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Bitflyer trading volume jumps 200% as oil spike triggers Nikkei sell-off

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Bitflyer trading volume jumps 200% as oil spike triggers Nikkei sell-off - 2

Trading activity on Japanese crypto exchange bitFlyer surged sharply as volatility in energy and equity markets pushed investors toward digital assets.

Summary

  • Trading volume on bitFlyer jumped over 200% in 24 hours amid market volatility.
  • Japan’s Nikkei 225 fell after oil prices surged toward $120 per barrel, sparking a risk-off move in equities.
  • Bitcoin trading dominated activity on the exchange, with the asset holding near $67,000 during the turbulence.

According to market data, trading volumes on the Tokyo-based exchange jumped more than 200% within 24 hours, coinciding with a sharp sell-off in the Japanese stock market after oil prices spiked on escalating geopolitical tensions in the Middle East.

Bitflyer trading volume jumps 200% as oil spike triggers Nikkei sell-off - 2

Japan’s benchmark equity index, the Nikkei 225, slid as energy prices surged, raising concerns over inflation and corporate costs in one of the world’s largest oil-importing economies. The sell-off came as crude prices briefly rallied toward the $120 per barrel level, triggering risk-off sentiment across Asian markets.

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Bitflyer trading volume jumps 200% as oil spike triggers Nikkei sell-off - 3

Against this backdrop, crypto trading activity surged as traders repositioned portfolios amid heightened macro uncertainty.

Data from BitFlyer showed that Bitcoin and yen trading pairs accounted for the majority of the spike, with Japanese investors increasing exposure to digital assets as traditional markets came under pressure.

The increase in activity reflects a broader pattern seen during periods of macro volatility, where cryptocurrencies often experience bursts of trading volume as investors seek alternative assets or hedge against currency and equity fluctuations.

The move was particularly notable for Bitcoin, which held relatively stable during the equity market turbulence, trading near the $67,000 level during Asian hours.

The surge in trading activity highlights the growing integration between crypto markets and global macro events. Energy shocks, currency fluctuations, and equity market sell-offs are increasingly influencing trading behavior across digital asset exchanges.

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For Japanese traders, the combination of rising oil prices and equity weakness created an environment ripe for rapid repositioning — with cryptocurrencies becoming one of the most actively traded outlets during the market turmoil.

If volatility in global energy markets persists, analysts expect crypto trading activity in Asia to remain elevated in the near term.

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Crypto World

NFT platform Gondi to compensate users affected in $250k smart contract exploit

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NFT platform Gondi to compensate users affected in $250k smart contract exploit

Non-fungible token lending platform Gondi has vowed to compensate users affected in a Monday exploit during which the attacker stole roughly $230,000 worth of NFTs from the protocol.

Summary

  • Gondi confirmed an exploit in its Sell & Repay contract allowed an attacker to steal about $230,000 worth of escrowed NFTs, prompting the platform to disable the feature.
  • The protocol said affected users will be compensated by purchasing comparable NFTs from the same collections.

According to a post-incident update, Gondi confirmed that an exploit of its “Sell & Repay contract” allowed an attacker to withdraw roughly $230,000 worth of escrowed NFTs from the protocol. The contract allows borrowers to sell escrowed NFTs and subsequently repay outstanding loans on the platform.

An updated version of the contract was deployed on Feb. 20, but Gondi did not clarify how the vulnerability was exploited.

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The exploit did not impact any other parts of the protocol, and the platform has paused the contract as it works on a fix while other services remain operational.

“All users who interacted with this contract and were impacted have been contacted directly by our team,” Gondi wrote. In a subsequent update, the protocol said it plans on making affected users whole by purchasing comparable items from the same collection.

“While not the exact same piece, we believe this is a fair and meaningful resolution and are coordinating directly with each owner,” it added.

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Gondi has since been reviewed by the team at Blockaid and an independent auditor, who have concluded that the protocol is safe to use.

According to Blockaid, the attacker started selling some of the stolen NFTs after the exploit. As of the last update, Gondi said that the attacker’s wallet still contained some of the stolen NFTs while the remainder was sold to “innocent buyers who had no knowledge of the exploit.”

“We reached out to each of them directly and asked for their help in returning the items to their rightful owners,” it added.

