Bitcoin Crashes Below $91K – Bitfinex Issues Urgent Market Turmoil Alert

Bitcoin Drops Below $91K, Bitfinex Warns of 'Critical Juncture'

Bitcoin has fallen below the $91,000 mark, marking its lowest price since late November, as reported by TradingView. Analysts at Bitfinex highlighted that the cryptocurrency has been trading within a tight range of $91,000 to $102,000 for nearly 90 days, indicating a period of consolidation. The lack of momentum for a breakout has led to a contraction across major crypto assets. Over the past 24 hours, Bitcoin's value dropped by over 4.5%, while the broader crypto market saw an 8% decline, reducing its market cap from $3.31 trillion to $3.09 trillion. Additionally, $961.65 million in liquidations occurred, with long Bitcoin bets accounting for $277 million of the total. Bitfinex analysts also noted a growing correlation between Bitcoin and traditional markets, with the S&P 500 and Nasdaq Composite experiencing declines of 2.3% and 4%, respectively, over the last five trading days. Institutional demand for Bitcoin has also waned, with $552.5 million in outflows from spot ETFs during the week ending February 21. For more details, visit TradingView.

EDX Markets Expands Cryptocurrency Offerings

Wall Street-backed crypto exchange EDX Markets has announced the addition of 17 new cryptocurrencies, including XRP, SOL, and Trump Coin, according to CoinDesk. This expansion aims to attract institutional investors and broaden trading options. EDX Markets, supported by Fidelity Digital Assets, Charles Schwab, and Citadel Securities, operates a non-custodial model that separates exchange and broker-dealer functions, appealing to regulators. The exchange plans to launch a perpetual futures platform in Singapore in Q2 2025, targeting global markets. CEO Tony Acuña-Rohter emphasized the platform's readiness to absorb new entrants from traditional finance, following two years of development during the crypto winter. The newly listed tokens include AAVE, BCH, COMP, and others, reflecting a more favorable regulatory environment. For more information, refer to CoinDesk.

OX.FUN Faces Extortion Allegations Amid Liquidity Concerns

Crypto exchange OX.FUN is under scrutiny following allegations of extortion by artist collective JefeDAO, as reported by Decrypt. JefeDAO accused OX.FUN of freezing $1 million in user funds and conditioning their return on positive social media promotion. OX.FUN countered the claims, stating that JefeDAO engaged in an "oracle manipulation attack" involving aggressive selling of Jailstool tokens. On-chain analyst Conor Grogan revealed that OX.FUN holds less than $1.7 million in liquid assets outside its native token, raising concerns about the exchange's financial health. The controversy is further fueled by OX.FUN's connections to Zhu Su, co-founder of the failed hedge fund Three Arrows Capital. For a detailed account, visit Decrypt.

OKX to Pay $504M for Allowing Illicit Activities

Crypto exchange OKX has agreed to pay $504 million in penalties for enabling illicit activities, according to Law360. The settlement highlights the increasing regulatory scrutiny on cryptocurrency platforms. While details of the violations remain undisclosed, the hefty fine underscores the importance of compliance in the crypto industry. OKX's case serves as a reminder for exchanges to adhere to legal and ethical standards to maintain trust and credibility. For further insights, refer to Law360.

Bybit Suffers $1.5 Billion Crypto Heist

Bybit, one of the world's largest cryptocurrency exchanges, has reported a $1.5 billion theft from its Ethereum wallet, making it the largest crypto heist in history, as detailed by Mashable. Hackers transferred the funds to an unknown wallet, causing panic among users, who withdrew $5.3 billion from the platform in a single night. Bybit CEO Ben Zhou assured customers that the exchange remains solvent and will cover all losses. The company has launched a bounty program, offering up to $140 million for the return of the stolen funds. Bybit holds $20 billion in crypto assets and has already closed the financial gap through loans and deposits. For more information, visit Mashable.

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