Crypto Journalist

Anas Hassan

Crypto Journalist

Anas Hassan

About Author

Anas is a crypto native journalist and SEO writer with over five years of writing experience covering blockchain, crypto, DeFi, and emerging tech.

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Last updated: 

July 9, 2025

Hellenic Anti-Money Laundering Authority in Greece achieved the country’s first-ever cryptocurrency asset freezing, recovering funds directly linked to the $1.5 billion Bybit exchange hack attributed to North Korea’s Lazarus Group.

The landmark operation utilized Chainalysis Reactor blockchain analysis tools to trace stolen funds through complex laundering schemes.

The analysis establishes irrefutable on-chain evidence that connects seized assets to the February 2025 cyber heist.

The investigation began when authorities spotted a suspicious crypto transaction months after the Bybit attack.

Using advanced blockchain analysis capabilities acquired in 2023, Greek investigators visualized fund flows and definitively linked cryptocurrency in a suspect wallet to primary wallets used in the exchange breach.

The coordinated international response comes as 32.78% of the stolen $1.4 billion remained traceable nearly five months after the attack, with a massive 62.04% having gone dark and 5.18% successfully frozen.

Blockchain Analysis Enables International Law Enforcement Breakthrough

Greece’s success stemmed from strategic preparation, with the Hellenic Authority investing in Chainalysis Reactor capabilities through its regional partner, Performance Technologies, in 2023.

The blockchain analysis revealed that North Korean hackers immediately laundered the stolen Ethereum through intricate transaction webs designed to obscure the money trail.

Chainalysis confirmed the initial compromise occurred via social engineering, with attackers executing phishing attacks against cold wallet signers to manipulate multi-signature implementations.

Bybit CEO Zhou described the devastating moment he learned of the breach, initially believing 30,000 ETH worth $82 million was affected before discovering all 401,000 ETH ($1.4 billion) had vanished.

The exchange processed 350,000 withdrawal requests within 10 hours and 580,000 by Saturday, maintaining operations to preserve customer confidence.

Security analysts confirmed the Lazarus Group moved funds rapidly through decentralized exchanges, mixers, and cross-chain bridges to evade tracking.

The cybercriminals converted 86.29% of stolen funds into 12,836 Bitcoin distributed across 9,117 wallets, primarily using Wasabi, CryptoMixer, Railgun, and Tornado Cash for obfuscation.

Global Crackdown Targets Crypto Laundering Infrastructure

As Greece took a step, Germany has taken its own significant action, seizing €34 million ($38 million) in crypto from the eXch platform on May 8 as part of ongoing investigations into the Bybit hack money laundering.

The seizure marked the third-largest crypto confiscation in the history of the German Federal Criminal Police Office, effectively shutting down the privacy-centric swapping service.

German authorities dismantled eXch after determining that the platform had laundered over €1.75 billion ($1.9 billion) in cryptocurrency, with a significant portion suspected to have originated from criminal activities.

The investigation revealed eXch ignored repeated warnings, refused to block malicious addresses, and failed to comply with regulatory freeze orders.

ZachXBT confirmed eXch processed funds from multiple high-profile incidents, including multisig wallet exploits, the $243 million Genesis creditor heist, and numerous phishing operations.

The platform marketed itself as privacy-centric, offering cross-blockchain exchanges without identity verification or anti-money laundering compliance.

Despite claiming a shutdown in April, eXch continued operations through backend APIs while websites went offline.

TRM Labs revealed that the platform never truly ceased functioning, allowing criminal groups, including Lazarus, to continue laundering activities through signature mixing pools that obscured the origins of the funds.

As it stands now, recovery efforts united 12 organizations, including Mantle, Paraswap, and blockchain investigators, earning bounty hunters $2.2 million USDT for assistance.

Despite these efforts, organized crime remains a significant threat to the cryptocurrency industry.

Between June and July, Taiwan’s BitoPro has lost $11.5 million through exposed wallets during system upgrades, and Brazil’s C&M Software attack resulted in $40 million crypto laundering.

