🚨 Biggest Crypto News Right Now – What’s Shaping the Market?

Author

CoinGape Media
February 22, 2025

News

Amidst the SEC’s positive approach to XRP exchange-traded funds (ETFs), anxiety is building around the potential resolution of the Ripple lawsuit. Notably, the recent settlement of the Coinbase case has fueled community optimism about a potential dismissal of the XRP lawsuit. According to legal expert Jeremy Hogan, a settlement in the Ripple vs. SEC case is possible as early as Q2 2025.

The recent Bybit hack through which the notorious Lazarus Group stole $1.4 billion in ETH has triggered alarm in the crypto space. Binance founder Zhangpeng Zhao took to X to reflect on increasing crypto thefts, including the massive Bybit heist. In addition, CZ emphasized the importance of security and commended Bybit CEO Ben Zhou for his transparent handling and steady leadership throughout the ordeal.

Bybit has announced a $140 million Recovery Bounty Program seeking to enlist cybersecurity and crypto analytics experts to track down the perpetrators of the largest crypto heist in history. Contributors stand to earn up to 10% of the recovered funds, potentially amounting to $140 million if the full sum is retrieved.

Sponsored

Wall Street Pepe is on the brink of its much-awaited listing, stirring excitement across the crypto and the memecoin space. But it’s Pepeto—the self-proclaimed “God of Frogs”—that’s stealing the spotlight, having recently crossed $4.6 million in interest. Both popular memecoins are drawing attention, but Pepeto’s unique story and promising future set it apart.

Markets

📊 Crypto Market Today (Feb-22): BTC, ETH Drop As $566M Liquidated Amid Bybit Hack

Bitcoin (BTC), Ethereum (ETH), and other altcoins reflect an alarmingly waning price action as the week comes to a close. Primarily against Bybit’s recent $1.4 billion hack, over $566 million was liquidated across the broader market in the last 24 hours. As a result, BTC price price lost nearly 2% and slipped back to the $96K level on Saturday. Further, ETH and other leading altcoins have also followed the waning trajectory.

Bitcoin (BTC) price suffered a brief setback on Friday due to the ByBit hack. This sudden setback, coupled with the S&P 500’s worst day in 2025 and options data, suggests that BTC price could be at risk of another crash. On February 21, 2025, more than $900 billion worth of positions were wiped from the US stock market’s S&P 500 index. At the same time, Deribit’s short-term BTC skew (1-week), a metric that measures the demand for call and put options, dropped into the bearish territory. With the crypto market reeling from the recent hack and emerging bearish signals, how low can Bitcoin price crash?

Crypto markets endured $75 billion losses in reacted to the $1.4 billion hack on ByBit, derivatives markets data shows traders are placing large bets on BGB, TON, and XMR for an early rebound.