BTC Rejected at $100K After $1.5B Bybit Hack, SEC to Halt Coinbase Lawsuit: Your Weekly Crypto Recap

It was a relatively slow and quiet uneventful week for the cryptocurrency markets but Friday turned the tables around with some big news.

But before we dive into the major developments that took place earlier today, let’s focus on the price movements over the past week. Recall that the largest digital asset spiked to $99,000 last Friday where it was met by the bears and was not allowed to progress toward the coveted six-digit territory.

The weekend was quite sluggish as BTC traded at around $97,000. The market started to retrace as the new business week began, which culminated on Tuesday afternoon with a massive crash for bitcoin that drove it to under $93,500. This became its lowest price point since the early February massacre.

Nevertheless, the cryptocurrency reacted well after this nosedive and regained its composure rather rapidly. Within the next few days, it had rebounded to around $96,000 and began its gradual increase toward $100,000.

Earlier today, BTC peaked at just under $99,600 following major news from Coinbase’s CEO, Brian Armstrong. The exec indicated that the lawsuit between the exchange and the US securities regulator will be dismissed as early as next week by the SEC.

However, the bitcoin bulls had little time to celebrate as one of Coinbase’s competitors – Bybit – was hit with a massive $1.5 billion hack. The news, especially since it was confirmed by the company’s CEO, sent shockwaves through the market and BTC tumbled by over two grand within minutes.

BTC has recovered some ground since then and now sits slightly above $98,000, which means it has increased by 1.5% since this time last week. TRX and LTC are the two top performers from the larger-cap alts, while SOL and DOGE have plunged the most, followed by LINK, TON, SUI, SHIB, PEPE, and many others.

Market Data

Market Cap: $3.363T | 24H Vol: $129B | BTC Dominance: 58.1%

BTC: $98,500 (+1.6%) | ETH: $2,748 (+0.5%) | XRP: $2.63 (-3.2%)

This Week’s Crypto Headlines You Can’t Miss

Coinbase CEO Boasts About SEC Lawsuit Dismissal – Is Ripple Next? The CEO of Coinbase, Brian Armstrong, took to social media to reveal that the US Securities and Exchange Commission is planning to withdraw its case against the exchange. The decision to dismiss the lawsuit, however, is still pending approval, which is expected by next week.

Bitcoin Decouples From S&P 500 – Good or Bad for BTC? Throughout the past three weeks, it appears that the correlation between the S&P 500 and Bitcoin has been on the decline. As of a few days ago, it actually dropped to zero, suggesting good times ahead for bitcoin, at least according to historical performances.

SEC Withdraws Appeal in DeFi Dealer Classification Case. The SEC has willingly withdrawn its appeal of a ruling that blocked its attempt to expand existing securities regulations to decentralized finance (DeFi). Coupled with its decision to drop the case against Coinbase, the week has been very positive for the industry in this specific regard.

Trump Declares End to Biden’s Crypto Policies. US President Donald Trump has officially declared the end of Biden’s policies related to cryptocurrencies. Bitcoin’s price and the broader crypto market experienced an uptick in response.

Meme Coin Meltdown: Crypto Community Turns Against Speculative Tokens. Multiple cryptocurrency proponents have spoken against the speculative nature of meme coins following the latest scandal that made waves in the media, such as ‘Libragate.’ It’s related to the meme coin, which received public endorsement from the president of Argentina.

Litecoin (LTC) Surges 46% in Just 2 Weeks on ETF Buzz. It turns out that Litecoin, regarded by many as a ‘dino coin,’ is one of the best performers in the past two weeks. The cryptocurrency soared by more than 46% during that period as expectations of an LTC ETF approval in the US mounted.