1. Fear & Greed Index Hits 10, Lowest Since June 2024
Today's crypto Fear & Greed Index plummeted to 10 (from 21 yesterday), marking the lowest level since June 2024 and signaling "extreme fear." Note: The index (0–100) analyzes volatility (25%), trading volume (25%), social media trends (15%), surveys (15%), Bitcoin dominance (10%), and Google search data (10%).
2. Analyst: Bitcoin Valuation Metrics in Adjustment Phase, Bottom Unconfirmed
CryptoQuant’s Julio Moreno noted that Bitcoin’s bottom remains uncertain, with all valuation metrics entering an adjustment phase. The MVRV ratio (Market Cap/Realized Cap) suggests this process may extend further.
3. Standard Chartered Warns Against Buying the Dip
Bitcoin briefly fell to $86K on Tuesday, down >20% from its January peak. Geoff Kendrick, Standard Chartered’s digital asset lead, cautioned: "Expect a 10% further drop. Macro uncertainty and unmet policy expectations are weakening crypto’s appeal."
👉 Bitcoin ETF outflows hit $544M last week, reflecting growing pessimism.
4. Binance CEO Calls Market Drop a "Tactical Retreat"
Richard Teng emphasized that the current slump mirrors past macroeconomic shocks (e.g., 2022’s Fed-induced crash). Institutional interest stays strong, with ETF inflows continuing. Key factor: Delayed Fed rate cuts.
5. Matrixport Predicts Bitcoin Pullback to $73K Support
Wall Street now dominates 60% of BTC trading. Technical analysis suggests a retracement to $73K, aligning with BlackRock’s IBIT ETF at ~$40. Triggers: Tariff delays and ETF volatility.
6. U.S. Bill Proposes Crypto ATM Regulations
Senator Dick Durbin’s Crypto ATM Anti-Fraud Act seeks to curb scams by imposing daily ($2K) and 14-day ($10K) limits, plus mandatory refunds for fraud victims. FTC reports $110M+ losses in 2023.
7. Greeks.live: BTC Risks "Vacuum Zone" Below $86K
Traders warn of a potential drop to $72K–$77K if BTC loses $86K support. *Context: $6K single-day plunge triggered mass liquidations.*
8. Meme Coin Craze Dragging Bitcoin Down?
Geoff Kendrick links BTC’s decline to eroding trust from Meme coin scandals. Altcoins hit harder: SOL (-41%), ETH (-28%) this month.
9. Bybit Reveals Hack Rooted in Safe Wallet Flaw
A forensic report traced the attack to a compromised developer machine, not Safe’s core code. Perpetrator: North Korea’s Lazarus Group.
10. SEC Closes Gemini Probe Without Action
After 699 days, the SEC ended its investigation. Co-founder Cameron Winklevoss slammed the agency for "regulating via enforcement."
11. U.S. Senate Stablecoin Hearing: Market Structure Delayed
Senator Cynthia Lummis prioritized stablecoin laws, while ex-CFTC chair Timothy Massad advised postponing broader crypto legislation.
👉 Stablecoin KYC gaps pose risks, per Senator Mark Warner.
12. House Committee Moves to Block IRS DeFi Rules
A 26–16 vote advanced a resolution to repeal "unworkable" tax reporting requirements for DeFi platforms. Projected cost: $3.9B in lost tax revenue over 10 years.
13. FTX Bankruptcy Fees Near $1B
Legal/consulting costs for FTX’s collapse hit $950M—close to Lehman Brothers’ record. *Top earners: Alvarez & Marsal ($400M), Sullivan & Cromwell ($300M).*
14. Ex-CFTC Chair Urges Congress to Focus on Stablecoins
Timothy Massad recommended deferring market structure laws until SEC/CFTC frameworks mature.
15. Oklahoma Advances Bitcoin Reserve Bill
HB 1203 would let the state invest up to 10% of public funds in Bitcoin. Next step: Full House vote.
FAQs
Q: Is Bitcoin’s current drop a bear market?
A: Binance’s CEO views it as a tactical retreat, not a structural decline, citing historical rebounds.
Q: What’s driving crypto ATM scams?
A: Lack of fraud checks and elderly targeting. Proposed U.S. laws would cap transactions and mandate refunds.
Q: Why did the SEC close the Gemini case?
A: No evidence of violations was found after 699 days, though critics call it "overreach."
Q: Are Meme coins affecting Bitcoin?
A: Indirectly—scandals harm overall crypto trust, per Standard Chartered.
Q: When might stablecoin laws pass?
A: The Senate signaled urgency, but market structure rules could take years.