Markets have recently faced a notable decline, marking one of the worst days for cryptocurrencies. Reserve coins have dropped by over 20%, leading to increased market anxiety as reflected in the Fear & Greed index, which has fallen to 24.

The ETH/BTC ratio has hit a four-year low, and crypto exchange-traded products (ETPs) have experienced an outflow of $2.9 billion in the last three weeks. In light of these developments, a new crypto task force has been formed, and there are plans to discontinue the case against Kraken. Meanwhile, Coinbase is evaluating the financial implications of ongoing regulatory actions.

• Tether has appointed a new CFO to improve transparency.
• SBI in Japan has expressed support for USDC.
• A proposal has been made to change rules for listing a DOGE ETF, indicating potential shifts in traditional finance’s approach to digital assets.

Amid these changes, there are rumors regarding possible tax breaks for cryptocurrencies. However, Australia has confirmed it will not establish a strategic reserve in crypto. Additionally, Vietnam is preparing to implement regulations for the crypto market in March, reflecting a growing global interest in creating frameworks for digital currencies.

📎 Related coverage from: decrypt.co