Cryptocurrency Selloff Causes Mass Liquidations, SpaceX Reduces Crypto Holdings, and Does President Trump Have a Secret Crypto Wallet? This week we bring you these stories and more in cryptocurrency.
Mass liquidation due to cryptocurrency sale
Bitcoin plunged to its lowest price since June, and as the market decline widened, cryptocurrency prices fell worse than stocks. The widespread risk-off sentiment led to major tokens such as Ether, Binance’s BNB, Cardano’s ADA and Solana’s SOL token all falling 10%. The decline was further compounded by sudden mass liquidations, with more than $1 billion liquidated in 24 hours.
Musk’s SpaceX decreases cryptocurrency holdings
Elon Musk’s SpaceX has reduced its Bitcoin holdings by $373 million over the past two years. It’s unclear when the sale occurred, but SpaceX’s sale follows a similar move by Tesla, which has already sold 75% of its Bitcoin holdings. The news triggered a massive liquidation in the cryptocurrency market, making it clear that Elon Musk still has significant influence over cryptocurrency prices.
Coinbase Lists Cryptocurrency Futures in the US
Coinbase has won a long battle to be approved to list cryptocurrency futures in the United States. With this approval, Coinbase becomes the first cryptocurrency-first platform to offer regulated and leveraged cryptocurrency futures alongside traditional spot trading. Coinbase said providing U.S. investors with access to safe and regulated cryptocurrency futures is key to fostering growth and enabling broader participation in the cryptocurrency economy.
Deleting Binance from Checkout.com
Binance is considering legal action after Checkout.com abruptly ended its relationship with the company, despite the company having no direct impact on users. Despite Binance being its largest customer, the London-based credit card payment service provider said it had ended the relationship due to regulatory action and concerns about Binance’s anti-money laundering, sanctions and compliance controls.
Cryptocurrency custodian raises $100 million in funding
Despite ongoing bear markets and industry challenges, leading cryptocurrency custodian BitGo has raised $100 million in Series C funding. The new funding raises BitGo’s valuation to $1.75 billion. In a statement, BitGo CEO Mike Belshe highlighted the growing demand for regulated custody solutions in the U.S. and globally.
PayPal pauses UK cryptocurrency sales
Payments giant PayPal will stop allowing UK customers to purchase cryptocurrency on its platform from October. Tougher new rules from the UK’s financial regulator will come into effect from October 8 and will limit how cryptocurrencies are advertised to UK consumers, forcing Paypal to temporarily suspend UK cryptocurrency purchases while forcing cryptocurrency companies to issue warnings. We strive to comply with new regulations that require us to do so. Communicates investment risks and effectively eliminates referral incentives.
Bored Monkey Creators Shut Down OpenSea
Yuga Labs, founder of the Bored Ape Yacht Club, plans to cut ties with OpenSea by next year due to the market’s changing fee model. OpenSea has decided to move to an optional creator fee for secondary NFT sales. Yuga is now thinking about creator compensation. As NFT market dynamics change, we emphasize the importance of supporting artists and revenue from NFT sales.
Trump owns a cryptocurrency wallet
President Donald Trump holds up to $500,000 in cryptocurrency, according to recently released financial disclosure forms. The disclosure included an Ethereum wallet valued between $250,000 and $500,000. The assets are believed to be linked to the release of his 2022 Trump NFT collection.
This is what happened in the cryptocurrency market this week. I will see you next week.