The crypto market has faced another turbulent week

Bitcoin BTC $85 283 24h volatility: 1.1% Market cap: $1.69 T Vol. 24h: $31.78 B

The crypto market continues to be subject to significant shifts and developments, with legal and technological advancements unfolding rapidly. Here’s a summary of the biggest events in crypto this week.

Institutions Remain Undeterred by Recent Bitcoin Selloff

Despite a sharp selloff that dragged Bitcoin to a three-month low, Standard Chartered remains unfazed in its long-term bullish outlook, projecting a surge to $500,000 before Donald Trump’s presidency ends.

That prediction is contingent upon crucial milestones being reached, and the lack of involvement from major financial institutions in setting up this new asset class.

The bank’s economists anticipate Bitcoin reaching $200,000 by late 2025, highlighting the importance of that price threshold and the role of institutional participation, particularly from entities like Standard Chartered and BlackRock, in driving the cryptocurrency's value.

"Crucially, major financial institutions are not involved in setting up this new asset class but are instead arriving to help scale it up. We view this involvement as critical for the price appreciation of cryptoassets and, ultimately, for the optimal allocation of capital," explained Geoffrey Kendrick, the bank’s head of digital assets research.

However, despite this bullish outlook, Standard Chartered is yet to launch any Bitcoin-related products or services.

Crypto Market’s Dip Signals a Tactical Pause, Not a Collapse: Binance CEO

Discussing the recent downturn in the crypto market, Binance CEO Richard Teng signaled that the downturn is a tactical pause rather than a collapse. He also highlighted that, throughout history, crypto markets have reacted to macroeconomic shifts similarly to traditional financial assets. Nonetheless, digital assets have consistently recovered from sharp corrections better than traditional assets. As an example, he mentioned the 24/7 selloff in 2022 when Bitcoin briefly dropped below $20,000 following several Federal Reserve interest rate hikes.

Later, the cryptocurrency recovered as conditions stabilized.

"The point is that crypto markets do react to macro events, but crucially, they tend to overreact in the short term and sell off sharply. However, they also tend to rebound more quickly than traditional markets and to new highs, rendering them ideal for short-term trading and arbitrage opportunities," explained the Binance executive.

According to Teng, the recent market dip aligns with past short-term fluctuations, rather than exposing fundamental weaknesses in the sector.

"While price volatility often dominates the headlines, the real growth drivers remain strong. Crypto has matured as an asset class and has repeatedly recovered from macroeconomic-driven downturns. It is clear that the crypto market is fundamentally sound and continues to innovate at an impressive pace," he concluded.

Peter Schiff Predicts Strategy Bankruptcy if This Happens

Popular economist Peter Schiff has raised concerns over Michael Saylor’s Strategy slipping into bankruptcy. His concerns come as the MSTR stock price witnessed sharp corrections after dropping 5.74% on Monday, and another 4.7% in pre-market trading on Tuesday. After a strong rally last year in 2024, the stock faced major selling pressure and is trading 6% down year-to-date.

Economist and Bitcoin critic Peter Schiff has weighed in on Strategy’s Bitcoin-centric strategy. He also forecasted potential challenges for the firm if the MSTR stock starts trading at a discount to the value of its Bitcoin holdings.

In this scenario, Schiff predicted that Michael Saylor’s firm could theoretically sell Bitcoin and use the proceeds to buy back shares, thus closing the discount. However, he argues that such a move could trigger a significant decline in Bitcoin’s price and, consequently, in MicroStrategy’s stock value.

"If the stock price falls below the carrying value of the firm’s Bitcoins, I believe Strategy will be forced to sell some Bitcoins to support the stock price or face potential difficulties with lenders or rating agencies," said the economist.

"If Strategy sells its Bitcoins, the stock price is likely to fall further, leading to the sale of more Bitcoins in a vicious cycle that could ultimately drive the company into bankruptcy," he added.

This scenario unfolds as Strategy continues to accumulate BTC, aiming to expand its digital asset portfolio.

FBI Confirms North Korean Hackers Behind Record $1.5 Billion Bybit Theft

The United States Federal Bureau of Investigation (FBI) has officially confirmed that hackers affiliated with the Democratic People’s Republic of Korea (North Korea) were behind the devastating Bybit hack on February 21, 2025. This cybersecurity breach is now recognized as the largest cryptocurrency theft in history, having stolen nearly $1.5 billion in Ethereum from the Bybit exchange.

According to the FBI’s statement, this attack, known as “TraderTraitor,” is part of a more extensive series of cyberattacks linked to North Korean state-sponsored hackers.

"The FBI can confirm that the DPRK-linked Tracer revenue generation program is responsible for the