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Over the past two weeks, one dominant narrative has taken hold across crypto markets: the industry is searching for a bottom, but no one is entirely sure where that bottom is—or whether it has even been reached yet. This uncertainty is not driven by a single event. Instead, it is the result of multiple forces converging at once: macroeconomic pressure, geopolitical instability, fading regulatory...

One of the clearest pressures on the crypto market right now is not a collapse in technology, a major exchange failure, or even a sudden loss of interest from users. It is delay. Over the past several weeks, and especially in the last two, the market has been forced to confront a frustrating reality: regulation is moving forward in theory, but too slowly in...