On Tuesday, U.S. stock markets experienced significant declines, driven predominantly by losses in the technology and semiconductor sectors. The total market capitalization dropped by $1 trillion, with the Dow Jones Industrial Average falling more than 600 points and the Nasdaq Composite losing 3%. Nvidia, a major player in the semiconductor industry, saw its stock plummet over 7%, marking the largest one-day market cap decline for any U.S. company. This downturn led to a $10 billion decrease in the net worth of Nvidia’s CEO. Meanwhile, Bitcoin fell below $56,000 but has since rebounded to approximately $58,000. Market observers are closely watching the upcoming non-farm payrolls report, scheduled for Friday, which could further influence market trends.
In regulatory news, the Commodity Futures Trading Commission (CFTC) has imposed a $175,000 fine on Uniswap Labs for offering illegal digital asset derivatives trading. The CFTC’s investigation revealed that Uniswap Labs had provided leveraged or margined cryptocurrency transactions without proper registration and offered these to non-Eligible Contract Participants. The fine was reduced in light of Uniswap Labs’ cooperation with the investigation.
On the ETF front, Tuesday saw substantial outflows from spot Bitcoin ETFs, totaling $287.78 million, marking the largest outflow since May 1. Spot Ethereum ETFs also faced withdrawals amounting to $47.4 million.
The FBI has issued a warning about North Korean cybercriminals intensifying their efforts to hack U.S. spot Bitcoin ETFs. These cybercriminals are employing advanced social engineering tactics, including phishing and impersonation, to target industry workers and steal funds from Bitcoin ETFs.
Ripple CEO Brad Garlinghouse announced that Ripple’s forthcoming stablecoin, RLUSD, is “very close” to launch and is expected in the coming weeks. This U.S. dollar-pegged stablecoin aims to complement XRP and address gaps left by other stablecoins such as USDT and USDC. Garlinghouse also mentioned that Ripple is not pursuing a U.S. public offering due to the SEC‘s “hostile” stance towards the cryptocurrency industry.
Polygon (MATIC) is set to migrate to a new token standard, POL, starting this week. This migration is part of Polygon’s initiative to enhance its blockchain infrastructure and improve ecosystem functionality. Users and developers are encouraged to follow the migration process for a seamless transition.
New details have emerged regarding the Trump Crypto Project, which is connected to a $2 million DeFi hack. The project’s codebase was initially uploaded to GitHub and later removed. The code bears similarities to that of Dough Finance, which suffered a hack in July. The project is also planning to include a non-transferable governance token, $WLFI.
In political news, Paul Grewal, Coinbase‘s Chief Legal Officer, confirmed that Coinbase has engaged with both Donald Trump and Kamala Harris’ presidential campaigns. The Trump campaign has been notably proactive in its interactions with Coinbase, highlighting the growing intersection between cryptocurrency platforms and political campaigns.
Lastly, congratulations to John Deaton, who secured 64% of the vote in the Republican primary for the U.S. Senate seat. He will face Senator Elizabeth Warren in the general election this November.
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