#BybitSecurityBreach #MarketPullback

Currently, the crypto market is experiencing a significant decline. Here are the current prices of some major crypto assets:

Bitcoin (BTC): $89,190, down 6.96% from its previous close.

Ethereum (ETH): $2,429.41, down 9.63%.

BNB: $611.21, down 4.66%.

Cardano (ADA): $0.659596, down 10.31%.

Solana (SOL): $140.11, down 12%.

This decline may be due to several factors, including macroeconomic concerns and reactions to security incidents such as the Bybit hack and the meme coin scandal involving Argentine President Javier Milei. In addition, two bills in the US, the “STABLE Act” and the “GENIUS Act,” seek to regulate stablecoins with stricter reserve requirements, which could affect major issuers such as Tether. The decline in the market capitalization of Tether and USD Coin suggests a possible outflow of funds from the stablecoin system, coinciding with the lack of new buyers in the crypto market. The decreasing cost of leverage funding also indicates a decrease in intensive trading activity.

On the other hand, some positive developments have occurred, such as the dismissal of the lawsuit against Coinbase and the completion of the SEC investigation into crypto business Robinhood, indicating potential regulatory changes in the crypto industry. Experts predict further regulatory easing, including the possible dismissal of other lawsuits against Binance and Kraken. In addition, lawmakers are expected to pass a regulatory framework for crypto, including stablecoin legislation in the coming months, which could improve the structure and clarity of the market.

However, the market also faces challenges from the rise of meme coins, which are often promoted by public figures and can cause significant losses for investors. Several high-profile incidents, such as Argentine President Javier Milei’s support for the failed Libra coin, have led to major financial losses and political consequences.