- Bitcoin trades near $65,351 as total crypto market cap rises to $2.22 trillion.
- BitMEX’s BMEX token crashes 99.69% after the exchange announces a shutdown.
- BlackRock, Coinbase, Strategy fund a $15M Bitcoin quantum security consortium.
Bitcoin traded near $65,351, down 0.41% over the past 24 hours but still up 3.18% for the week, while Ethereum slipped 2.34% to trade around $1,878. XRP dipped 2.45% to $1.10, Solana also fell 2.52% to $75.72, Dogecoin fell 4.64% to $0.06918 and HYPE easing to $58.41.
Total crypto market capitalization stood at $2.22 trillion, up 0.81% over the past day. The Fear & Greed Index read 37, still in “fear” territory, while the Altcoin Season Index held at 50.
Trending Searches
DeXe led trending searches despite collapsing 54.1% over 24 hours, followed by ADI, up 3.2%, and Ethereum itself, down 2.3% on the day. The wide dispersion between a major asset like Ethereum and a volatile small-cap like DeXe reflects a market where search interest and price direction remain loosely correlated.
BitMEX Shutdown Sends Shockwaves Through Its Token
BitMEX’s platform token BMEX plunged 99.69% and experienced liquidity issues after the exchange announced it will close on September 23 and has already stopped new registrations. Bubblemaps found that roughly 75% of BMEX’s total supply, originally earmarked for employee incentives, ecosystem development, and long-term reserves, was never distributed on-chain, with only one claim recorded since 2021.
Former co-founder Arthur Hayes thanked partners and customers in a farewell post, calling the closure something the team could handle “responsibly, on our own terms.” Separately, Swan Bitcoin CEO Cory Klippsten alleged Tether effectively controls Twenty One Capital and used unsubstantiated claims to describe departing CEO Jack Mallers’ role as a “figurehead.”
Institutions Launch Quantum Security Push
Nine major firms, anchored by BlackRock, Coinbase, and Strategy, formed the Bitcoin Security Consortium, committing $15 million over three years to fund developers and researchers addressing future quantum computing threats to the network. Each member funds initiatives independently rather than through a shared pool, with day-to-day coordination led by Brink’s Mike Schmidt on a volunteer basis.
A separate BlackRock report estimated roughly 35% of circulating Bitcoin supply carries quantum exposure risk through visible public keys, with 11% to 19% potentially unrecoverable during any migration to quantum-resistant standards.
New Tariffs Take Effect as Trade Tensions Widen
The Trump administration imposed new tariffs of 10% to 12.5% on dozens of countries under Section 301 of the Trade Act, targeting nations deemed insufficiently active against forced labor, effective as the prior 150-day global tariff expired. The new levies stack on existing tariffs and cover roughly 99% of US trade volume, with exemptions limited mostly to agricultural products, pharmaceuticals, and select industrial goods.
Clarity Act Momentum Stalls Again
Senate Majority Leader John Thune said the Clarity Act will likely miss the window to pass before the August 7 recess, with the Senate prioritizing a Russia sanctions bill instead. White House crypto adviser Patrick Witt pushed back, saying he wasn’t ready to rule out an early-August vote. Goldman Sachs CEO David Solomon publicly backed the bill despite continued opposition from JPMorgan’s Jamie Dimon and other bank executives over stablecoin yield provisions.
Institutional and Corporate Developments
Mubadala Capital partnered with Coinbase to launch a tokenized version of its private equity fund, marking the first time a US-listed company has used regulated tokenized assets for on-chain treasury management on its balance sheet. Ondo Finance’s Oasis Pro Markets received FINRA authorization to offer tokenized stocks and funds to US investors, while Citigroup cut its Coinbase price target from $400 to $235.
BTC treasury company KULR Technology continued unwinding its position, cutting holdings to just 100 BTC after repeated sales resulted in a $22.62 million loss relative to its average cost basis.
Related: Kazakhstan Tightens Crypto Mining Rules to Support State Reserve
Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Coin Edition is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.
