquidity instead of converting it into alternative assets.
The massive increase in the number of cryptocurrencies, compared to 2021, also leads to a dispersion of demand.
However, the outlook remains positive, as sectors such as real-world asset (RWA) coins and AI projects may benefit from a favorable regulatory environment and increased liquidity.
Pi Mainnet Launch: A Strong Start or Just a Bubble?
After years of waiting, Pi Network has moved to its open mainnet, allowing Pi to be traded externally and listed on exchanges like OKX and Bitget, while Binance is considering listing it via a community vote.
Despite the momentum, doubts remain about the project’s transparency and sustainability.
The coin had a volatile start, rising from $1.70 to $2.00 before falling 50%, and is currently at $0.65.
Despite the massive initial valuation of $195 billion, weak liquidity raises questions about the real demand for the coin.
Pi Network stands out for its approach and plans for mining via the mobile application, with the number of users exceeding 60 million and the numbers may be incorrect, and critics question the viability of this model, considering that it lacks real innovation in the blockchain, in addition to the project team’s control over the network’s main nodes.
With the start of free trading, the real test remains in how the market reacts to the currency outside its closed environment
Former Binance CEO Changpeng Zhao (CZ) has praised Montana’s decision to push a bill to create a local Bitcoin reserve to a vote, making it the fourth US state after Utah, Oklahoma, and Arizona.
He said investors can buy Bitcoin now or wait for the US government to buy it, but he believes there is “no other option.”
CZ likened Bitcoin to the internet and money, saying its use will be inevitable in the future.
In another context, CZ donated 150 BNB (about $100,000) to help victims of the Libra meme coin pump and dump scheme. The donation contributed to the increase in aid, with one college student adding $50,000 of his own money to help victims. #BinanceAirdropAlert
#TradeFiRevolution New law gives Czech crypto firms access to banking services
The Czech Republic has passed a new crypto law in line with the EU’s MiCA regulations, simplifying tax rules and allowing crypto firms to access bank accounts provided they obtain the required licenses.
The legislation aims to boost transparency and attract more blockchain firms to the country, while the Czech National Bank has expressed interest in adding Bitcoin to its reserves.
The move reflects growing institutional interest in digital assets, potentially positioning the Czech Republic as a major European hub for blockchain innovation and a pioneer in adopting Bitcoin as a bank reserve.
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XRP Sees Notable Rebound in Open Interest Amid Market Slump
#MileiMemeCoinControversy XRP has seen a significant increase in open interest, reaching $4.3 billion, driven by Ripple’s price rising above $2.50, its highest level in a week. Open Interest (OI) is a measure of the number of open and unclosed futures or options contracts in the market, and refers to the total number of contracts that have not yet been settled, either through execution or closure by traders.
Ethereum supply on exchanges hits all-time low amid speculation of a possible rally!
Ethereum (ETH) has been trading between $2,600 and $2,800 since the February 3 crash, raising concerns among investors about its lack of upward momentum.
However, its approach to $2,800 this week has prompted experts to speculate that a reversal in the trend could be imminent.
According to data from Santiment, Ethereum continues to flow into cold wallets at an unprecedented pace, with only 6.38% of the supply remaining on exchanges, the lowest level since the network’s launch.
In addition, community interest in the coin has surged, indicating renewed confidence after its poor performance compared to other cryptocurrencies.
Despite Ethereum’s market dominance declining from 20.5% in April 2023 to 10.5% currently due to liquidity shifting towards Solana (SOL) and XRP.
Experts like Nick K Forster believe that the upcoming Pectra upgrade on April 8 could boost performance, by improving transaction speed and storage mechanisms.
Glassnode data indicates net inflows of 145,000 ETH into US exchange-traded funds in February, a seven-fold increase from January, reflecting continued institutional interest in Ethereum despite market uncertainty.