Cryptocurrency markets are trading lower on Friday after a $1.4 billion hack on Bybit dragged down the market.

Notable Statistics:

• IntoTheBlock data shows large transaction volume increasing by 12.3% and daily active addresses growing by 4%. Transactions greater than $100,000 are up from 9,587 to 9,988 in a single day. Exchanges netflows are up by 105.3%.
• Coinglass data reports 188,950 traders were liquidated in the past 24 hours for $551.47 million.

Notable Developments:

• Bybit Founder Confirms $1.4 Billion Ethereum Hack, Blames ‘Masked’ Transaction
• Coinbase CEO Brian Armstrong Says SEC Has Agreed To End ‘Bogus’ Enforcement Case Without Penalties
• Coinbase Shares Rise As SEC Moves To Drop Lawsuit: What’s Going On?
• Michael Saylor: ‘Bitcoin Is Economic Armor’, Calls On US To Accumulate BTC
• New FBI Director Kash Patel Holds Over $100,000 In Bitcoin ETFs, Has Significant Exposure To BTC Miner Core Scientific

Top Gainers:

Trader Notes: More Crypto Online noted that Bitcoin has confirmed a local top, aligning with broader market trends. The price failed to sustain above the Feb. 14 high. For a bullish continuation, it should hold above $94,645 in this potential wave 2. The key invalidation level is $93,450.

Crypto trader CJ explained Bitcoin has tagged last week’s high and low. It provided clean trades on both sides of the range. The trader awaits to see if mid-range demand holds. Ideally, BTC ranges through the weekend.

Crypto trader Jelle reaffirmed his expectations and predicts that market looks good for a strong end to the month.

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