Most significantly, Iran’s largest cryptocurrency exchange, Nobitex, confirmed a $73 million security breach on June 19, with unauthorized access detected in its hot wallet infrastructure, which subsequently resulted in over $90 million being drained.

In fact, just today, the decentralized exchange GMX is believed to have suffered a $42 million exploit, with digital assets reportedly drained from its vaults.

For Bybit, the exchange has launched a bounty program offering 10% rewards on recovered funds, totaling up to $140 million for successful asset retrieval.

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After a dismal outing in the first quarter of 2025, the price of Ethereum put up a strong resurgent performance in the subsequent three months. While its price has somewhat slowed in recent weeks, the acclaimed “king of altcoins” is in a much better position than it was three months ago.

However, Ethereum’s recently found position seems to be at risk, according to the latest on-chain revelation. Recent data shows that ETH investors seem to be moving their tokens away from long-term storage and rather onto centralized trading platforms.

Bullish Perspective On Rising ETH Reserves On Binance 

In a Quicktake post on the CryptoQuant platform, on-chain analyst BorisVest shared that the Ethereum reserves on Binance, the world’s largest exchange by trading volume, have been swelling over the past few weeks. According to the crypto pundit, the exchange now holds over 4% of ETH’s total circulating supply.

Data from CryptoQuant shows that the Ethereum reserves on Binance have not risen to this level since May 2023. Typically, the flow of ETH tokens to centralized exchanges — which usually offer trading services — suggests that the assets are being positioned to be offloaded or sold into the open market.

Hence, the recent surge in the Ethereum reserves on Binance is a bearish signal for the price of ETH, as it signals impending selling pressure. This means that this trend could exacerbate an ongoing price correction or trigger the beginning of downward price movement.

Source: CryptoQuant

However, BorisVest also painted a bullish picture for the Ethereum price based on this on-chain observation. “If these ETH transfers are being positioned ahead of a potential rally, and price holds firm despite increasing reserves, it could indicate strong underlying demand or strategic positioning by whales,” the analyst said.

Furthermore, BorisVest mentioned that the last time the Ethereum reserves on Binance rose to this level, the price of ETH dropped from $1,900 to around $1,600. However, this brief price correction was followed by a sharp, abrupt rally to the upside.

The on-chain analyst also noted that the ETH price has not witnessed any major downward movement since the Binance reserves started rising, suggesting price resilience by the altcoin. Ultimately, BorisVest urged investors to stay alert as these recent exchange movements could trigger the next move for the Ethereum price.

Ethereum Price At A Glance

As of this writing, the ETH token is valued at around $2,516, reflecting a 0.4% price increase in the past 24 hours.

The price of ETH on the daily timeframe | Source: ETHUSDT chart on TradingView

Featured image from iStock, chart from TradingView

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Sujha Sundararajan

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Sujha Sundararajan

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Sujha has been recognised as Women In Crypto 2024 by BeInCrypto for her leadership in crypto journalism.

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Last updated: 

June 9, 2025

New York federal prosecutors have arrested and arraigned the Russian CEO of Miami-based crypto platform Evita for orchestrating a $530 million fraud scheme.

The Russian national used his crypto company, Evita, to funnel $530 million of overseas payments via US banks and crypto platforms, the DOJ release noted. Further, the accused moved the money to aid sanctioned Russian banks.

Iurii Gugnin faces a 22-count indictment of wire fraud, violation of US sanctions and export controls, and money laundering.

“The defendant is charged with turning a cryptocurrency company into a covert pipeline for dirty money, moving over half a billion dollars through the U.S. financial system to aid sanctioned Russian banks and help Russian end-users acquire sensitive U.S. technology,” Assistant Attorney General Eisenberg said in the statement.

Russian Sanctioned Sberbank, VTB Bank, Sovcombank, Tinkoff Were Evita’s Clients

Gugnin allegedly hid the source and purpose of transactions, prosecutors noted. Under the guise of crypto startup Evita, he served as a financial intermediary to sanctioned Russian entities through illicit transactions, FBI New York Assistant Director in Charge Raia, noted.

“Gugnin’s alleged scheme manipulated our nation’s financial infrastructure to benefit our nation’s adversaries.”

