🚨 BREAKING NEWS: Here’s what happened in crypto today
Need to know what happened in crypto today? Here is the latest news on daily trends and events impacting Bitcoin price, blockchain, DeFi, Web3 and crypto regulation.
Today in crypto, Blast announced it is shutting down its Ethereum layer-2 network after operating costs outpaced revenue, US spot Bitcoin ETFs started October with $102.7 million in net inflows and the SEC proposed easing crypto custody requirements for investment advisers and funds.
Blast isshutting down its Ethereum layer-2 networkafter concluding that the chain costs more to operate than it generates in revenue.
The network said there is no “credible path” to becoming economically sustainable and urged users to move their assets to Ethereum mainnet. Blast will shorten its withdrawal delay to 24 hours, although withdrawals will be temporarily paused while it unwinds assets held through Lido, a process expected to take about a week.
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🚨 BREAKING NEWS: Blast to wind down Ethereum L2 after costs outpace revenue
Once among Ethereum’s largest layer-2 networks by total value locked, Blast is urging users to move their assets to mainnet ahead of the shutdown.
Ethereum layer-2 network Blast is shutting down after its operating costs exceeded the revenue generated by the chain.
In a Friday post on X, Blast said it sees no “credible path” to making the network economically sustainable and asked users to withdraw their assets to Ethereum mainnet.
“We launched Blast with the goal of building a self-sustaining chain for users and developers,” the team said. “Unfortunately, the economics of operating the chain no longer make sense.”
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🚨 BREAKING NEWS: Crypto traders are in risk-on mode as bitcoin dominance nears return to 60%
Bitcoin traded above $86,000 at 9:10 UTC, up 3.4% over 24 hours. EtherETH$2,742.51, XRP (XRP), solana (SOL) and BNB also rose, though none kept pace with bitcoin.
The bigger moves came further down the list. SKY, AAVE and APT jumped 7% to 10%, making them the best performers among the 100 largest coins by market value.
Bitcoin's dominance, or its share of the total crypto market, is closing in on 60%. Meanwhile, the share held by USDT, the largest dollar-pegged stablecoin, slipped to around 6.3%, suggesting traders are moving out of cash and into tokens. These two gauges point to a market growing more comfortable with risk.
The nonfarm payrolls report, due at 8:30 a.m. ET, is expected to show the U.S. economy added 90,000 jobs in September, down from 162,000 in August. The unemployment rate is forecast to hold at 4.1%, according to FactSet's consensus estimates.
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🚨 BREAKING NEWS: SEC proposes new crypto custody rules for investment advisers and funds
The U.S. Securities and Exchange Commission is aiming to clarify how investment firms can handle and keep customer crypto assets ina new rule proposed Thursday.
The proposal "would provide a clear regulatory framework for the custody of crypto assets, giving investment advisers and funds a compliant pathway where none existed before — and replacing the grey of uncertainty created by custody rules crafted for a bygone era,” said SEC Chairman Paul Atkinsin a statement.
The SEC’s new approach would clarify what kinds of companies can properly hold crypto assets and how investment advisers and regulated funds need to keep records and make federal disclosures. It would also offer new clarifications of industry practices and auditing requirements.
According to the 760-pageproposal, the SEC will allow for self-custody by advisers seeking to hold their clients' funds. The agency is using the term "self-custody" as an asset management firm practice, not how crypto companies typically use the term. It would first require that an adviser can’t find a qualified custodian ready to take the assets, which would likely be an unusual circumstance after the rule is implemented, and it also requires certain expertise for the investment firm to hold crypto assets. Additionally, that ability to hold their own clients assets would have to be reviewed every quarter to see if a custodian has become available, an SEC official said.
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🚨 BREAKING NEWS: Illinois will postpone implementation of crypto tax following lawsuit
State officials agreed to delay the 0.2% crypto tax for six months after lawsuits and industry pushback claimed the bill was rushed through the legislature.
Crypto advocacy organizations behind a lawsuit opposing Illinois’ Digital Asset Tax reported that state officials agreed to delay implementation by six months.
In a Thursday filing in the circuit court of Sangamon County, Illinois, the crypto and blockchain advocacy group Digital Chambersaidthat Illinois would postpone a 0.2% tax on digital assets from Jan. 1 to July 1, 2027. The organizationsued Illinois Attorney General Kwame Raouland the Department of Revenue official David Harris in July, claiming the tax had been “slipped into the state’s budget” without debate or public feedback.
“The Parties stipulate that continuing the Tax’s effective date from January 1, 2027 until July 1, 2027 will permit orderly briefing and adjudication of the underlying legal questions without prejudicing any Party’s rights, claims, or defenses on the merits,” the filing said.
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🚨 BREAKING: Trump to begin sending $500 ACA refund checks to 1 million Americans - usatoday.com
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🚨 BREAKING: Iran war live: US response to proposal under review after Qatar mediation - Al Jazeera
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