UPDATES:

-Tom Lee says Ethereum could hit $50,000 this cycle.

-Tom Lee told CNBC his "contrarian take" is that Democrats will flip to support the CLARITY Act after the midterms.

-Elon Musk's net worth surpasses $1.1 trillion

-Russia's largest bank Sberbank officially approved as crypto custodian to launch Bitcoin, Ethereum and USDT products.

-S&P 500 hits a record above 7,835 as its total value tops $71 trillion for the first time.

-$550,000,000 liquidated from the crypto market in the past 24 hours.