Furthermore, his clients included sanctioned Russian financial institutions, such as Sberbank, VTB Bank, Sovcombank, Tinkoff, and the state-owned energy company Rosatom.

Between June 2023 and January 2025, Gugnin used Evita to process over 80 invoices, digitally erasing the identities of Russian recipients. The accused purportedly routed funds using USDT and USDC stablecoins.

A WSJ article published last September, profiled Gugnin as one of the high-net-worth renters in Manhattan, paying $19,000 per month for an apartment.

Gugnin Knew He Was Breaking the Law

Per the DOJ, the accused was aware that he was breaking the law through various web searches, including queries like “how to know if there is an investigation against you” and “money laundering penalties US.”

He also reportedly visited pages like “am I being investigated?” and “what are the best ways to find out if you’re being investigated.”

Gugnin was arrested on Monday and if convicted, he would face a jail term of up to 30 years on the bank fraud counts; 20 years for the wire fraud, money laundering; 10 years for failure to implement an effective AML program and 5 years for conspiracy to defraud the US financial system.

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The Ethereum price has slowed down — repeatedly failing to breach the resistance zone around $2,800 — over the past few weeks after making a strong start to the month of May. The second-largest cryptocurrency will aim to replicate this brilliant form in the early days of June in order to reclaim the coveted $3,000 level over the coming months.

Since losing the $3,000 level in early February, the price of ETH has struggled to build a sustained bullish momentum, reaching only above $2,700 multiple times in the past few weeks. However, recent market data shows that the Ethereum price could be preparing for an extended rally over the next few months.

What Do Ether Whales Know?

In a May 31 post on the social media platform X, pseudonymous crypto analyst Darkfost provided an on-chain outlook on the Ethereum price momentum and investor sentiment. According to the market analyst, an on-chain signal that preceded a significant price rally for ETH in the past has gone off.

The relevant indicator here is Ethereum’s Average Order Size on Binance, which is calculated by dividing the total trading volume by the number of trades on the world’s largest cryptocurrency exchange (by trading volume). This metric offers insights into the classes of traders — whether it is large institutional investors or retail traders —  that are most dominant on a specific exchange.

Based on this on-chain metric, the Ethereum large investors are once again back in the market, as shown by the whale orders on Binance since May 19. Darkfost said the chart below provides “an instant snapshot of Ethereum’s sentiment and momentum on Binance, while combining key market data on spot and futures activity, cumulative volumes, with moving averages comparison.”

Source: @Darkfost_Coc on X

The on-chain analyst added:

In short, it’s an all-in-one signal, and today, it’s flashing something rare and powerful because the last time this indicator lit up like this was in December 2023, right before ETH rocketed from $ 2,200 to $ 4,000.

Darkfost also mentioned that whales aren’t always trying to find a low entry point, but rather position themselves early when a broader trend begins to show signs of strength. With the average orders on Binance predominantly placed by whales, it implies that the Ethereum price could be gearing up for another 80% move over the next few weeks.

Hence, Darkfost believes the month of May might have been a huge entry window, which most of the large investors seemingly took advantage of.

Ethereum Price At A Glance

As of this writing, the price of Ethereum stands at around $2,537, reflecting a 0.5% increase in the past 24 hours.

The price of ETH on the daily timeframe | Source: ETHUSDT chart on TradingView

Featured image from iStock, chart from TradingView

Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.

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James Wynn, a crypto trader who has been sharing his positions on the X (formerly Twitter) platform, has quickly become popular after his large Bitcoin positions went viral. So far, James has opened multiple billion-dollar positions and has garnered a large following after his admirable win rate. The crypto trader has also managed to cross in 8-figure territory in terms of gains. Two of his latest trades have caught attention, and this report takes a look at how the trader has managed these positions.

Billion-Dollar Bitcoin Long And Short Positions

While James Wynn had been gaining a lot of attention for being a top 5 trader on the Hyperliquid platform in terms of PNL, his most recent round of trades have garnered even more attention. Last week, the crypto trader stunned the community when he opened a $1.2 billion long position, with 40x leverage. With a close liquidation price of $105,179, this seemed to be a risky position, and as the Bitcoin price fluctuated, so did the PNL of the position.

