The regulatory hammer hasn't fallen yet, but the market has already buckled. The sentiment is really fragile.

The EU's new crypto regulatory review triggers market sell-off, with crypto stocks plummeting sharply—Coinbase and Circle have fallen about 69% and 72% from their highs respectively. Bitcoin falls below $60k, Ethereum near $1,500, dragging down exchange revenue and investor demand. Coinbase's Q1 revenue fell short of expectations, while Circle's stablecoin business remains under pressure. The European Commission has proposed reviewing DeFi, staking, NFTs, and more, with the crypto agenda set for a vote on July 7; if passed, it will become official policy.