Из жизни альткоинов

Korean exchange Bithumb has cleared the air over an internal error that credited certain user wallets with a “concerning” amount of BTC. Notably, this mishap resulted in significant price volatility on the exchange, drawing attention from observing crypto enthusiasts.

Bithumb Moves To Wrap Up Recovery After Overpayment Error

On February 6, Lookonchain, among many crypto commentary accounts, shared that Bithumb had accidentally transferred 2,000 BTC ($134 million) each to users, instead of 2000 KRW ($1.34) in a reward payout. Some recipients immediately sold, causing a 10% flash crash on the Korean exchange, pushing prices briefly to around $55,000.

In a blog post, Bithumb explained the incident as an overpayment that occurred during a promotional event process involving 695 recipients. The exchange stated it had mistakenly transferred 620,000 BTC to these wallets, an error that was immediately noticed, resulting in a swift ban on withdrawals for all affected wallets within 35 minutes of the transaction.

Notably, Bithumb sharply recovered 618,212 BTC, representing 99.7% of the total overpayment amount. Meanwhile, 93% of the 1788 BTC already sold have also been recovered in KRW and other digital assets. According to the exchange, the remaining sold amount that hasn’t been recovered will be covered using company assets. Meanwhile, efforts are underway to ensure such operational errors never recur. 

A statement from the exchange said: 

Bithumb takes this incident very seriously and will do its utmost to prevent recurrence by redesigning the entire asset payment process and enhancing the internal control system. 

Bithumb also kicked against suspicion of external or malicious interference, assuring users that their system remains uncompromised:

They said: 

We want to make it clear that this incident is unrelated to any external hacking or security breach, and does not pose any issues with system security or customer asset management. Customer assets are being safely managed as before, and transactions and deposits/withdrawals are currently operating normally.

Crypto Market Overview

In other news, the total crypto market cap has now climbed to $2.34 trillion after a 5.68% gain in the past day. This follows an earlier bloodbath in the week, during which the market cap fell to around $2.19 trillion.

Despite the recent recovery, data from CoinMarketCap shows the digital asset market remains about 45% away from its present cycle all-time high at $4.28 trillion. Market sentiment also continues to reflect caution, with the Crypto Fear and Greed Index currently reading 8, signaling extreme fear among investors.

Featured image from Blocktempo, chart from Tradingview

China has signaled a renewed and more forceful push to tighten its grip on the cryptocurrency sector, reaffirming its long‑standing ban on virtual currencies while introducing stricter oversight of offshore token issuance tied to Chinese assets. 

According to a Reuters report, Chinese authorities said they will closely scrutinize the offshore issuance of tokens backed by assets located onshore and have explicitly banned the unauthorized issuance of yuan‑pegged stablecoins outside the country.

China Tightens Crypto Controls

In a notice published on the People’s Bank of China’s website, regulators said domestic companies and overseas entities under their control are prohibited from issuing virtual currencies abroad without official approval. 

The move effectively shuts the door on privately issued offshore yuan stablecoins, reinforcing Beijing’s position that cryptocurrencies cannot function as money within China’s financial system.

The announcement largely restates China’s existing prohibition on cryptocurrencies, but it also introduces new clarity around emerging areas of digital finance. Notably, some market participants see the language as a sign that China is laying the groundwork for regulating real‑world asset (RWA) tokenization. 

Louis Wan, chief executive of Unified Labs, described the distinction made by regulators as a significant development. He said the key change lies in the clear separation between virtual currencies and RWA tokenization. 

While cryptocurrencies remain banned, RWA activity is now being brought into the regulatory system. For China’s RWA sector, he called the move a milestone.

Crackdown On Private Stablecoins

China’s central bank also emphasized its control over digital currency issuance, underscoring that the digital yuan is the only legitimate form of state‑backed digital money. 

Winston Ma, an adjunct professor at NYU School of Law, said the message from regulators is that there will be no tolerance for a mix of private yuan‑based stablecoins circulating on global crypto exchanges. 

Officials said the tougher stance reflects concerns that recent speculative activity in virtual currencies has created “new risks” that require additional regulatory measures. 

In a joint statement issued by the People’s Bank of China along with seven other government agencies, authorities reiterated that virtual currencies do not carry the same legal standing as traditional fiat money. 

Regulators also warned that, without explicit approval, neither domestic firms nor their overseas affiliates are allowed to issue cryptocurrencies abroad. Both Chinese and foreign entities were barred from issuing offshore stablecoins linked to the yuan unless authorized. 

Authorities noted that stablecoins pegged to fiat currencies can effectively perform some of the same functions as money in circulation, making them a particular focus of regulatory scrutiny.

Featured image from OpenArt, chart from TradingView.com 

Министерство финансов Вьетнама предложило ввести налог в размере 0,1% на операции с цифровыми активами и ужесточить стандарты лицензирования для криптовалютных бирж.

The Bitcoin mining Difficulty is set to see a significant reduction on Saturday, owing to the Hashrate disruption caused by the US snow storm.

