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Big Market and Crypto News: U.S. Stocks Drop, DeFi at Risk, Ripple’s Stablecoin Launch and More

In this weeks top financial and crypto news, U.S. stocks plunged, with tech and semiconductor sectors leading the decline, while Bitcoin ETFs saw their largest outflows since May. Meanwhile, the FBI warns of North Korean hackers targeting Bitcoin ETFs. Uniswap Labs was fined for offering illegal crypto derivatives trading, and Ripple's CEO announced their stablecoin is close to launch.

Ethereum Plunges to 2024 Low and Bitcoin Sinks as Liquidations Hit $272 Million

Ethereum has hit its lowest price in 2024 after sinking nearly 8% over a 24-hour period, according to CoinGecko. The second-biggest coin dipped Friday to $2,193—a level not seen since last year. Over the past week, the asset has fallen by 13%—worse than most of the biggest coins and tokens. The price of Bitcoin also fell precipitously to $52,690, recovering somewhat to $53,516 after dropping 5% in the past day. The asset has also struggled as investors fast cash out of the newly-approved spot Bi...

Crypto Derivatives Signal ‘Greater Downside’ for Bitcoin and Ethereum: Report

New data from the cryptocurrency derivatives market suggests a growing bearish sentiment among traders, with options activity indicating expectations of further price declines for major digital assets like Bitcoin (BTC) and Ethereum (ETH).  A new report from crypto exchange Bybit, developed in collaboration with analytics and research platform Block Scholes, highlights a marked increase in implied volatility levels across various expiration dates for both Bitcoin and Ethereum options.  This surg...

VanEck Will Shutter Ethereum Futures ETF as Spot Funds Struggle

Investment firm VanEck announced Friday that it will close and liquidate its Ethereum futures ETF (EFUT), a decision that comes against a backdrop of significant outflows from spot Ethereum ETFs just weeks after they began trading in the United States. This move reflects broader challenges facing the Ethereum ETF market, which has collectively seen a cumulative net outflow of $562.3 million, according to data from SoSo Value. There’s been only one day of positive flows since September 15, with o...