Bitcoin and the broader crypto market experienced unprecedented volatility following a record high, with a $19 billion liquidation event on Friday. US President Donald Trump’s tariff threat is believed to have sparked the sell-off, leading to traders losing years of gains within minutes. Binance announced a $400 million relief program for impacted traders.
JPMorgan is set to offer cryptocurrency trading services, marking a shift toward digital assets on Wall Street. Despite CEO Jamie Dimon’s past skepticism, the bank has partnered with Coinbase and developed its own blockchain-based payment system. JPMorgan’s global head of markets and digital assets confirmed plans for crypto trading services.
The number of Bitcoin treasury companies has surged by 38% in three months, with 172 companies now holding Bitcoin on their balance sheets. Corporate Bitcoin holdings reached $117 billion, reflecting increasing interest in Bitcoin as a reserve asset. Michael Saylor’s Strategy remains the largest corporate Bitcoin holder, with 640,000 BTC.
Elon Musk praised Bitcoin’s energy-intensive proof-of-work system, highlighting its protection against currency debasement. Musk argued that Bitcoin offers stronger security against debasement compared to fiat money. Tesla, Musk’s company, previously added Bitcoin to its balance sheet and remains one of the largest corporate Bitcoin holders with 11,509 BTC. 1. The stock market hit record highs today, with the S&P 500 reaching 4,500 points for the first time ever. This surge was driven by strong earnings reports from major tech companies, including Apple and Amazon.
2. In other news, the unemployment rate dropped to 4.2% last month, the lowest it has been since the start of the pandemic. This is a positive sign for the economy as more people return to work and businesses continue to hire.
3. A new study found that 70% of Americans are planning to travel this holiday season, with many opting for domestic trips over international travel. This is a significant increase from last year, when travel was heavily restricted due to COVID-19.
4. The FDA has approved a new antiviral pill to treat COVID-19, called Paxlovid. This oral medication has been shown to significantly reduce hospitalizations and deaths in patients with mild to moderate symptoms of the virus.
5. Tesla announced plans to build a new $1 billion factory in Texas, which will produce the company’s new electric pickup truck, the Cybertruck. This move is expected to create thousands of jobs in the area and further solidify Tesla’s position as a leader in the electric vehicle market.
Read more at cointelegraph.com: Find Out What Happened This Week in Crypto and Web3