Crypto Market Sees $2.98 Billion in Liquidations in 24 Hours, Trump Supports Crypto Policy

In the past 24 hours, the crypto market experienced liquidations totaling $2.98 billion, marking the eighth largest liquidation event in history. Trump revealed that the U.S. government has discussed accumulating a significant amount of Bitcoin and urged for the swift passage of the Clarity Act to end the war on crypto. SEC Chairman Gary Gensler stated that he would prioritize pushing Congress to pass the CLARITY Act. Ripple CEO noted that 67 million Americans hold cryptocurrencies, indicating that the crypto industry is no longer marginal. The Coinbase Base App has integrated with Hyperliquid, launching over 290 perpetual contract markets. Trump mentioned that the CFTC is pushing to bring Hyperliquid into the U.S. in a compliant manner, with HYPE surging over 20% in 24 hours. Supporters of BIP-110 plan to restart minority chains using BLAKE2b, raising concerns over replay attack issues. The head of Galaxy Research stated that retail buying interest in IBIT has reached its highest level in two years. The Federal Reserve's meeting minutes revealed that several officials lean towards raising interest rates, stating that action is needed if inflation remains high. Coinbase CEO anticipates bipartisan support for the CLARITY Act by September 15, which could trigger a new crypto bull market.

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