Bitcoin Difficulty Is Estimated To Go Down 13% During The Next Adjustment

The Bitcoin “Difficulty” is a metric built into the blockchain that controls how hard miners will find it to mine the next block on the network. This indicator’s value automatically changes roughly every two weeks, based on the speed at which miners performed their task since the previous adjustment.

The next such adjustment is scheduled to occur tomorrow, February 6th. According to data from CoinWarz, the network will reduce the Difficulty during this event.

How the blockchain determines whether to increase or decrease the Difficulty is simple: it tries to bring block time back to the standard 10 minutes that Satoshi coded in for the network to follow. Whenever miners produce the average block in a time faster than this, the network responds by raising its Difficulty just enough that miners take 10 minutes between each block again. Similarly, the validators being slow forces BTC to ease the metric.

Since the last adjustment, the average block time has stood at 11.52 minutes, which is much slower than the expected value. As a result of this, Bitcoin is estimated to reduce its Difficulty by a massive 13% during the Saturday adjustment.

The reason for the drastic change in Difficulty lies in the crash that the Bitcoin Hashrate has witnessed recently. The “Hashrate” is an indicator that measures the total amount of computing power that miners as a whole have connected to the network.

As data from Blockchain.com shows, this metric’s 7-day average value has observed a sharp decline since January 24th.

On January 24th, the 7-day average Bitcoin Hashrate stood at 1,044 exahashes per second (EH/s). By the end of the month, that value had dropped to just 825 EH/s. This was an unusually rapid drawdown for the indicator, and it indeed had an unusual cause behind it: the US snow storm.

The winter storm disrupted various parts of the nation’s infrastructure, including power. To ease pressure on the grid, American Bitcoin miners curtailed their electricity consumption, which led to Foundary USA, the largest mining pool in the world, witnessing a Hashrate drop of nearly 60%.

In February so far, the US miners have started to bounce back, with the global 7-day average Hashrate returning to 913 EH/s. The decline in the Hashrate only being temporary doesn’t matter to the Difficulty, however, since the network only considers the average block time from the last two weeks.

The fact that the miners produced blocks at a slow rate during this window is already set in stone, so the Bitcoin network has no option other than reducing the Difficulty in the next adjustment.

BTC Price

Bitcoin plummeted all the way down to $60,000 on Thursday, but the cryptocurrency has since bounced back as it’s now trading around $69,300.

Инвестиционный директор управляющей криптоактивами компании Bitwise Мэтт Хоуган (Matt Hougan) заявил, что значительная часть негатива уже учтена в текущей цене биткоина, и котировки пойдут вверх по мере истощения медвежьего тренда.

Основатель Cardano Чарльз Хоскинсон (Charles Hoskinson) заявил, что, хотя на фоне краха рынка его собственные криптоактивы обесценились более чем на $3 млрд, он не планирует уходить из индустрии.

As Russia moves to establish a comprehensive digital assets framework this year, the country’s largest bank is reportedly planning to issue crypto-backed loans to corporate clients following a successful pilot conducted in December.

Sberbank Ready To Expand Crypto-Backed Loans

On Thursday, Reuters reported that Russia’s largest bank by assets, Sberbank, is preparing to offer crypto-backed loans to corporate clients amid strong corporate interest in the digital asset sector.

Sberbank is finalizing the necessary infrastructure and methodology for the potential scaling of crypto-backed lending, a spokesperson told news media outlets, and is ready to work with the Central Bank of Russia (CBR) to develop regulations.

“We are ready to engage in dialogue with the Central Bank to develop appropriate regulatory solutions for the launch of such services. Our work with clients whose activities are related to cryptocurrencies is carried out in several areas and is based on a deep understanding of their business models and risk profiles,” the bank shared with news media agency RIA Novosti.

The bank affirmed that interest from corporate clients is a good opportunity, but noted that clear regulation is necessary. It explained that a transition to a permanent regime of lending secured by digital assets and its mass implementation will depend on the development of the regulatory environment.

In December 2025, Sberbank conducted a successful pilot crypto‑backed loan to a crypto mining company, offering a loan against the digital assets the firm had mined. Now, Russia’s largest bank aims to expand its services to companies holding digital assets, following similar moves by global institutions such as JPMorgan and Wells Fargo.

“Sberbank has already conducted one pilot project on lending secured by cryptocurrency,” the statement explained. “Its main goal was to test the technological aspects of working with this type of collateral. We are currently analyzing its results and finalizing the necessary infrastructure and methodology for the potential scaling of such products.”

Sberbank’s domestic rival, Sovkombank, recently affirmed that it was the first Russian lender to start issuing crypto-backed loans. In a Thursday statement, Russia’s ninth-largest bank revealed it had begun offering Bitcoin-backed loans to individuals and corporations who legally own digital assets.

“Sovcombank sees the potential for partnerships with all participants in the crypto industry — from miners and data center operators to crypto exchanges and exchangers,” said Marina Burdonova, the bank’s compliance director, in a statement. “We are developing specialized products for each segment, such as cash management services with special features and conditions, loans and project financing, as well as risk management tools.”

Russia’s Upcoming Framework

These developments come as Russia works to implement its upcoming digital assets framework, which is expected to take effect by July. In December, the CBR unveiled its comprehensive regulatory proposals to enable retail and qualified investors to buy digital assets through licensed platforms in the country.

