Plunging U.S. Stocks Help Add to Crypto's Bad Day

Crypto markets initially rose after the SEC signaled it might dismiss a lawsuit against Coinbase, leading to a 5% increase in Coinbase and Robinhood stock prices, and pushing Bitcoin towards $100,000. However, a reported $1.5 billion hack of the Bybit crypto platform caused Bitcoin and Ether to drop about 2%. A decline in US stock markets, fueled by worsening consumer sentiment, rising inflation expectations, and renewed coronavirus fears in China, further impacted crypto prices. The Nasdaq dropped 2.2%, the S&P 500 fell 1.7%, and the 10-year Treasury yield decreased to 4.42%. Bitcoin retreated to $95,000, a nearly 4% loss over 24 hours, while Ether fell to $2,650, also a 4% drop. The CoinDesk 20 Index, a broader measure of the crypto market, declined by 4.4%.