Bitmine Immersion Technologies, Inc. (AMEX:BMNR) shares tumbled on Thursday, erasing an entire month’s worth of gains, as cryptocurrencies fell below key levels. However, Tom Lee‘s Ethereum (CRYPTO: ETH) treasury company maintained gains of nearly 600% since its June debut. BMNR stock is down. See the real-time price action here. Crypto DropsOver the last five days, Bitmine stock has fallen more than 16% as crypto markets hit the brakes, with Ethereum dropping below the critical $4,000 level. The correction ...

Core Viewpoint - The US stock market, particularly semiconductor stocks, experienced a significant sell-off, driven by concerns over high valuations and the increasing risk of a government shutdown [2][3][4]. Group 1: Semiconductor Stocks Performance - Semiconductor stocks collectively dropped, with the Philadelphia Semiconductor Index falling over 2%, and major companies like Broadcom, TSMC ADR, and Micron Technology also declining more than 2% [2][3]. - Other large tech stocks also faced declines, with Oracle dropping over 6% and Tesla down over 3% [3]. Group 2: Economic and Political Risks - The risk of a US government shutdown is rising, with a 63% probability of a shutdown by October 1, and a 76% chance of a shutdown by 2025, as political negotiations stall [4]. - The Federal Reserve Chairman Jerome Powell warned about high valuations in the stock market, contributing to a cautious sentiment among investors [3][6]. Group 3: Economic Data and Inflation Concerns - Recent macroeconomic data showed a stronger-than-expected Q2 GDP growth of 3.8%, with personal consumption expenditures contributing significantly to this growth [5]. - The core PCE price index for Q2 was revised up to 2.6%, indicating persistent inflationary pressures that may limit the Fed's ability to lower interest rates [5][6]. Group 4: Labor Market Insights - Initial jobless claims decreased to 218,000, the lowest since July, suggesting a healthy labor market despite signs of cooling [7].

Core Insights - A recent survey by Kraken indicates that trust is a significant factor for American crypto users, with 79% willing to pay higher fees for trusted exchanges [1][2] - The survey reveals that U.S. crypto users prioritize long-term confidence and security over low fees, with 26% citing trustworthiness as the most important factor [3] - The aftermath of the FTX collapse has heightened awareness of trust and security among users, as evidenced by the survey results [4] User Preferences - Among survey respondents, 16% identified fees as the most important factor for choosing an exchange, while 26% prioritized trustworthiness and 14% focused on security features [3] - Regulatory compliance is not a primary concern for most users, with only 6% ranking it as their top factor for selecting an exchange [6] - Customer support is also a low priority, with only 7% of respondents citing it as a key factor [6] Market Dynamics - Kraken is reportedly preparing for an IPO, and its reliance on transaction fees for revenue remains unclear [5] - In comparison, Coinbase disclosed that transaction revenue constituted 53% of its total revenue, amounting to $764 million in Q2 [5] - The survey found that many U.S. crypto users maintain accounts on multiple platforms, with 44% using two exchanges and 26% using more than two [6]

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Core Viewpoint - The cryptocurrency sector experienced a widespread decline, particularly affecting Ethereum-related stocks, with significant drops in various companies' stock prices [1] Group 1: Market Performance - SharpLink Gaming (SBET.US) fell over 5% [1] - Bitmine Immersion Technologies (BMNR.US) decreased by more than 4% [1] - Bit Digital (BTBT.US) saw an increase of over 4.7% [1] - Hut 8 Mining (HUT.US) dropped more than 7% [1] - MicroStrategy (MSTR.US) declined over 4% [1] - Coinbase (COIN.US) fell by more than 2.6% [1] - Robinhood (HOOD.US) decreased by over 2.9% [1] - Circle (CRCL.US), a leading stablecoin issuer, dropped more than 3% [1] Group 2: Cryptocurrency Prices - Ethereum fell below the $4000 mark, decreasing by over 3.7% [1] - Bitcoin dropped more than 1.8%, trading at $111,250 [1]

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Core Viewpoint - Australia's newly proposed crypto regulation aims to impose fines of up to $16.5 million on digital asset platforms that fail to comply, introducing two new financial product categories: digital asset platforms and tokenized custody platforms [1][2]. Regulatory Framework - Providers will be required to obtain an Australian financial services license and demonstrate operations that are "efficiently, honestly and fairly" [2]. - The regulations will enforce a ban on misleading conduct and unfair contracts, while mandating stronger transparency for consumers [2]. Compliance and Exemptions - Non-compliant platforms could face fines of up to $16.5 million or 10% of annual turnover [2][6]. - Smaller operators will be exempt if they hold less than $5,000 per customer or process under $10 million in transactions annually, mirroring exemptions for traditional financial products [3]. Government Intentions - The proposed regime is designed to eliminate bad actors while supporting legitimate businesses, aiming to provide certainty for businesses and confidence for consumers [3]. - The exposure draft is open for consultation until 24 October, after which the government will refine the bill [4]. Industry Reaction - The move has been broadly welcomed by exchanges and blockchain firms, with Coinbase's Asia-Pacific managing director calling the bill a "meaningful step" that could enhance trust and growth [4][6]. - Many Jiang of CloudTech Group described the proposal as a "defining" moment for the sector, suggesting that mainstream adoption and institutional investment would accelerate under a clearer regulatory framework [7].