Here is what happened yesterday in the crypto market:
Memecoin Turmoil Drives Market Languish
Despite a promising day ahead, crypto prices are experiencing turbulence primarily due to memecoin turmoil, notably influenced by Ye, the artist formerly known as Kanye West. The U.S. securities regulatory framework seems to have an impact on market sentiments.
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Demand Weakness in Crypto Market
JPMorgan’s recent report highlights a lack of positive demand in the crypto sphere, suggesting that without fresh initiatives, optimism may remain low in the foreseeable future.
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Bybit Hacked for $1.5 Billion
Bitcoin and Ether prices saw significant declines following a report of a $1.5 billion hack at the crypto exchange Bybit, creating ripples across the market and reversing previous gains.
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Impact of U.S. Stock Market on Crypto
The decline in U.S. stocks has further compounded the issues faced by cryptocurrencies, particularly following the serious security incident at Bybit.
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Coinbase Lawsuit Dropped: Potential for Market Improvement
The SEC is reportedly set to drop its lawsuit against Coinbase, which may signify regulatory improvements and boost confidence in the crypto market.
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