Need to know what happened in crypto today? Here is the latest news on daily trends and events impacting Bitcoin price, blockchain, DeFi, NFTs, Web3 and crypto regulation.
The global crypto market cap fell below $2 trillion as Bitcoin trades below the $60,000 psychological mark. Pro-crypto attorney John Deaton has won the Republican nomination for the U.S. Senate in the Massachusetts primary. Meanwhile, the SEC has charged fund adviser Galois Capital for failing to protect customer deposits during the FTX collapse.
Related articles
Total crypto market sinks below $2T as analysts eye Bitcoin reversal below $54K
The global crypto market capitalization fell below the $2 trillion mark after decreasing 3.46% in 24 hours.
Combined with the growing sell-off in traditional markets, this resulted in Bitcoin (BTC) falling below the $60,000 psychological mark. For a potential reversal, Bitcoin price first needs a correction to $54,000, FxPro analyst Alex Kuptsikevich
September has historically been a month of downside volatility, with average Bitcoin returns at -4.69%, making it the most bearish month based on average returns, according to CoinGglass data.
Pro-XRP lawyer John Deaton wins US Senate primary
Pro-crypto attorney John Deaton has won the Republican nomination for the U.S. Senate in the Massachusetts primary election on Sept. 3. The victory in the primary race means Deaton is now set to face off against Democratic Senator Elizabeth Warren in November.
Deaton, a former Marine and outspoken advocate of Ripple (XRP), defeated two other Republican candidates including industrial engineer Bob Antonellis and Quincy city council president Ian Cain to nab the Republican nomination.
At the time of publication, Deaton has secured 64% of votes in Massachusetts, with around 43% of the total being tallied so far, according to election tracking data from Politico.
Senator Warren is well-known by crypto pundits for her strong anti-crypto stance, going as far as making a “war on crypto” a key part of her re-election campaign in 2023, as well as introducing several pieces of legislation that seek to clamp down on crypto in the United States.
Galois Capital charged by SEC
The SEC has charged fund adviser Galois Capital Management for failing to properly custody investors’ assets, including holding client funds with the FTX cryptocurrency exchange at the time of its collapse.
According to a Sept. 3 announcement, the securities regulator alleged violations of its custody rule, which requires investment advisers who custody client funds to use a qualified custodian, such as a bank or registered broker-dealer. The SEC alleged that Gaolois held crypto assets in online trading accounts, including FTX Trading Ltd.
FTX collapsed in November 2022 due to a severe liquidity crisis and company mismanagement.
Despite regulatory bottlenecks facing the crypto industry, there are at least 12 qualified digital asset custodians in the country, including Anchorage Digital Bank, Coinbase Custody Trust, Fidelity Digital Asset Trust, and Fireblocks Trust Company. FTX was not one of them at the time of its collapse
To read article in Arabic, please visit the website Crypto Mena
Risk Disclaimer
Although Sponsored Trading can be profitable, it is associated with a significant risk of losing your investment. The risks will increase when trading on margin companies. Traders must exercise due diligence and be careful when making their trading decisions. It is the sole responsibility of the Trader to learn and acquire the knowledge and experience required to use the Trading Platform and anything that will be required to trade properl
