Crypto Markets See Turbulence Following Bybit Hack and SEC Policy Shift

Bitcoin's price fluctuates near $100K as Bybit suffers a $1.4 billion hack and the SEC scales back crypto enforcement.

Bitcoin's price briefly surged above $99,500 following news of the SEC dismissing charges against Coinbase but later dipped to $96,300 on inflation concerns.
The Bybit cryptocurrency exchange reported a $1.4 billion hack, with CEO Ben Zhou stating the platform is seeking a bridge loan to cover customer losses.
Ethereum and Dogecoin saw price declines of 3% and 4%, respectively, while XRP dropped nearly 6%, contributing to a 3% overall market drop.
The SEC replaced its cryptocurrency oversight unit with a smaller cyber fraud unit, signaling a potential relaxation of regulatory enforcement.
Market sentiment shifted to 'Greed,' according to the Crypto Fear & Greed Index, despite broader concerns over inflation and a dip in U.S. equity markets.