Under the central bank’s new rules, non-qualified investors will be allowed to purchase up to 300,000 rubles in the most liquid digital assets annually, following a knowledge test. Meanwhile, qualified investors will be able to acquire unlimited amounts of any digital asset after passing a risk-awareness test.

Notably, Russia’s leading stock exchanges, the Moscow Exchange (MOEX) and SPB Exchange, have shared their support for the CBR’s proposed framework. The institutions recently confirmed they are ready to launch crypto trading services as soon as the framework is enacted.

In addition, the Committee on State Building and Legislation at the State Duma, the lower house of the Federal Assembly of Russia, has also advanced a bill to complement the upcoming rules.

As reported by Bitcoinist, the ruling political party in Russia, the All-Russian Political Party United Russia, revealed that legislation to regulate the seizure of crypto assets in criminal proceedings was recommended for adoption in its upcoming third reading.

If approved, the bill would reduce the risks associated with the use of cryptocurrencies in criminal activities, such as money laundering, corruption, and terrorist financing.

Главный инвестиционный директор компании ProCap Financial Джефф Парк (Jeff Park) заявил, что рынок биткоина сможет показать бычий тренд в течение года, даже если Федеральная резервная система США (ФРС) не снизит процентную ставку.

Ethereum has slipped below the critical $2,000 level, reinforcing a broader bearish market structure as selling pressure intensifies across the crypto sector. The breakdown comes amid weakening macro sentiment, persistent outflows from risk assets, and declining confidence in short-term crypto demand. Together, these factors have pushed ETH into a defensive phase, with traders increasingly focused on downside liquidity zones rather than recovery signals.

Recent data highlighted by Lookonchain points to three major on-chain liquidation clusters that could shape Ethereum’s next moves. These zones represent areas where leveraged positions may be forced to close if price declines continue, potentially accelerating volatility. Historically, such liquidation pockets tend to act as magnets during corrective phases, amplifying both panic selling and short-term price swings.

Market sentiment has also been affected by reports of Ethereum co-founder Vitalik Buterin moving and selling ETH. While these transactions are often linked to funding ecosystem development, charitable initiatives, or operational needs rather than outright bearish positioning, they can still influence trader psychology. In fragile markets, even neutral fundamental events can trigger disproportionate reactions.

Major On-Chain Liquidation Zones Could Shape Ethereum’s Next Price Move

Lookonchain data highlights three major on-chain liquidation clusters that could significantly influence Ethereum’s short-term price dynamics if bearish pressure persists. According to the analysis, Trend Research reportedly holds about 356,150 ETH, valued near $671 million, with estimated liquidation levels between $1,562 and $1,698. If price approaches this band, forced position closures could amplify volatility and accelerate downside momentum.

Another key concentration involves Ethereum co-founder Joseph Lubin alongside two unidentified large wallets. Combined holdings are estimated at around 293,302 ETH, roughly $553 million, with potential liquidation thresholds between $1,329 and $1,368. This zone sits deeper in the corrective structure and could act as a secondary stress level if broader market weakness continues.

A third cluster attributed to the entity known as 7 Siblings holds approximately 286,733 ETH, valued at around $541 million. Their liquidation prices are significantly lower, near $1,075 and $1,029, representing a deeper capitulation scenario should selling pressure intensify further.

It is important to note that liquidation estimates depend heavily on leverage assumptions, collateral adjustments, and evolving market conditions. Still, these zones provide a useful framework for understanding where volatility could increase, as leveraged positions historically tend to magnify both downward cascades and eventual stabilization phases in crypto markets.

Ethereum Price Breakdown Signals Structural Weakness

Ethereum’s weekly chart shows a decisive deterioration in market structure after losing the psychologically important $2,000 level. Price has broken below the 50-week and 100-week moving averages, signaling a shift from late-cycle consolidation into a more defensive phase. This type of multi-MA breakdown historically reflects declining momentum rather than a simple short-term correction.

Volume behavior reinforces this interpretation. The latest downside move is accompanied by expanding sell-side volume, suggesting distribution rather than passive retracement. When rising volume coincides with lower highs and lower lows, it typically confirms sustained selling pressure rather than temporary volatility.

Technically, the next key support zone appears between roughly $1,600 and $1,750, where prior consolidation occurred in earlier market phases. A weekly close below this range would likely expose deeper liquidity pockets toward the $1,300 region, aligning with previously identified liquidation clusters.

From a trend perspective, Ethereum is now trading below all major weekly moving averages, which often caps upside attempts unless reclaim levels occur quickly. For recovery credibility, price would need to regain the $2,200–$2,400 region and stabilize above it.

Featured image from ChatGPT, chart from TradingView.com 

Основатель платформы Santiment Михаил Балашевич заявил, что основным катализатором начала нового бычьего цикла биткоина станет ликвидация позиций крупнейшего публичного корпоративного держателя первой криптовалюты — компании Strategy.

Южнокорейская криптобиржа Bithumb заявила, что причиной случайного начисления 2000 биткоинов пользователям во время проведения промоакции стала операционная ошибка.