{"id":15279,"date":"2025-02-24T10:53:28","date_gmt":"2025-02-24T10:53:28","guid":{"rendered":"https:\/\/businesstriumphs.com\/index.php\/2025\/02\/24\/crypto-market-recap-sec-dismisses-coinbase-case-crypto-exchange-bybit-hacked\/"},"modified":"2025-02-24T10:53:28","modified_gmt":"2025-02-24T10:53:28","slug":"crypto-market-recap-sec-dismisses-coinbase-case-crypto-exchange-bybit-hacked","status":"publish","type":"post","link":"https:\/\/businesstriumphs.com\/index.php\/2025\/02\/24\/crypto-market-recap-sec-dismisses-coinbase-case-crypto-exchange-bybit-hacked\/","title":{"rendered":"Crypto Market Recap: SEC Dismisses Coinbase Case, Crypto Exchange Bybit Hacked"},"content":{"rendered":"<\/p>\n

Here\u2019s a quick recap of the crypto landscape for Friday (February 21) as of 9:00 p.m. UTC.<\/strong><\/p>\n

\n

Bitcoin and Ethereum price update <\/h3>\n

Bitcoin (BTC) is currently trading at US$95,056, reflecting a 3.4 percent decrease over the past 24 hours. The day\u2019s trading range has seen a high of US$99,262 and a low of US$94,909.<\/p>\n

Ethereum (ETH) is priced at US$2,637, marking a slump of 4.1 percent over the same period. The cryptocurrency reached an intraday high of US$2,837 and a low of US$2,625. <\/p>\n<\/div>\n

\n

Altcoin price update <\/h3>\n

Solana (SOL)<\/strong> is currently valued at US$169.56, down 2.8 percent over the past 24 hours. SOL experienced a high of US$179 and a low of US$168 during Friday\u2019s trading session.<\/p>\n

XRP<\/strong> is trading at US$2.53, reflecting a 6 percent decrease over the past 24 hours. The cryptocurrency recorded an intraday high of US$2.70 and a low of US$2.52.<\/p>\n

<\/span>Sui (SUI)<\/strong> is priced at US$3.27, showing a 5.8 percent decrease over the past 24 hours. It achieved a daily high of US$3.55 and a low of US$3.23.<\/p>\n

<\/span>Cardano (ADA)<\/strong> is trading at US$0.7574, reflecting a 6 percent decrease over the past 24 hours. Its highest price on Friday was US$0.8166, with a low of US$0.7526.<\/p>\n<\/div>\n

\n

Crypto news to know <\/h3>\n

SEC agrees to dismiss Coinbase case<\/h4>\n

\tCoinbase Global (NASDAQ:COIN) said Friday that the US Securities and Exchange Commission (SEC) has agreed to dismiss its case against the cryptocurrency exchange, pending final approval from regulators.<\/p>\n

\tThe SEC sued Coinbase in June 2023, alleging that it was operating as an unregistered securities platform and brokerage service. It accused Coinbase of generating billions in revenue while failing to provide investor protections.<\/p>\n

\tCoinbase shared the update on social media platform X, stating, \u201cBut this isn\u2019t the end. It\u2019s the beginning. And if there were ever a time to build \u2014 that time is now. Thank you to everyone who stood with us, and stood with crypto.\u201d<\/p>\n

\u201cThe SEC\u2019s swift action to bring order to the crypto industry and restore fairness is encouraging. Commissioner Peirce\u2019s Task Force has been instrumental in this progress, taking a thoughtful, inclusive approach that actively seeks industry and stakeholder input. The SEC faces a challenging task \u2014 not only must it undo harmful policies, but it must also lay the foundation for sound regulatory frameworks. And as history shows, undoing bad policy is itself good policy.<\/p>\n

Under Acting Chairman Uyeda and Task Force Leader Commissioner Peirce, the SEC is holding itself to a higher standard, and I am pleased \u2014 but not surprised \u2014 to see this shift. I am confident that this commitment to fairness and integrity will continue under incoming Chairman Atkins.\u201d<\/p>\n

