On August 23, bulls launched a full-scale counterattack, using Powell's dovish speech as a signal that the Fed would cut interest rates. Spot sellers on the exchange have almost dried up, with only contract shorts still stubbornly resisting in the market. It is expected that shorts will build a new defense line between $68,000 and $70,000. However, with the continuous entry of new institutional funds, the short-sellers' defense line will gradually collapse, and the pace of a full bull market is gradually approaching.

In the compensation paid by Mt.Gox Exchange in July, the virtual currency market was greatly affected. On the day of compensation and the next day, the price of Bitcoin fell to varying degrees, with a drop of between 4% and 8%.

All signs indicate that the virtual currency market will usher in huge development opportunities in the second half of 2024 to 2025. As Richard Teng said, we need to look further ahead and look at the market performance from the perspective of the market cycle.

According to iChainfo statistics, nearly two-thirds of the tokens on the WazirX hacker address have been transferred, and the remaining token amount is less than 5 million US dollars.

Will short-term bears use the Mt.Gox incident to attack the market?

Although the market selling pressure caused by Mt.Gox's compensation for Bitcoin still exists, judging from the recent trend of Bitcoin, investors are still very optimistic that Bitcoin is gradually emerging from its previous lows.

Countless Meme coins are born in the market every day, bringing new hopes of getting rich to investors.

According to search.ichainfo.com, there are 200 virtual currencies involved in this attack. As of July 19, 50 of them have been transferred by hackers and exchanged for ETH in decentralized exchanges.

The famous whale address nicknamed Mr. 100 once again purchased more than 100 bitcoins in four batches, bringing the total number of bitcoins held to 71,587, with a total amount of US$4.49 billion, of which unrealized profits reached US$1.25 billion.