Alright, the market has dropped quite a bit in these hours. Bitcoin is moving around 74.8K, Ethereum has rebounded a bit to 2.36K, but most of the big players are not doing very well. BNB drops to 622, Solana to 84, only some altcoins like ENJ and CTSI are holding with interesting rallies (respectively +50% and +33%). The total market capitalization is still around 2.4T, but the sentiment is nervous.

Behind the scenes, however, big things are happening. The ECB is pushing to give ESMA direct control over large crypto companies operating across borders, which could significantly change the rules of the game under MiCA. Meanwhile, Argentina has opened the doors to virtual assets in the criteria for qualified investors, a sign that at least some are heading in the opposite direction. On the geopolitical front, talks between the US and Iran have failed without an agreement, adding uncertainty to the markets.

If you add that Nakamoto is preparing for a reverse split to avoid delisting from Nasdaq (shares dropped to 0.21), and Ether Machine has canceled its $1.6 billion SPAC merger with Dynamix, you understand why the sentiment is heavy. Native crypto companies are struggling to stay on public markets, and regulatory pressure isn't helping. We’ll see if this is just a correction or if there’s more to come.