Guill\u00e9n leads BakerHostetler\u2019s digital and innovative markets team and co-leads its blockchain team; she is also a former attorney with the SEC\u2019s Office of the General Counsel, and was among the candidates that the Trump administration considered for the position of SEC chair. <\/p>\n

Jan3 CEO suggests \u2018manufactured\u2019 price action<\/h4>\n

\tSamson Mow, CEO of Jan3 and founder of Pixelmatic, suggested that Bitcoin\u2019s range-bound price action may be manufactured during a panel discussion at Consensus Hong Kong 2025 on Wednesday.<\/p>\n

\t\u201cIf you look at the price movement, we peak, and then we stay steady and chop sideways. And it\u2019s good, you can say it\u2019s consolidation, but it just looks very manufactured.\u201d<\/p>\n

\tMow indicated that the significant buying pressure from retail and other major investors accumulating BTC must be offset by substantial selling pressure.<\/p>\n

\tAdditionally, FTX\u2019s recent Bitcoin sales, as part of their payout process, might be creating downward pressure on the market, counteracting the upward momentum generated by significant buying interest. This situation leads to a period of price stabilization rather than immediate growth.<\/p>\n

\t\u201cFTX is starting to pay out their dollars from selling Bitcoin, ill-advisedly, in the mid-20K range, so clearly, somebody is selling to match this. Otherwise, the price would already be moving upwards again,\u201d Mow said.<\/p>\n

Bybit experiences its largest security breach<\/h4>\n

\tBybit co-founder and CEO Ben Zhou confirmed a security breach that saw over US$1.4 billion in liquid-staked Ether and other ERC-20 tokens hacked from the cryptocurrency exchange on Friday morning. <\/p>\n

The confirmation came roughly one hour after on-chain security analyst ZachXBT spotted the incident shortly after it occurred, according to Cointelegraph\u2019s coverage of the event.<\/p>\n

\tThe attack appears to have compromised the signing process for transactions, allowing hackers to manipulate the smart contract logic of the cold wallet. The hack affected only Bybit\u2019s Ethereum cold wallet; other wallets, including Bitcoin reserves, remain secure.<\/p>\n

\tBybit has obtained a bridge loan covering a significant portion of the stolen funds and continues to process withdrawals. The situation is ongoing, and Bybit is working with other exchanges to track and potentially freeze the stolen assets. Arkham Intelligence attributed the hack to the North Korean group Lazarus.<\/p>\n<\/div>\n

Securities Disclosure: I, Giann Liguid, hold no direct investment interest in any company mentioned in this article.<\/strong><\/strong><\/p>\n

Securities Disclosure: I, Meagen Seatter, hold no direct investment interest in any company mentioned in this article.<\/strong><\/p>\n<\/p>\n

This post appeared first on investingnews.com<\/div>\n","protected":false},"excerpt":{"rendered":"

Here\u2019s a quick recap of the crypto landscape for Friday (February 21) as of 9:00 p.m. UTC. Bitcoin and Ethereum price update Bitcoin (BTC) is currently trading at US$95,056, reflecting a 3.4 percent decrease over the past 24 hours. The day\u2019s trading range has seen a high of US$99,262 and a low of US$94,909. Ethereum […]<\/p>\n","protected":false},"author":0,"featured_media":15280,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[3],"tags":[],"class_list":["post-15279","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-investing"],"_links":{"self":[{"href":"https:\/\/businesstriumphs.com\/index.php\/wp-json\/wp\/v2\/posts\/15279","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/businesstriumphs.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/businesstriumphs.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/businesstriumphs.com\/index.php\/wp-json\/wp\/v2\/comments?post=15279"}],"version-history":[{"count":0,"href":"https:\/\/businesstriumphs.com\/index.php\/wp-json\/wp\/v2\/posts\/15279\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/businesstriumphs.com\/index.php\/wp-json\/wp\/v2\/media\/15280"}],"wp:attachment":[{"href":"https:\/\/businesstriumphs.com\/index.php\/wp-json\/wp\/v2\/media?parent=15279"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/businesstriumphs.com\/index.php\/wp-json\/wp\/v2\/categories?post=15279"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/businesstriumphs.com\/index.php\/wp-json\/wp\/v2\/tags?post=15279"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}