As the Bitcoin price moved lower toward the weekend, the trader would close this billion-dollar long position for a $13.4 million loss. After this, James Wynn quickly flipped directions and placed another billion-dollar perp position, but this time in favor of the Bitcoin price going down.

With an entry price sitting just above $107, this would prove to be a fatal decision for the trader as the Bitcoin price began to move upward. Once again, Wynn was forced to close this massive perp position, resulting in a heavier loss of $15.87 million. In total, the perp trader lost almost $28 million in a 24-hour period, according to Hyperliquid data.

What’s Next For James Wynn?

Following the closure of his short position, James Wynn took to X (formerly Twitter) to address the situation. In the post, he explained that after the massive losses, he was looking at no longer playing at perps anymore. Additionally, he revealed that despite the losses, he remains $25 million in the green after starting with a $3-$4 million initial position.

The post drew speculation from the crypto community, with some arguing that the crypto trader would not just stop trading. This proved to be right as only hours later, Wynn was back on Hyperliquid to place multiple bets on new positions.

The crypto trader initially focused on longing PEPE, which has been one of his most profitable coins to trade, earning him over $25 million in profit. He soon opened another Bitcoin long position with an entry price of $109,733.

At the time of writing, James has closed his PEPE position after almost getting liquidated as the Bitcoin price plummed. The Bitcoin long position remains, but has been reduced by half to $439 million. In total, the trader took a $4.4 million loss already, and his Bitcoin position remains shaky at a -$4.12 million loss.

Chart from TradingView.com

Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.

Ethereum is a protocol undergoing significant changes. Client teams are upgrading the protocol to scale to meet global demand while improving security and decentralization. Beyond protocol development, a critical shift in Ethereum has been the movement away from ‘Eth1’ and ‘Eth2’ terminology. As of late 2021, core developers stopped using the terminology, preferring ‘execution layer’ and ‘consensus layer’, respectively. Today, as highlighted in our Q1 roadmap, ethereum.org makes the same shift.

• Eth1 → execution layer
• Eth2 → consensus layer
• Execution layer + consensus layer = Ethereum

Let’s explore why.

Tl;dr;

• The terms Eth1 and Eth2 (Ethereum 2.0) are being phased out
• Execution layer (Eth1) and consensus layer (Eth2) are the new terminologies
• The roadmap to scale Ethereum in a decentralized way remains the same
• You don’t need to do anything

Where did Ethereum 2.0 come from?

Ethereum always had, as part of its roadmap, plans to scale the network in a decentralized way and to transition to proof-of-stake. Early on, researchers worked on these efforts separately, but around 2018 they were combined into a single roadmap under the “Ethereum 2.0” umbrella.

As part of that roadmap, the existing proof-of-work chain (Eth1) would eventually be deprecated via the difficulty bomb. Users & applications would migrate to a new, proof-of-stake Ethereum chain, known as Eth2.

The article The Roadmap to Serenity by ConsenSys explains how things stood as of early 2019.

What changed?

As work began on the Beacon Chain, it became clear that the phased Ethereum 2.0 roadmap would take several years to deliver fully. This led to a revival of research initiatives on the proof-of-work chain such as Stateless Ethereum, a paradigm that would remove the untouched state from the network to bound its growth rate.

The increased focus on making the proof-of-work chain long-term sustainable paired with the realization that the Beacon Chain would be ready much earlier than other components of the Ethereum 2.0 roadmap led to an “Early Merge” proposal. This proposal would launch the existing EVM chain as “Shard 0” of the Ethereum 2.0 system. Not only would this expedite the move to proof-of-stake, but it would also make for a much smoother transition for applications, as the move to proof-of-stake could happen without any migration on their end.

Shortly after this proposal, Danny Ryan explored how we could accomplish this by leveraging the existing Eth1 clients in his Eth1+Eth2 client relationship post. This would massively reduce the development work required to deliver a post-merge system and leverage existing clients, which had been battle-tested for years on Mainnet. Around the same time, research on rollups as a viable and secure way to scale Ethereum proved promising. Instead of waiting on a complex, uncertain scaling solution years away, we could shift the focus towards scaling via rollups instead of sharded execution.

