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Breaking News: Trump Prepares To Allow Crypto Investments In $9 Trillion Retirement Market

From Hope To Crypto Panic: How A Day Of Highs For Coinbase Turned Into A Nightmare For Bybit

Ronaldo Marquez
Ronaldo Marquez
5 months ago
3 mins read
LIBRA

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The crypto industry aimed to close the past week on a high note, buoyed by Coinbase’s announcement that the US Securities and Exchange Commission (SEC) were likely to dismiss its legal case against the exchange.

This news sent COIN shares soaring nearly 6% in premarket trading, while the broader crypto market experienced a surge, pushing Bitcoin (BTC) closer to the $100,000 mark for the first time in over two weeks.

Bitcoin And Ethereum Plummet After Bybit’s Major Security Breach

This optimistic atmosphere was short-lived. Just hours later, news broke from Bybit, a Dubai-based crypto exchange, revealing it had been hacked in what analysts are calling one of the largest thefts in crypto history, with nearly $1.5 billion worth of tokens stolen. 

As the news of the hack spread, market observers noted significant and suspicious withdrawals of Ethereum (ETH) from Bybit. CEO Ben Zhou confirmed the breach, explaining that hackers gained control of a specific Ether cold wallet and transferred its contents to an unidentified address. 

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In an effort to reassure users, Zhou conducted a livestream, urging them that “your money is safe” and announcing that withdrawals would remain open. He also mentioned that the exchange was securing bridge lending to manage what he termed a “massive bank run.”

The aftermath of the hack was immediate. Bitcoin, which had been riding high on the earlier Coinbase news, dropped nearly 5% from its peak, settling below $95,000 as stock markets closed in New York. 

Ethereum, the primary target of the Bybit attack, lost more than 8% of its value. Smaller cryptocurrencies, including popular memecoins like Dogecoin (DOGE), fared even worse, with Dogecoin tumbling 10% from its daily high.

Bybit Incident Fuels Debate On Crypto Regulation

Critics of the current shift in the regulatory environment in the US, including Hilary Allen, a professor at American University’s Washington College of Law, voiced concerns about the consequences of deregulation. 

“Deregulated markets sound good until you have this type of attack,” she stated, referring to Bybit’s security breach, cautioning that the push for fewer regulations could lead to significant vulnerabilities for investors.

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The day’s events also cast a shadow over the earlier triumph for Coinbase. Despite the SEC’s dismissal of its lawsuit regarding operating as an “unregistered exchange,” the hack at Bybit overshadowed this victory. 

Shares of Coinbase’s COIN stock ultimately closed down more than 8%, erasing all gains from the morning surge and marking the steepest drop of the year.

Crypto
The 1D chart shows COIN’s stock valuation drop. Source: COIN on TradingView.com

Coinbase’s chief legal officer, Paul Grewal, reflected on the situation, criticizing former SEC Chair Gary Gensler for his approach to regulation and emphasizing the need for comprehensive legislation that protects consumers.

As Benjamin Schiffrin, director of securities policy at Better Markets, stated, “Today’s events just demonstrate crypto and memes are not just highly volatile… but susceptible to these types of hacking incidents where investors’ money can simply be stolen.” 

Featured image from DALL-E, chart from TradingView.com

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Ronaldo Marquez
Ronaldo Marquez

Ronaldo Marquez

Ronaldo is an experienced crypto enthusiast dedicated to the nascent and ever-evolving industry. With over five years of extensive research and unwavering dedication, he has cultivated a profound interest in the world of cryptocurrencies.

Read more

Ronaldo's journey began with a spark of curiosity, which soon transformed into a deep passion for understanding the intricacies of this groundbreaking technology.

Driven by an insatiable thirst for knowledge, Ronaldo has delved into the depths of the crypto space, exploring its various facets, from blockchain fundamentals to market trends and investment strategies. His tireless exploration and commitment to staying up-to-date with the latest developments have granted him a unique perspective on the industry.

One of Ronaldo's defining areas of expertise lies in technical analysis. He firmly believes that studying charts and deciphering price movements provides valuable insights into the market. Ronaldo recognizes that patterns exist within the chaos of crypto charts, and by utilizing technical analysis tools and indicators, he can unlock hidden opportunities and make informed investment decisions. His dedication to mastering this analytical approach has allowed him to navigate the volatile crypto market with confidence and precision.

Ronaldo's commitment to his craft goes beyond personal gain. He is passionate about sharing his knowledge and insights with others, empowering them to make well-informed decisions in the crypto space. Ronaldo's writing is a testament to his dedication, providing readers with meaningful analysis and up-to-date news. He strives to offer a comprehensive understanding of the crypto industry, helping readers navigate its complexities and seize opportunities.

Outside of the crypto realm, Ronaldo enjoys indulging in other passions. As an avid sports fan, he finds joy in watching exhilarating sporting events, witnessing the triumphs and challenges of athletes pushing their limits. Furthermore, His passion for languages extends beyond mere communication; he aspires to master German, French, Italian, and Portuguese, in addition to his native Spanish. Recognizing the value of linguistic proficiency, Ronaldo aims to enhance his work prospects, personal relationships, and overall growth.

However, Ronaldo's aspirations extend far beyond language acquisition. He believes that the future of the crypto industry holds immense potential as a groundbreaking force in history. With unwavering conviction, he envisions a world where cryptocurrencies unlock financial freedom for all and become catalysts for societal development and growth. Ronaldo is determined to prepare himself for this transformative era, ensuring he is well-equipped to navigate the crypto landscape.

Ronaldo also recognizes the importance of maintaining a healthy body and mind, regularly hitting the gym to stay physically fit. He immerses himself in books and podcasts that inspire him to become the best version of himself, constantly seeking new ways to expand his horizons and knowledge.

With a genuine desire to become the best version of himself, Ronaldo is committed to continuous improvement. He sets personal goals, embraces challenges, and seeks opportunities for growth and self-reflection. Ultimately, combining his passion for cryptocurrencies, dedication to learning, and commitment to personal development, Ronaldo aims to go hand-in-hand with the exciting new era that the emerging crypto technology is bringing to the world and societies.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

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