The Securities and Exchange Commission's intent to dismiss a lawsuit against Coinbase initially boosted crypto markets, with COIN and Robinhood experiencing 5% gains and bitcoin approaching $100,000. However, the positive momentum was dampened by news of a $1.5 billion hack on Bybit, causing bitcoin and ether to slide. Furthermore, poor readings from the Michigan Consumer Sentiment Index and a new coronavirus scare out of China contributed to a decline in U.S. stock prices. At the close of trading, the Nasdaq was down 2.2%, the S&P 500 down 1.7%, and the 10-year U.S. Treasury yield fell by nine basis points to 4.42%. Bitcoin dropped by nearly 4% to $95,000, while ether pulled back to $2,650, resulting in a 4.4% decrease in the CoinDesk 20 Index.



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