Bitcoin experienced a sharp and unexpected decline, falling below the crucial $90,000 level and briefly touching $87,800. This sudden move broke the calm that had dominated the market in recent days. Investors holding leveraged positions were caught off guard as prices slipped rapidly, creating panic across the broader crypto market.
Rumors around the Codex network upgrade gained traction after Bybit announced support for other blockchain upgrades, including BNB Smart Chain v1.6.5 and Secret Network v1.23.3 earlier this month. However, Codex was noticeably absent from those announcements. This lack of clarity has raised concerns about how the upgrade could affect stablecoin adoption on Ethereum Layer 2 networks.
The crypto community response has been cautious. While no immediate financial or regulatory impact has been reported, uncertainty continues to surround future stablecoin integration strategies. Emily Bao, Head of Spot at Bybit, previously highlighted the importance of stablecoins in global finance, reinforcing interest in Codex as a blockchain built specifically for stablecoin use cases.
Historically, Bybit upgrade support has followed clear strategic patterns, especially for major Layer 1 and Layer 2 networks. Industry experts suggest that without an official announcement, speculation around Codex v1.16.5 remains unsubstantiated. Investors are advised to rely on verified updates rather than rumors when making decisions in a volatile market.
