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Why Bitcoin, Ethereum, and Dogecoin Crashed Today The crypto market was in full panic mode on Tuesday as valuations fell double digits almost across the board. To be fair, the move has little to do with crypto itself; values are down because of a feared trade war and waning consumer confidence. Bitcoin (BTC -2.89%) has been the biggest headline maker, falling 8.2% over the past 24 hours as of 11:45 a.m. ET. Ethereum (ETH -0.35%) is down 9.2% over that time, and Dogecoin (DOGE 1.11%) is off 9.1%. The decline seems to have slowed, but it's not clear if there will be a recovery in trading today. Crypto is still dependent on the economy The hard truth being revealed today is that crypto pricing is tied to the economy and highly correlated with the performance of growth stocks. When investors thought the future was going to be much brighter, in fall 2024, the crypto market bounced higher, but the reality is a little less bullish. We learned today that the consumer confidence index maintained by The Conference Board, a nonprofit think tank, fell from 105.3 in January to 98.3 this month. That's the biggest drop since August 2021, and a reading of 80 indicates a potential recession. A measure of short-term expectations for income, business, and the job market fell 9.3 points to 72.9. Consumers and investors are worried in part about tariffs on imports from Canada and Mexico, which will evidently start in March after a month-long delay. Reciprocal tariffs, which mirror the tariffs on American goods levied by other countries, are also expected to start as early as April.

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Japan mulls tightening regulations on crypto asset transactions TOKYO Japan is considering tightening regulations on crypto asset transactions by classifying them as financial products akin to stocks, a government source said Tuesday. The Financial Services Agency is seeking to tighten oversight of crypto asset issuers to protect users amid a rise in fraudulent investment solicitations and rapid market expansion in recent years, according to the source. Prime Minister Shigeru Ishiba's administration and the ruling Liberal Democratic Party plan to outline the direction of the potential policy change by June, the source said. In Japan, crypto assets are currently regulated under the Payment Services Act. The financial watchdog and industry groups said crypto asset trading accounts in Japan totaled 11.81 million as of the end of December. The balance of deposits has been rising, reaching around 4.5 trillion yen ($30.11 billion). If crypto assets come under the Financial Instruments and Exchange Act, which covers securities such as stocks, issuers would be required to disclose detailed information on their corporate status, potentially enhancing user protection.

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Japan mulls tightening regulations on crypto asset transactions TOKYO Japan is considering tightening regulations on crypto asset transactions by classifying them as financial products akin to stocks, a government source said Tuesday. The Financial Services Agency is seeking to tighten oversight of crypto asset issuers to protect users amid a rise in fraudulent investment solicitations and rapid market expansion in recent years, according to the source. Prime Minister Shigeru Ishiba's administration and the ruling Liberal Democratic Party plan to outline the direction of the potential policy change by June, the source said. In Japan, crypto assets are currently regulated under the Payment Services Act. The financial watchdog and industry groups said crypto asset trading accounts in Japan totaled 11.81 million as of the end of December. The balance of deposits has been rising, reaching around 4.5 trillion yen ($30.11 billion). If crypto assets come under the Financial Instruments and Exchange Act, which covers securities such as stocks, issuers would be required to disclose detailed information on their corporate status, potentially enhancing user protection.

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The cryptocurrency market is taking another hit, with its total market cap dropping by 2% and wiping out $40 billion in just 24 hours. Bitcoin and Ethereum are struggling to gain momentum, and uncertainty is creeping in. At the same time, the Crypto Fear & Greed Index sits at 40, signaling a neutral stance – but for how long? With ETF outflows mounting, major hacks shaking investor confidence, and Bitcoin slipping further in February, traders are left wondering: is the worst yet to come? Let’s break down what’s happening. Bitcoin and Ethereum ETFs See Major Outflows One of the biggest reasons for the market decline is the continued outflow from Bitcoin and Ethereum ETFs. Over the past two weeks, U.S. spot Bitcoin ETFs have seen net outflows of $1.14 billion – the largest since their launch. Last week alone, Bitcoin ETFs recorded $571 million in withdrawals. Concerns over trade tariffs, inflation, and potential changes in monetary policy have fueled this sell-off. Fidelity led the outflows, followed by Grayscale and Bitwise, increasing uncertainty in the market. Ethereum ETFs have also faced heavy selling pressure. In the past two weeks, they have lost a total of $85.3 million, with Grayscale accounting for the largest share. This has further weighed down Ethereum’s price. Major Hacks Add Selling Pressure The recent wave of major crypto hacks has worsened the market sentiment. The Bybit hack resulted in a $1.4 billion loss in Ethereum, triggering panic selling. Although Bybit’s CEO, Ben Zhou, confirmed the recovery of $742 million, investor confidence remains shaky. Adding to the concerns, the neobank Infini was hit by a $49.5 million hack involving USDC, further unsettling the market.

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Why is the crypto market down today? The crypto market is down today as investors view crypto product funds outflows and the recent Bybit hack as catalysts for the market to lean bearish. The cryptocurrency market is flashing red today, with the total market capitalization dropping by 3% to about $3.1 trillion on Feb. 24. Several concrete factors have contributed to the latest drop in crypto prices, including: The crypto market still reeling from the $1.4 billion Bybit exchange hack. Investors are in risk-off mode amid continued outflows from crypto investment products. Stiff resistance on the upside stifles recovery efforts in global crypto market capitalization. Ethereum leads the market slump Today’s crypto market decline is part of a correction that started on Feb. 21, when the Bybit cryptocurrency exchange was hacked for over $1.4 billion ETH and ETH-related tokens in the largest-ever crypto heist.

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