Bitcoin (BTC) 'Rebounds' Despite $100 Million Hacking Setback... Altcoins Surge Together

▲ Bitcoin (BTC)/AI Generated Image

Despite the shock of the $100 million Coldcard hack, the cryptocurrency market rebounded.

According to CoinGape, a cryptocurrency specialized media outlet, on August 4 (local time), the total cryptocurrency market capitalization recorded $2.17 trillion, up 0.97%. Bitcoin (BTC) rose 1.86% to $63,698. Cardano (ADA) and Hyperliquid (HYPE) led the market's rise, climbing over 4%.

Over $100 million worth of Bitcoin was stolen from approximately 4,500 addresses due to the hacking of the hardware wallet Coldcard. Despite the massive damage, Bitcoin's buying momentum did not falter. $170 million flowed into Bitcoin spot ETFs on August 3, and trading volume increased by 43% on the 4th.

Bitcoin defended the 50-day Simple Moving Average (SMA) of $63,311 as a support level. CoinGape analyzed that if trading closes above this price, it could rise to the 100-day Simple Moving Average of $68,500. Conversely, if $63,311 breaks down, selling pressure could increase to $60,000. The Moving Average Convergence Divergence (MACD) indicator maintained a bearish signal in the long-term trend.

Cardano recorded $0.19, up 4.43%. Its trading volume increased by 33% to $729 million. Santiment stated that after Cardano fell to $0.138 on June 25, buying pressure from large investors entered the market. Although the number of holders decreased by 7,070 during the same period, expectations for the Leios upgrade supported investor sentiment.

Hyperliquid rose 4.63% to $55. CoinGape analyzed that a rounded bottom pattern formed on the 4-hour chart, and if trading closes above $55.88 for three consecutive days, it could rise 9% to $61. The Relative Strength Index (RSI) was 61, indicating a bullish trend. The HYPE ETF had no net inflows since July 15 and recorded net outflows for four consecutive weeks.

[Article Key Summary]

-Over $100 million worth of Bitcoin was stolen due to the Coldcard hack, but Bitcoin rose by 1.86%.

-Cardano and Hyperliquid rose by 4.43% and 4.63% respectively, leading the cryptocurrency market rebound.

-Bitcoin's key support level is $63,311, with an upper target of $68,500.

*Disclaimer: This article is for investment reference only and we are not responsible for any investment losses based on it. The content should be interpreted for informational purposes only.*