Want to dive deeper? Check out Danny Ryan’s “Eth1 + Eth2 = Ethereum” ETHGlobal presentation.

Why can’t we just use Eth2?

Mental models

One major problem with the Eth2 branding is that it creates a broken mental model for new users of Ethereum. They intuitively think that Eth1 comes first and Eth2 comes after. Or that Eth1 ceases to exist once Eth2 exists. Neither of these is true. By removing Eth2 terminology, we save all future users from navigating this confusing mental model.

Inclusivity

As the roadmap for Ethereum has evolved, Ethereum 2.0 has become an inaccurate representation of Ethereum’s roadmap. Being careful and accurate in our word choice allows content on Ethereum to be understood by the broadest audience possible.

Scam prevention

Unfortunately, malicious actors have attempted to use the Eth2 misnomer to scam users by telling them to swap their ETH for ‘ETH2’ tokens or that they must somehow migrate their ETH before the Eth2 upgrade.

We hope this updated terminology will bring clarity to eliminate this scam vector and help make the ecosystem safer.

Staking clarity

Some staking operators have also represented ETH staked on the Beacon Chain with the ‘ETH2’ ticker. This creates potential confusion, given that users of these services are not actually receiving an ‘ETH2’ token. No ‘ETH2’ token exists; it simply represents their share in that specific providers’ stake.

How does this update change the Ethereum roadmap?

It doesn’t! It’s important to understand that this renaming represents a change in naming only. The features on Ethereum’s current roadmap (i.e. the merge, sharding) and future features will still happen on the same timeline. More on the Ethereum upgrades.

Content changes

ethereum.org

• Our ‘Eth2’ resources (ethereum.org/en/eth2) are now our ‘Ethereum upgrades’ section
  
  
• Individual features are now referred to as ‘upgrades’
  
  
• All pages previously discussing Eth2 have been updated, with explanations included where appropriate

The rebrand was a massive task with many content changes. There are likely instances we missed and improvements still to be made. Notice something that needs fixing? Raise an issue or open a PR on the ethereum.org GitHub.

Staking Launchpad

Update February 1, 2022

As part of the great renaming, we’ve also updated the Ethereum Staking Launchpad (formerly known as the Eth2 Launchpad) to reflect the terminology changes. Please raise an issue or create a PR if we missed anything.

Content translations

If you’re capable of translating content, we could use your help! We’ve updated this content in English, but our 40+ additional languages are now outdated and still reference Eth2 terminology. Please consider getting involved.

We’ve updated our content buckets to include an Ethereum upgrades bucket. This will empower our hundreds of active contributors to the Translation Program to directly target these changes to publish the new accurate information across languages more quickly.

Interested in helping to translate ethereum.org or the Ethereum Staking Launchpad? Check out our translation program.

A final note

To many, ethereum.org is seen as a credible source of information maintained by our community. Understandably, many didn’t want to shift away from Eth2 terminology until ethereum.org did. We hope that our changes will encourage others to move away from the outdated Eth2 terminology. By doing so, you will be helping to create consistency and clarity across the ecosystem, allowing for more accurate mental models and making Ethereum more accessible.

Special thanks to Tim Beiko and Trent Van Epps whose writings were heavily referenced in this article.

Instead, only gold bar photos and a declaration of victory make money safe. Let me really think about it.

For decades, conspiracy theory has swirled around money deposits. This is the most plausible.

Where is the money? Is there money at Fort Knox?

(sauce))

Recently, Germany has been considering calling homes for large gold holders parked in New York and Fort Knox, driven by fears over Trump’s tariff strategy.

With 3,350 tons of gold secured worldwide, Germany is gold-grade, second only to the US, and is located above the unparalleled 8,100 tons. If economic uncertainty continues to rise around the world, we know if gold is really there.

