Major Bitcoin rally, Microstrategy’s X-account hacked and Ether is back above $3k

Bitcoin appeared to be heading for a long period of consolidation after trading between $50k and $53k for several weeks without a clear break to the top or the bottom. Yesterday afternoon the fear for a flash crash subsided when the largest digital currency in quick succession broke through $54,000 and then rallied all the way to $57,000. Interestingly it all started at the opening bell of the US markets.

At the time of writing, Bitcoin is trading for $56,300.

Usually not one to post about price but i was looking at the ETF data and #Bitcoin is on a tear right now. It just ripped through $55k to beyond $57k in less than 30 minutes. pic.twitter.com/gmkDsCVTrM

— James Seyffart (@JSeyff) February 27, 2024

The hack of the Microstrategy account was very noticeable on social media and there was good news for Ether, which was able to trade several days above $3,000k for the first time in a long time.

Microstrategy X-account hack

The X (formerly Twitter) account of Microstrategy, one of the largest Bitcoin whales in the world, was hacked on Sunday night after which an airdrop of a fake Ethereum coin was announced. Anyone who clicked on the URL and linked their crypto wallet to receive the fake coin saw money disappear from their account.

there was a second best after all

(hacked acc if not obvious lol) pic.twitter.com/cdLqbqiiCO

— Spreek (@spreekaway) February 26, 2024

Hackers stole about $400k in this manner.

Hacks on X (formerly Twitter) where crypto is being promised are nothing new for those of us who’ve been in the cryptosphere for a while of course.

I found the comment that the company of Michael Saylor, pretty much the biggest Bitcoin fan in the corporate world, would never promote Ether and you should have therefore known it was a hack quite funny.

Ethereum above $3,000

For the second time in a few days, the price of Ether, the second largest cryptocurrency, is trading above the $3k level.

Analysts explain that the expectation that BlackRock, the world’s largest investment fund, will receive approval for an Ether ETF from the SEC later this year is creating a slew of new investors in Ethereum.

Ether Hits $3K level for the first time in almost 2 years amid rising ETH ETF anticipation! pic.twitter.com/GsQPegHnO5

— Metla (@joinmetla) February 21, 2024

Those investors are likely counting on Ether to rise faster than Bitcoin in the coming months. Ethereum is currently trading at $3,200, which is about 4% higher than yesterday.