Bitcoin’s price actions continue with underwhelming dominance as the asset fell below $96,000 after maintaining that level during the weekend.

The altcoins have it worse, though, with massive daily price declines from the likes of SOL, DOGE, ADA, LINK, AVAX, and more.

BTC Below $96K

After the calmness felt during the previous weekend, BTC started that business week with a few consecutive price drops that saw it dump to a multi-week low of under $93,500. However, the bulls were quick to intercept the move and didn’t allow another decline.

In fact, BTC recovered some ground by Wednesday and stood at around $96,000 once again. The asset went on the offensive on Thursday and Friday, especially after this positive news from Coinbase’s CEO, and tapped $99,500 for the first time in about two weeks.

At this point, though, the situation changed once again after Bybit, one of the largest exchanges by volume, was hit with a $1.4 billion hack. BTC reacted immediately with a price drop of over four grand in hours to $95,000.

It bounced off during the weekend and spent most of it at just over $96,000. However, Monday began with another price slip that pushed it to just under that level once again. Consequently, its market cap has declined to $1.9 trillion on CG, but its dominance over the alts in on the rise.

Alts Bleed Out

Most altcoins have turned red over the past 24 hours, as the growing BTC dominance suggests. Ethereum has dropped by 4% on a daily scale to under $2,700. XRP has declined by a similar percentage and now struggles below $2.5.

Even more painful decreases are evident from Solana, Dogecoin, Cardano, Chainlink, Avalanche, Shiba Inu, and Pepe, with losses of up to 8%. HYPE is the other notable loser, with a massive slump of 11.5% to $21.5.

The total crypto market cap has seen over $60 billion gone since yesterday and is down to $3.265 trillion on CG.

Non-KYC centralized exchange eXch has denied accusations that it’s laundering funds from the Bybit hack on behalf of the Lazarus Group.

This was in response to social media accusations that it had moved over $30 million from the exploit.

eXch’s Response

In a Feb. 23 announcement posted on the Bitcointalk forum, the eXch team said it is “Not laundering money for Lazarus/DPRK.”

Before the statement, blockchain investigator ZachXBT had alleged in a February 22 Telegram post that eXch processed $35 million of the stolen funds and mistakenly sent 34 ETH worth $96,000 to another exchange’s hot wallet.

Other analysts and blockchain security firm SlowMist also reported that eXch received ETH from wallets associated with the Bybit incident.

Nick Bax, a member of the Security Alliance white hat hacker group, estimated that the platform handled about $30 million for North Korea on that day. SlowMist further claimed that a significant amount of ETH had been converted into other cryptocurrencies on eXch.

In response, the exchange dismissed the accusations as a “targeted FUD attack” and clarified that the transaction in question was not linked to them. However, the team acknowledged that a small portion of the stolen funds had entered their platform but maintained that it was an isolated case and the only transaction from the incident processed by eXch.

The team also criticized ZachXBT, labeling his statements as unfounded and advising the community to verify information from credible sources instead of relying on amateur researchers.

CZ’s Solution

The Bybit hack is now the largest crypto theft in history, with attackers stealing more than $1.4 billion after gaining control of the exchange’s Ethereum multisig cold wallet. Meanwhile, Binance founder Changpeng Zhao (CZ) has advocated for withdrawal pauses following the incident.

In a February 21 post on X, the former executive commented:

“Not an easy situation to deal with. Might suggest to halt all withdrawals for a bit as a standard security precaution. Will provide any assistance if needed. Good luck!”

However, there have been concerns that this solution would cause panic. Addressing the criticism, Zhao clarified that his recommendation was based on experience and intended to ensure system integrity.

The Binance founder shared an example from 2019, when his exchange temporarily suspended withdrawals following a $40 million hack, later observing more deposits than withdrawals once operations resumed.

However, he emphasized that every situation required a judgment call and expressed confidence in Bybit CEO Ben Zhou’s handling of the crisis. He also commended his transparency and calm response, contrasting it with the crisis management approaches of other CEOs, such as those at WazirX and FTX.

[PRESS RELEASE – Victoria, Seychelles, February 24th, 2025]

Bitget, the leading cryptocurrency exchange, and Web3 company, is pleased to announce its integration with Callpay, a trusted payment solutions provider, to offer deposit and withdrawal services in South African Rand (ZAR). This integration marks a significant step in Bitget’s mission to enhance accessibility and streamline fiat-to-crypto transactions for users in South Africa and beyond.

The collaboration with Callpay enables Bitget users to seamlessly deposit and withdraw ZAR, providing a secure and efficient gateway for South African traders to transact in the crypto market. This integration reflects Bitget’s ongoing efforts to expand its fiat offerings and cater to underserved markets, ensuring users worldwide can access digital assets with ease.

“Our partnership with Callpay underscores our commitment to making crypto trading more accessible and user-friendly,” said Gracy Chen, CEO at Bitget. “By integrating ZAR deposits and withdrawals, we are empowering South African users with a reliable and convenient way to participate in the global crypto economy.”

Bitget’s integration with Callpay offers several advantages, including instant fiat-to-crypto conversions, zero deposit fees during the promotional period, and a seamless user experience. To celebrate this integration, Bitget is launching an exclusive campaign, offering users up to 25% BGB rebates on ZAR-to-crypto conversions.

The promotion runs from Feburary 24th, 18:00 PM to March 10th, 18:00 PM UTC+8. Participants can register for the campaign by completing identity verification, making a ZAR deposit via Callpay, and converting ZAR to crypto to earn rebates. A total promotion pool of 50,000 BGB will be distributed on a first-come, first-served basis, with each eligible user receiving up to 25% rebates, capped at a maximum of 20 BGB per user.

For detailed instructions on how to deposit ZAR via Callpay, users can visit here.

About Bitget

Bitget is a leading cryptocurrency exchange and Web3 company serving over 100 million users across 150+ countries and regions. The platform offers innovative trading solutions, including copy trading, and provides real-time access to Bitcoin price, Ethereum price, and other cryptocurrency prices. Bitget Wallet, a world-class multi-chain crypto wallet, offers comprehensive Web3 solutions, including token swaps, NFT marketplaces, and DApp browsing.

Bitget drives crypto adoption through strategic partnerships, including its role as the Official Crypto Partner of LALIGAin the EASTERN, SEA, and LATAM markets, as well as collaborations with Turkish National athletes Buse Tosun Çavuşoğlu (Wrestling world champion), Samet Gümüş (Boxing gold medalist), and İlkin Aydın (Volleyball national team).

For more information, users can visit:

Website | Twitter | Telegram | LinkedIn | Discord | Bitget Wallet

For media inquiries, users can contact:

media@bitget.com

Risk Warning:* Digital asset prices are subject to fluctuation and may experience significant volatility. Investors are advised to only allocate funds they can afford to lose. The value of any investment may be impacted, and there is a possibility that financial objectives may not be met, nor the principal investment recovered. Independent financial advice should always be sought, and personal financial experience and standing carefully considered. Past performance is not a reliable indicator of future results. Bitget accepts no liability for any potential losses incurred. Nothing contained herein should be construed as financial advice. For further information, users can refer to the *Terms of Use.