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Down we go! Crypto markets tumbled this morning, with the total crypto market cap (TOTAL) wicking down as much as 12%, its largest single-day decline since the collapse of FTX in November 2022. What's causing the crypto weakness?
Some blamed the drop on a report released by crypto services platform Matrixport, which reasoned that the SEC will deny spot Bitcoin ETF applications this month and cautioned crypto traders to hedge their portfolios against a possible -20% BTC price plunge.
Is the Matrixport report in the room with us right now? pic.twitter.com/aRPvfJFrgf
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