Some Germans are worried about the money stored in the US
– After the EU legalized theft of sovereign funds, it set a dangerous precedent for such confiscation https://t.co/redctq2ivb pic.twitter.com/hsc3l9t7cf

-Glenn this (@glenn_diesen) April 5, 2025

The only gold bug that this burns is someone who accepts a certificate of gold over real gold, despite the consistent pattern in which certificate sellers become greedy and sell more promissory notes than they respect.

If this is true, then gold is generally thrown away.

Next, physical scrambling sends demand and prices from the roof.

Fort Knox Gold Reserve: Can we audit our money?

Built as an American gold fortress in the 1930s, Fort Knox holds 147.3 million ounces, 59% of the Treasury supply. Answer to pre-World War II jitter, it is a concrete and steel mystery. Roosevelt in 1943, Congress in 1974, and Stephen Munuchin in 2017 only opened three times.

The rest is shadows and speculation, reinforced by its closed doors.

(sauce))

The problem with using gold as currency is that it is heavy and complicates the logistics of what drives money. Therefore, the Silk Road was not digital and had so many bandits. If you want to make trading easier, create a Type 2 or Link Currency. That’s Gold Standard.

However, the biggest problem is that when you pass on a banknote, more sounds will flow than the bank’s money. If everyone tried to redeem at the same time, there would be literally a lot of people carrying bags.

This was in the US state of the 70s.

The Fed hopes Trump will not audit Fort Knox for that particular reason.

If it becomes clear that the entire gold market is smoke and mirror, this opens the door to alternatives like Bitcoin and other cryptocurrencies.

In case of transparency

Audits and assurances are tossed like confetti, but public confidence in Fort Knox remains weak.

The Treasury swears that all the money is explained, but critics haven’t dropped the issue. Officially, Knox’s Gold Cash is $6 billion thanks to its almost mystical rating of $42.22 per ounce. But it’s a real factor, and it should be close to $436 billion. That ditch is a rift poured out by rumors of a plot.

Discover: Best Meme Coins to Invest in April 2025 ICOS

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What happened to the post Fort Knox Gold Reserve? Inside the biggest economic conspiracy that first appeared in 99 Bitcoin.

Today in crypto, Coinbase has become the largest node operator on the Ethereum network. Solana Labs founder says he is “ashamed” of downplaying a controversial advertisement on Solana that mocked gender identity. Meanwhile, crypto lawyer John Deaton says the SEC’s allegation that XRP (XRP) is a security is now dead in its tracks.

Coinbase becomes Ethereum’s largest node operator with 11% stake

Crypto exchange Coinbase is the largest node operator on the Ethereum network, controlling 11.42% of the total staked Ether, according to the company’s latest performance report.

Coinbase said it had 3.84 million Ether (ETH), worth about $6.8 billion, staked to its validators. The exchange said that, as of March 3, it has 11.42% of the total staked ETH.

Coinbase also shared that it exceeded its target for validator uptime, which indicates the percentage of time when validators are operational.

Solana CEO breaks silence over controversial ad backlash

Solana Labs CEO Anatoly Yakovenko has broken his silence over the “America Is Back — Time to Accelerate” advertisement, which blended American patriotism and tech innovation with political messaging around gender identity.

“The ad was bad, and it’s still gnawing at my soul,” Yakovenko said in a March 19 X post after receiving immense backlash over the controversial ad. 

“I am ashamed I downplayed it instead of just calling it what it is – mean and punching down on a marginalized group.”

Yakovenko praised those in the Solana ecosystem who called out the “mess” that was posted on Solana’s X account, which accumulated around 1.2 million views and 1,300 comments before it was deleted roughly nine hours later.

Yakovenko said he will use the learning experience to ensure Solana stays focused on open-source software development and decentralization while staying “out of cultural wars.”

SEC’s failed case against Ripple is proof XRP is not a security — John Deaton

Crypto lawyer and former Massachusetts Senate candidate John Deaton said the SEC’s failed lawsuit against Ripple is the final death knell in its claim that the XRP token is a security.

In an interview with Cointelegraph, Deaton said the XRP token is a digital commodity, not a security. After the SEC decided to drop its case against Ripple, the blockchain company will have the opportunity to renegotiate the $125-million judgment against it, said Deaton. 

