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Bankless
ROLLUP: Macro Bearish Report | Biggest Hack In History | SEC Drops Crypto Cases
Feb 28, 2025
This week, Alex Thorn, Head of Research at Galaxy Digital, dives into the turbulent state of crypto markets. He unpacks the reasons behind the recent downturn, highlighting economic instability and a historic $1.5 billion hack at Bybit. Surprisingly, there's good news too! The SEC is easing off lawsuits against key players like Coinbase and Uniswap, hinting at a regulatory shift. Alex emphasizes the urgent need for better security measures in crypto, as the industry grapples with both challenges and opportunities.
01:17:49
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Quick takeaways
- The downturn in crypto markets is heavily influenced by broader economic issues, including declining consumer confidence and new tariffs.
- Bybit's historic $1.5 billion hack, linked to North Korea's Lazarus Group, underscores critical vulnerabilities in crypto security practices.
Deep dives
Market Declines and Economic Concerns
The recent downturn in crypto markets has been significant, with the overall crypto market cap dropping below $3 trillion. Bitcoin has fallen below $85,000 after hovering above $90,000 for an extended period. Market analysts attribute some of this decline to broader economic issues, including a drop in consumer confidence and recent tariffs on imports from Canada and Mexico. The conversation highlights the interconnectedness of traditional equities and crypto markets, indicating that risk assets are facing increasing pressure amid economic uncertainties.
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