Cryptocurrency markets have recently experienced a significant downturn, marking one of the worst days in the sector’s history. Leading reserve coins have seen declines of over 20%, contributing to a heightened sense of anxiety among investors.

The Fear & Greed index has dropped to 24, reflecting increased market apprehension. Additionally, the ETH/BTC ratio has reached a four-year low, and crypto exchange-traded products (ETPs) have faced substantial outflows totaling $2.9 billion in the past three weeks.

In terms of regulatory developments, a new crypto task force has been established by the SEC, which plans to discontinue its case against Kraken. Coinbase is currently assessing the financial implications of the SEC’s ongoing regulatory actions. Other notable updates include:

• NYSE Arca proposing a rule change to allow the listing of a DOGE ETF.
• Tether appointing a new CFO to enhance transparency.
• SBI in Japan supporting USDC.
• Vietnam preparing to implement new cryptocurrency regulations in March.
• Australia having no current plans for a strategic reserve in the sector.

📎 Related coverage from: decrypt.co