“Everything’s turned,” since the election of Donald Trump, said Deaton. “The election’s turned, the industry turned, the SEC [has] completely done a 180 as it relates to the industry. Why should we pay $125 million?”

Earlier in the day, Ripple CEO Brad Garlinghouse called the regulator’s XRP reversal a “victory for the industry and the beginning of a new chapter.”

]]> https://earlybirdsinvest.com/heres-what-happened-in-crypto-today/feed/ 0 26211 https://earlybirdsinvest.com/ripple-xrp-news-march-19th-heres-what-happened/ https://earlybirdsinvest.com/ripple-xrp-news-march-19th-heres-what-happened/#respond Wed, 19 Mar 2025 11:54:20 +0000 https://earlybirdsinvest.com/ripple-xrp-news-march-19th-heres-what-happened/

Bitcoin has experienced a tiring price action in recent weeks, with the price struggling to set a clear short-term direction. Investors are beginning to feel impatient as BTC remains stuck in a tight range, showing no decisive breakout. The price was testing crucial supply between $98K and $100K when the market was hit by negative news, adding further uncertainty.

Related Reading

On Friday, the cryptocurrency exchange Bybit suffered a massive hack, with $1.4 billion in ETH stolen. The incident triggered fear among traders, leading to increased volatility across the crypto market. However, Bybit responded quickly, working to reassure investors and prevent further market-wide panic.

As Bitcoin remains range-bound, price compression is becoming extreme, indicating that a major move could be coming soon. Top analyst Big Cheds shared an analysis on X, revealing that Bitcoin is facing its tightest daily Bollinger Bands (BBs) since August 2023, when the price was at $29.5K. Historically, such low volatility phases lead to explosive price movements, making BTC’s next move critical.

Bitcoin Price Action Signals Imminent Breakout

Bitcoin has struggled below the $100K mark since late January, with bulls unable to confirm a recovery rally despite multiple attempts. At the same time, bears have failed to push BTC below key demand levels, keeping the price above $90K. This ongoing battle between supply and demand has created an uncertain short-term outlook, leaving the market waiting for a catalyst to determine the next move.

The lack of directional clarity has led to Bitcoin consolidating in a tight range, signaling an upcoming breakout. Big Cheds’ insights on X reveal that Bitcoin now has its tightest daily Bollinger Bands (BBs) since August 2023, when BTC was trading at $29.5K.The last time BTC saw this level of price compression, the market experienced an aggressive price drop before a long accumulation phase that eventually led to a recovery. 

With BTC now coiling up for another breakout, traders remain cautious about the direction of the move. If BTC reclaims $100K, an explosive rally into price discovery could follow. However, a breakdown below $94K–$90K could trigger deeper corrections, making the next few days critical for the market.

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If history is any indication, this period of low volatility is unlikely to last much longer. The market is preparing for a major move, and traders are closely watching key resistance and support levels for confirmation. With Bitcoin’s supply on exchanges at historically low levels and long-term holders showing resilience, a breakout above $100K could spark a new wave of buying pressure.

BTC Struggles After Volatile Friday

Bitcoin is trading at $96,000 after a highly volatile Friday, where the price spiked to $99,500 before dropping to $94,800 following news of the Bybit hack. This sudden price action unsettled investors, as BTC failed to hold above critical supply levels and experienced a rapid selloff.

Now, bulls must defend the $95K level throughout the weekend to prevent further downside. Holding this level would signal strength and allow BTC to push toward the $98K resistance, a key area that needs to be reclaimed for a breakout attempt above $100K.

However, losing the $95K mark could trigger a breakdown into lower demand levels, potentially retesting the $94K or even $90K zones. Market sentiment remains divided, as BTC is showing signs of compression, typically leading to an aggressive move in either direction.

Related Reading

For now, all eyes are on whether Bitcoin can reclaim $98K and sustain momentum, or if bears will push the price into deeper corrections. The weekend could be critical in determining the next major trend, as BTC remains stuck in a tight range between $94K and $100K with increasing volatility.

Featured image from Dall-E, chart from TradingView