As the sun sets and the crypto market transitions to night mode, let's delve into the key events that shaped the day. In the realm of controversial crypto projects, Donald Trump's World Liberty Financial found itself in the spotlight again, and not in a good way. Tied to a $2M DeFi hack on Dough Finance, this project has garnered attention for all the wrong reasons. Despite the negative press, the affiliation seems to be bolstering Trump's poll numbers, which saw a surprising 3% boost. Adding to the tumultuous day for Trump-linked ventures, his family's social media accounts were hacked to promote a fake crypto token, bringing additional scrutiny. Ethereum (ETH) made headlines as well, though not for the reasons many might hope. The network's revenue has plummeted by a staggering 99% following the Dencun upgrade, despite a rise in Layer 2 activity. Gas fees hit record lows, and staking returns have noticeably diminished, painting a concerning picture for ETH holders. Another significant development came from the Federal Reserve's anticipated rate cuts. While traditionally viewed as a market booster, analysts, including former BitMEX CEO Arthur Hayes, caution that these cuts may not bode well for Bitcoin (BTC). Concerns loom over a potential price drop, a sentiment that stands in stark contrast to the historical patterns that predict a bullish October, with expectations of a 30% gain. On the political front, pro-crypto lawyer John Deaton secured a major victory in the Massachusetts Republican primary with a 65% vote share. His upcoming face-off against Senator Elizabeth Warren promises to be a critical juncture for the crypto community. Meanwhile, Coinbase's Chief Legal Officer, Paul Grewal, envisions a pro-crypto Congress emerging post-2024 elections, irrespective of who wins the presidency. Toncoin (TON) faced its own set of challenges. The arrest of Telegram CEO Pavel Durov led to significant selloffs, pushing the token's price down to $5.04. Despite Binance's support, ongoing legal scrutiny continues to trouble the network. Shiba Inu (SHIB) has been riding a wave of volatility. Although it experienced key metrics jumps and a modest 2% price increase today, the token struggled to maintain momentum, unable to break through recent consolidation phases. In a noteworthy regulatory move, Japan's Financial Services Agency aims to lower crypto taxes by 2025, aligning them more closely with those for traditional financial assets. This proposal is a potential game-changer for the Japanese crypto market. Ripple (XRP) also captured attention with the announcement of their RLUSD stablecoin, set to challenge existing market leaders. Simultaneously, their ongoing legal battle with the SEC remains fluid as both parties grapple with appeals and looming deadlines. The day saw significant security breaches as well. Penpie, a DeFi protocol, was hacked to the tune of $27M, causing a 40% drop in its PNP token. Meanwhile, Euler Labs relaunched their DeFi protocol's v2, designed for innovative lending and deposit solutions, following a rigorous security audit after a previous $197M hack. Swiss bank Zurich Cantonal Bank now offers crypto trading and custody services to its extensive client base, setting a new standard in traditional banking's integration with crypto. Industry veteran Cantor Fitzgerald’s CEO highlighted the eagerness of traditional finance to embrace Bitcoin, pending reduced regulatory hurdles. In enforcement news, Uniswap Labs settled with the CFTC for $175,000 over illegal crypto derivatives charges, while recent data from the FTC reveals a surge in Bitcoin ATM scams, with $110M lost in 2023 alone. Lastly, Siemens took a significant step forward by issuing a €300M digital bond via blockchain, marking its largest automated settlement to date. As the day draws to a close, these events collectively underscore the dynamic, and often turbulent, landscape of cryptocurrency. Stay tuned as we continue to navigate these evolving waters.
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