Cryptocurrencies opened the door on last Monday, only to see the red, melting crypto market. The market erupted like a volcano in red, with Bitcoin, Ethereum, and other leading coins melting like lava. Bitcoin limped to $109,000, showing over 5.7% dip in the past 24 hours. Massive liquidations, wipeouts, and ETF outflows also weighed down the market, adding to the ordeal. Apart from these shaky developments, here are the major headlines that spun the crypto news world.
Warren seeks probe into Trump family’s crypto deals
US Senators Elizabeth Warren and Elissa Slotkin called for an investigation into 42 billion in crypto transactions linked to U.S. President Trump’s family.
$260 billion liquidation in the last week
The crypto market saw a major setback; around $260 billion positions were liquidated from the market as the market tumbled and major coins drew red charts. On Friday alone, $500 million worth of crypto longs were liquidated within an hour, with even more liquidations occurring throughout the day.
Bitcoin crashes to $109K
Bitcoin falls to $109,000 as the crypto market experienced a massive sell-off, weak expectations of further interest rate cuts, and continued ETF outflows.
Kraken secures $500 million, hits $15 billion valuation
Crypto exchange Kraken has reportedly raised $500 million at a $15 billion valuation amid growing speculation that the exchange is getting ready for an initial public offering.
Sam Altman’s World taps Chainlink for WLD transfers
OpenAI CEO Sam Altman’s World project adopted Chainlink’s Cross-Chain Interoperability Protocol (CCIP) to facilitate seamless WLD token transfers between World Chain and Ethereum.
Aster fully repays users after liquidation glitch
Decentralized perpetual exchange, Aster, has fully reimbursed users affected by abnormal price movements on its XPL perpetual trading pair, with compensation distributed in Tether’s USDT stablecoin.
The crypto space also encountered other major news; hackers stole $32,000 from live streamer Raivo Plavnieks, the money he had raised for his cancer treatment; Tether appointed former Google executive Benjamin Habbel as its new Chief Business Officer; stablecoin issuer Circle explores reversible transactions to tackle fraud and error. Whether the market will awaken from a bad sleep depends largely on macroeconomic factors in the upcoming days. Although some experts predict bullish signals as Uptober (bullish October) approaches, the market now swings to and forth.
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