Meanwhile, at least four NFTs were recovered and returned by the NFT community, including Aluminum Gazer, Servant of the Muse, Doodle, and Lil Pudgy.

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The platform said it was using its protocol fees to buy back recovered items and compensate affected users.

The Gondi exploit marks the second attack in two weeks. As previously reported by crypto.news, Bitcoin-focused DeFi platform Solv Protocol was exploited late last week, allowing the hacker to drain roughly $2.7 million worth of funds from one of its token vaults.

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Bitcoin Weathers Oil Supply Storm With a Push Toward $70,000

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Bitcoin Weathers Oil Supply Storm With a Push Toward $70,000

Bitcoin managed to avoid losses suffered by global stock markets over oil supply uncertainty, with a 5% relief bounce from its weekly open level.

Bitcoin (BTC) returned to $69,000 at Monday’s Wall Street open with markets in limbo over the Middle East oil crisis.

Key points:

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  • Bitcoin sees a rebound after dropping below $68,000 for the weekly close.

  • Oil woes continue as the G7 fails to agree on a timeline for the release of reserve oil supplies.

  • Bitcoin derivatives traders stay level-headed on the mid-term outlook.

Analysis: Trump wants to buy time with oil

Data from TradingView showed BTC price action continuing a rebound that began just before the weekly close.

BTC/USD one-hour chart. Source: Cointelegraph/TradingView

Now up 5% on the day, BTC/USD showed strength relative to global stock markets, with Asia particularly sensitive to the ongoing suspension of oil traffic through the Strait of Hormuz.

A dedicated meeting of the G7 countries to discuss the release of 400 million barrels of crude from their joint reserves ended in indecision on the day.

“The G7 countries have ~1.2 billion barrels of crude oil reserves, which is equivalent to ~60 days of oil flows through the Strait of Hormuz. 400 million barrels can supply roughly 20 days worth of Strait of Hormuz oil flows,” trading resource The Kobeissi Letter responded in a post on X. 

“But, it’s a risk. If the war rages on once these stockpiles are depleted, the world would enter an unprecedented energy crisis.”

Kobeissi argued that US President Donald Trump was “looking to ‘buy’ a couple more weeks” with the initiative.

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CFDs on WTI crude oil one-hour chart. Source: Cointelegraph/TradingView

WTI oil was still up 9% on the day at the time of writing, circling $100 per barrel amid considerable volatility.

Gold, meanwhile, lacked the momentum to head closer toward all-time highs after starting the week with a retest of $5,000.

XAU/USD one-hour chart. Source: Cointelegraph/TradingView

Commenting, trading company QCP Capital noted a rotation from gold to the US dollar as a hedge against the current geopolitical uncertainty.

“With uncertainty rising, global equity markets have turned defensive. That said, US Treasuries and gold also failed to provide their usual haven bid, with both coming under pressure as surging crude prices stoke inflation fears and push yields higher,” it wrote in its latest “Market Color” analysis post. 

“Instead, the US dollar has emerged as the preferred defensive asset, supported by elevated yields and the US’s status as a net energy exporter.”

US dollar index (DXY) one-hour chart. Source: Cointelegraph/TradingView

Bitcoin options traders see no “one-way decline”

Bitcoin thus eyed key price points that bulls had failed to reclaim at the weekly close.

Related: Bitcoin braces for oil shock and death crosses: 5 things to know this week

Here, crypto trader, analyst and entrepreneur Michaël van de Poppe hoped that oil would settle down, allowing for BTC price relief.

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“Bitcoin continues to show strength and it’s already back up to $69K,” he acknowledged

“If Oil continues to fall and indices break back upwards, I would assume that we’ll start to see a continuation towards the range high again.”

BTC/USDT four-hour chart. Source: Michaël van de Poppe/X

QCP pointed to the “more nuanced outlook” for the market being created by derivatives traders.

“For example, the purchase of 500x BTC 24APR26 72k straddle points to expectations of continued volatility rather than a sharp, one-way decline,” it continued about options. 

“Notably, March’s highest open interest is concentrated at the 75k and 125k call strikes. While a rapid recovery to these levels remains unlikely, this positioning signals pockets of renewed optimism in BTC despite ongoing macro and geopolitical uncertainty.”