The cryptocurrency market is experiencing significant fluctuations, with Bitcoin dropping below $70k and wiping out $500 million in open interest. Despite the downturn, Bitcoin ETFs have now amassed over 1 million BTC.
Coinbase has witnessed its most substantial drop in two years, indicating potential concerns or shifts in investor sentiment. Meanwhile, Tether has reported remarkable profits of $7.7 billion and holds $100 billion in treasuries, showcasing its strong financial position.
Other developments include Franklin Templeton tokenizing a fund on the Base platform, President Trump's WLFI cutting its fundraising targets by 90%, and the treasury suggesting the replacement of stablecoins with CBDCs. Additionally, interesting anecdotes involve prison guards asking CZ for token tips.
Moreover, JP Morgan suggests that Bitcoin and gold could benefit if Trump is re-elected, and the potential for friendlier regulations regardless of election outcomes. In the business arena, CryptoCom has obtained a license to handle stocks in the US, and Gotbit's founder has been indicted for wire fraud. Lastly, Venmo's integration with Uniswap opens new avenues for digital trades.
