- Bitcoin dropped to $78,814.34, dragging total crypto market cap down 0.7% today.
- Cronos validators rolled back state, recovering $111 million of $120.4M exploit.
- Crypto liquidations totaled $182 million in 24 hours, impacting longs and shorts.
The global crypto market cap fell 0.7% to $2.76 trillion over the past 24 hours. Bitcoin traded at $78,814.34, down 1.2% on the day and up 0.6% over the past week, after slipping below the $79,000 level multiple times in Asian trading hours.
Ethereum changed hands at $2,482.75, down 1.0% in 24 hours and up 0.8% over seven days, retreating from an earlier intraday break above $2,500. XRP traded at $1.39 and BNB at $743.30.
Total crypto liquidations across all exchanges reached $182 million in the past 24 hours, according to CoinGlass, with long liquidations at $92.11 million and short liquidations at $89.40 million. Bitcoin accounted for $45.91 million of the total and Ethereum for $37.65 million. The largest single liquidation order was a $3.07 million position on Binance’s ETHUSDT pair.
Trending Searches
Cluster Protocol’s CP token led attention after Upbit and Bithumb both moved to list it, with the token trading near $0.02425, up 14.8%, and briefly spiking to a high of $0.28 with volatility exceeding 50% in a single hour on OKX data. Pons dipped 8.5% to $0.7014, and STONK gained 17.5% to $0.1841. Among top gainers, DogBull surged 334.7% to $0.021563, Sophon jumped 112.9% to $0.008889, and OTC climbed 68.3% to $0.025976.
Security and Recovery Efforts
Cronos Network validators paused block production after an August 30 attack on the Tectonic lending protocol involving approximately $120.4 million in loans, drawn through collateral price manipulation of the TONIC token by roughly 195 times.
Validators rolled back the chain to the pre-attack block, recovering approximately $111 million, with about $9.19 million still unrecovered after being moved cross-chain, Cronos said.
Blockstream confirmed a vulnerability behind the Liquid Network’s roughly 4,000 BTC theft had been patched, and the attacker, who described themselves as a white hat, returned 3,400 BTC, leaving about 600 BTC outstanding.
Harmony reported its ONE token reconciliation gap tied to an August 11 incident had been reduced from 10.234 billion to 6.581 billion tokens after matching 295 cross-exchange transfers, though the change reflects methodology adjustments rather than newly recovered funds.
Institutional and Treasury Activity
Hong Kong-listed Boyaa Interactive added 115 BTC, bringing its holdings to 4,316 BTC, according to BitcoinTreasuries.NET. Strategy held 845,050 BTC as of August 30 after raising $602.8 million in financing the prior week, of which $369.7 million went toward Bitcoin purchases, per an 8-K filing.
Yunfeng Financial, indirectly held by Jack Ma, disclosed a prior purchase of 10,000 ETH at a total cost of $44 million and said it plans to explore adding Bitcoin and Solana to its reserves. Circle minted $250 million in USDC on Solana, according to on-chain data.
Whale and Trading Activity
Justin Sun unstaked another 5,000 ETH from Lido, bringing his total redemptions since August 26 to 10,000 ETH, according to on-chain analyst Ai Yi, with about $12.3 million already moved to Poloniex.
Abraxas Capital added 13,000 ETH in spot purchases worth roughly $32.39 million to hedge a 141,180 ETH short position on Hyperliquid valued near $353 million, per Lookonchain. Hyperliquid bought back and burned 15,350 HYPE worth approximately $1.32 million in the past 24 hours, bringing total burns since the mechanism launched to 48.45 million HYPE, or 4.84% of maximum supply.
Related: XRP Stuck in Range as $1.50 Breakout Level Comes Into Focus
Regulatory and Legal Developments
The U.S. CFTC asked a Washington court to dismiss CME’s lawsuit against Kalshi’s Bitcoin perpetual futures contracts, calling the case “much ado about nothing” and noting CME’s own Bitcoin futures volumes rose in June and August. Polish prosecutors charged an individual in connection with cryptocurrency exchange ZondaCrypto, alleging embezzlement of 7.8 million PLN in user funds.
Hunter Biden’s LAPTOP meme coin, set to launch on Base on September 9, coincided with declines across Robinhood-linked meme tokens, including MEME, PONS, and PAIR, each down between 5% and 19% over one hour.
Related: Hunter Biden to Launch LAPTOP Meme Coin on Base After TRUMP Losses
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