On February 21, the cryptocurrency market witnessed a dramatic turn of events.
Bybit, a major exchange, suffered a $1.4 billion Ethereum (ETH) heist, causing ETH’s price to plummet to a low of $2,616.92.
However, in a swift response, Bybit has repurchased ETH, contributing to a price recovery that has pushed Ethereum’s price back above $2,700.
Amid the wild Ethereum price swings, Bitcoin Pepe (BPEP), a novel Bitcoin-based meme coin ICO, has reported a 15.7% surge in its ongoing presale, offering investors a compelling alternative.
Ethereum price resilience amid Bybit’s $1.5B hack
The Ethereum market has shown remarkable strength following the Bybit heist.
The altcoin climbed to $2,780, a 2.50% increase within 24 hours, accompanied by a 10% rise in trading volume.
This price recovery can be attributed to Bybit’s repurchase of 54,393 ETH for nearly 100 million USDT at an average price of $2,711, executed through OTC trades with Galaxy Digital and FalconX, which appears to have bolstered this momentum.
It seems that #Bybit spent 100M $USDT to buy 36,893 $ETH at $2,711 from Galaxy Digital and FalconX through #OTC.
intel.arkm.com/explorer/addre…
Besides repurchasing ETH, the crypto exchange has also launched a 10% bounty as part of recovery efforts.
As part of the investigation and recovery efforts, Bybit is pledging 10% of recovered funds to reward ethical cyber and network security experts who play an active role in retrieving the stolen cryptocurrencies in the incident.
Read more here: bybit.com/en/press/post/…
Bybit CEO Ben expressed gratitude to X for support from industry giants like Tether, Solana Foundation, and TON Foundation, signalling a collective effort to stabilize the exchange.
Despite a $155.5 million ETH inflow to exchanges — typically a bearish sign of selling pressure — ETH defied expectations, outperforming Bitcoin and XRP.
Technical analysis suggests Ethereum (ETH) is consolidating between $2,560 and $2,800, with a potential 10% jump to $3,100 if it breaks above $2,820.
This resilience aligns with broader bullish signals for Ethereum. On-chain indicators like the MVRV Price Bands and Mayer Multiple models, which recently pegged ETH as undervalued, reinforce the narrative of untapped potential.
The MVRV has not yet hit the overvaluation threshold of 2.4, as seen in past cycles like 2017-2018, while the Mayer Multiple suggests a peak at 2.4 times the 200-day moving average remains unbreached in this cycle.
Historical patterns from 2019-2020, where ETH recovered from sub-0.8 dips to rally significantly, mirror today’s consolidation.
While some on-chain data hints at a cycle nearing its end, Bybit’s actions and ETH’s price action suggest the market may be on the cusp of a surge, provided it maintains upward momentum and avoids critical support breaches below 0.8 on these models.
However, traders should be cautious seeing that it is trading below the 200-day EMA, indicating a lingering downtrend, tempering optimism.
Bitcoin Pepe has registered a 15.7% price surge in its presale
As Ethereum navigates the volatile market after the largest crypto hack in history, Bitcoin Pepe, branding itself as the “World’s Only Bitcoin Meme ICO,” is capturing the attention with a 15.7% surge in its presale.
Positioned as a Meme Layer-2 solution for Bitcoin, it promises instant transactions and ultra-low fees via the new PEP-20 standard, enabling meme coin launches on what it calls “the only chain that will live forever.”
Already audited by SolidProof, the project blends meme culture with Bitcoin’s enduring appeal, reflected in its repetitive “Pepe” branding.
Currently in Stage 5 of 30, BPEP’s price stands at $0.0255, set to rise to $0.0268 in the next stage, urging investors to act before the increase.
This presale success contrasts with Ethereum’s institutional recovery narrative, targeting a different audience — meme coin enthusiasts rather than traditional altcoin investors.
With $795,714 left to reach its goal in the fifth presale stage, Bitcoin Pepe’s momentum suggests growing confidence in its vision of merging Bitcoin’s security with Solana-like scalability.
As Ethereum battles technical resistance, BPEP’s lighter, community-driven approach offers a fresh speculative opportunity, though its long-term viability remains untested compared to ETH’s established ecosystem.
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