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Forbes - Retreat and regroup 📯

Good Monday morning. This is Billy Bambrough with what's driving the day in the world of crypto and what to look out for this week.
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24-hour crypto market snapshot
Bitcoin (-2%) $48,593
Solana (-8%) $181.97
Luna (-12%) $65.41
Uncertain footing 🕳️
Cryptocurrency prices are still falling this morning after a massive sell-off through Friday night and into the weekend, despite a valiant attempt by El Salvador president Nayib Bukele to prop up the market by buying the dip. While prices recovered somewhat on Sunday, bears seem to be back in control this morning. Read what to expect from crypto prices on Forbes.

The bitcoin price is down by a further 2% on this time yesterday, with other major cryptocurrencies suffering even bigger losses. Ethereum is off by more than 4%, while its major rivals Binance's BNB, solana, cardano, polkadot and new challenger terra's luna are down between 4% and 12%.

Bitcoin is now back under the $1 trillion market capitalization level and the combined crypto market is falling toward the $2 trillion mark. Expectations of a pre-Christmas Santa rally seem to have been wiped out and "down bad" has replaced "gm" as the most popular saying on crypto Twitter.

Now read this: How bitcoin set itself up for this sell-off
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🚨🚨 Hackers hit Bitmart
Hacked off: Cybercriminals have made off with almost $200 million worth of cryptocurrencies from Cayman Islands-based crypto exchange Bitmart, it was first reported by digital security analysis company Peckshield over the weekend. Representatives of the trading platform initially claimed that the outflows were routine withdrawals, calling hack reports "fake news" in Bitmart's official Telegram channel. Bitmart's CEO then confirmed the hack via Twitter.

What's a few million dollars between friends: There was some disagreement over the amount stolen, with Bitmart's Saturday night statement saying hackers withdrew about $150 million in assets. However, Peckshield estimates that the loss is closer to $200 million. Bitmart added that all withdrawals had been temporarily suspended until further notice and said a security review is underway. Peckshield reckons the losses to be $100 million in various cryptocurrencies on the ethereum blockchain and $96 million on Binance smart chain.

How was it done: The hacker has been systematically using decentralized exchange (DEX) aggregator 1inch to swap the stolen assets for the ethereum's ether and using a secondary address to deposit the ether into privacy mixer Tornado Cash, making the hacked funds harder to track, Coindesk explained.

Why it matters: The $200 million worth of cryptocurrencies lost makes this one of the biggest centralized exchange hacks to date. See a full list of trading platform hacks here.

Chin up... Don't let hacks and market crashes get you down. Renowned technology analyst Benedict Evans has released his yearly tech review. You can read it here. Key quote: "The most exciting themes in technology today are transformative visions for 2025 or 2030: crypto, web3, VR, metaverse… and then everything else."

Now read this: Singapore suspends crypto exchange over row with K-pop band BTS
The week ahead 🗓️
Russia's Vladimir Putin will speak to U.S. president Joe Biden over the phone this week
Russia's Vladimir Putin will speak to U.S. president Joe Biden over the phone this week SPUTNIK/AFP via Getty Images
👀 Look out for these cryptocurrency and crypto-adjacent events this week.

📲 Digital media company BuzzFeed will make its special purpose acquisition vehicle (SPAC)-enabled Nasdaq debut today in New York today after investors pulled out 94% of their money. Overheard: Buzzfeed chief executive and cofounder Jonah Peretti is a bitcoin, crypto, web3 and decentralized autonomous organization (DAO) fan and spoke about how blockchain is shaping digital media in the latest Recode Media podcast. Listen here.

🪖 U.S. president Biden and Russia's president Vladimir Putin will discuss Ukraine over a video call on Tuesday amid fears Russia may be poised to invade the country. ICYMI: The crypto capital of the world has to be somewhere. Why not Ukraine?

🎮 The meme stock that inspired dogecoin's rally, Game Stop, will post its latest results on Wednesday. MarketWatch has a primer.

🇪🇺 In Europe, crypto-skeptic Olaf Scholz is set to replace Angela Merkel as the chancellor of Germany on Wednesday while another crypto-critical leader, European Central Bank president Christine Lagarde, will speak at a conference.

📈 On Friday, the latest U.S. inflation data is out. Last month's consumer price index (CPI) showed prices surging higher at the fastest rate in 31 years. If the economy is still heating up, it could mean the Federal Reserve accelerates plans to ease its loose monetary policy—something that's increasingly worrying investors and markets.

Now read this: Welcome to ‘web3.’ What's that?
hello world
Billy Bambrough
Forbes Senior Contributor
I am a journalist with significant experience covering technology, finance, economics, and business. I write about how bitcoin, crypto and blockchain can change the world.
Follow me on Twitter or email me.
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