Bitcoin BTC/USD climbed 2.88% to $69,104 on Monday, outpacing a broadly rising crypto market as institutional trading resumed after the holiday weekend and a leveraged short squeeze amplified gains. Meanwhile, Drift Protocol disclosed that the $280 million exploit it suffered last week was the result of a meticulously planned, six-month intelligence operation. Beyond transient price fluctuations, the cryptocurrency market is facing a structural issue. Michael Ippolito, a co-founder of Blockworks, claims that the rapid increase in tokens is surpassing the value they produce, a phenomenon he refers to as “existential” ... (full story)