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Crypto’s selloff causes mass liquidations, SpaceX trims its crypto holdings and does President Trump have a secret crypto wallet? These stories and more, this week in crypto.
Crypto Sell-Off Causes Mass Liquidations
Bitcoin plunged to its lowest price since June, and crypto prices fell harder than equities amid a broader market decline. Extensive risk off sentiment saw major tokens like Ether, Binance’s BNB, Cardano’s ADA and Solana’s SOL tokens all falling by 10%. A sudden cascade of mass liquidations, with over a $1 billion liquidated in a 24 hour period, intensified the fall.
Musk’s SpaceX Reduces Crypto Holdings
Elon Musk’s SpaceX has reduced its Bitcoin holdings by $373 million over the past two years. Although it is not clear when the sale occurred, SpaceX’s selloff follows a similar move by Tesla, which had already sold 75% of its Bitcoin holdings. The news triggered massive liquidations on the crypto market, making it clear that Elon Musk still holds notable influence on crypto prices.
Coinbase To List Crypto Futures in US
Coinbase has won its long-running battle for approval to list crypto futures in the US. The approval makes Coinbase the first crypto-first platform to offer regulated and leveraged crypto futures alongside traditional spot trading. Coinbase commented that offering US investors access to secure and regulated crypto futures is key to unlocking growth and enabling broader participation in the crypto economy.
Checkout.com Drops Binance
Binance is considering legal action after Checkout.com suddenly ended its relationship with the company, even though there is no direct impact on its users. Even though Binance was its largest customer, the London-based credit card payment service provider said that they terminated the relationship because of regulatory actions, and concerns over Binance’s anti-money laundering, sanctions and compliance controls.
Crypto Custodian Raises $100M Funding
Amid the ongoing bear market and industry challenges, leading cryptocurrency custodian, BitGo, managed to raise $100M in Series C Funding. The new financing has raised BitGo’s valuation to $1.75 Billion. In a statement, BitGo CEO Mike Belshe highlighted the growing demand for regulated custody solutions both in the US and globally.
PayPal Pauses UK Crypto Sales
Payments giant PayPal will stop allowing UK customers to buy crypto on its platform beginning in October. Britain’s financial regulator’s new tougher rules come into effect on October 8, and will limit how crypto is advertised to British consumers, causing Paypal to temporarily pause UK crypto purchases, while it works to comply with the new regulations, which require crypto firms to carry warnings about investment risks and effectively eliminate referral incentives.
Bored Ape Creators to Drop OpenSea
Bored Ape Yacht Club’s creator, Yuga Labs, plans to sever ties with OpenSea by next year due to the market’s changing fee model. OpenSea decided to move to optional creator fees on secondary NFT sales. Yuga is now concerned about creator compensation. As NFT marketplace dynamics change, they emphasize the importance of supporting artists and their earnings from NFT sales.
Trump Owns a Crypto Wallet
Donald Trump holds up to half a million dollars in cryptocurrency, according to a recently released financial disclosure form submitted to the Office of Government Ethics. The disclosure includes an Ethereum wallet with a value between $250,000 and $500,000. The assets are thought to be connected to his 2022 Trump NFT collection release.
That’s what’s happened this week in crypto, see you next week.
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