Bybit Reports 89% of Stolen $1.4B Crypto Still Traceable After Hack

Cryptocurrency exchange Bybit has reported that approximately 89% of the $1.4 billion stolen in a recent hack remains traceable. This announcement comes amid a broader crypto market rebound, driven by positive market sentiment and policy expectations.

Crypto Market Rebounds Amid Positive Sentiment

The cryptocurrency market has experienced a notable recovery, with total market capitalization rising by around 3.2% in the past 24 hours, reaching $2.8 trillion as of March 20. Bitcoin (BTC) and Ether (ETH) led the gains, rising approximately 3% and 4%, respectively.

• The market rebound aligns with gains in U.S. equities following the Federal Reserve’s decision to keep interest rates unchanged at 4.25%-4.50%.
• The S&P 500 and Nasdaq indices rose by 1.08% and 1.4%, respectively, reflecting increased investor appetite for risk assets.
• Crypto-related stocks, including Coinbase (COIN) and MicroStrategy (MSTR), also saw significant gains.

Federal Reserve’s Dovish Stance Boosts Crypto

The Fed’s recent decision to pause interest rate hikes and projections of two rate cuts by year-end have contributed to a weaker U.S. dollar and increased investor interest in cryptocurrencies.

• The U.S. Dollar Index (DXY) is at its lowest since early November, down over 6% from its January peak.
• CME Group’s FedWatch Tool indicates a 60.1% probability of a rate cut by June, further fueling optimism in crypto markets.

Pro-Crypto Policy Expectations from Trump Administration

Speculation around potential pro-crypto policy announcements from U.S. President Donald Trump has further energized the market.

• President Trump is scheduled to speak at Blockworks’ Digital Asset Summit (DAS) on March 20, marking the first time a sitting U.S. president addresses a crypto conference.
• Rumors suggest Trump may announce significant updates to his administration’s crypto strategy, following the recent establishment of a national crypto reserve.
• Trump’s pro-crypto stance has previously driven institutional enthusiasm, with Bitcoin ETF inflows reaching record highs and Bitcoin surpassing $100,000 earlier this year.

Technical Indicators Suggest Bullish Momentum

Technical analysis indicates the crypto market is experiencing a rebound from recent lows.

• The total crypto market capitalization has risen from a recent low of $2.44 trillion on March 11 to $2.77 trillion currently.
• Market capitalization is approaching key resistance levels between $2.8 trillion and $3 trillion, where the 50-day and 200-day moving averages converge.
• The daily Relative Strength Index (RSI) has improved from oversold conditions, signaling strengthening bullish momentum.

This combination of positive market sentiment, dovish monetary policy, and anticipated pro-crypto regulatory developments has contributed to the current crypto market rally.

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.