Bitcoin drops to $108,000 level as crypto selling pressure continues: CNBC Crypto World

Market Trends & Cryptocurrency Performance - Bitcoin fell to the $18,000 level, Ether traded just above $3,900, and Ripple's XRP fell by 2.36% [2] - Paxos accidentally minted $300 trillion worth of PYUSD due to a technical error but burned the excess tokens immediately [3][4] - BlackRock reconfigured its Select Treasury-based liquidity fund to comply with the Genius Act, potentially serving as a reserve asset for stablecoin issuers [5][6] Acquisitions & Expansion - Ripple acquired GT Treasury for $1 billion to bring blockchain infrastructure to corporate finance [2] - Kraken acquired a derivatives exchange (a CFTC licensed designated contract market) from IG Group for $100 million, expanding its global trading infrastructure [7][8] - Kindly MD merged with Nakamoto Holdings, a Bitcoin investment company [8][11] Regulatory & Political Landscape - The Genius Act became law in July, marking a major piece of crypto legislation [5][31] - A market structure bill and a Bitcoin-specific bill are on the horizon, addressing taxes and mining in the United States [35][36] Digital Asset Treasury (DAT) Strategies - The digital asset treasury space is relatively young, with the market scrutinizing these plays and seeking differentiation in strategies [11][12][13] - Companies are exploring unique approaches, such as targeting international markets, focusing on specific asset categories, or rolling up operating businesses [14][15] - The industry anticipates significant growth in institutional investment in Bitcoin over the next decade [29]