Eth

Bybit has returned to a 1:1 backing of client assets days after being hit by the biggest crypto heist ever.

Call for “roll back” by some, to negate Bybit hack, immediately provoked a fierce reaction from the Ethereum community, which was firm in its belief that it wouldn’t happen.

The rise comes amid reports that Bybit has allocated 100 million USDT to a new wallet to buy the cryptocurrency.

“At Bitget we strongly believe in supporting the community and everyone contributing towards the growth of crypto,” company CEO Gracy Chen told CoinDesk.

I would support it because we already voted no on immutability in 2016, Hayes said on X. Others are worried that a potential rollback would hurt the Ethereum ecosystem.

A portion of staked ether is currently being liquidated on decentralized exchanges.

Investors pivot to ether ETFs as Ethereum’s impending Pectra upgrade is expected to bode well for cryptocurrency.

Ether’s brief run to $2,850 on Monday was due to a catch-up trade that could reverse later, one trader said.

Recovery from oversold momentum indicator, the upcoming Pectra upgrade and Wednesday’s CPI report are among the catalysts that could fuel an ETH rally,, a 10x Research report noted.

The record short interest is led by carry trades and some amount of outright bearish bets on the second-largest cryptocurrency.