Here’s what happened in crypto today
Today in crypto, Crypto.com CEO Kris Marszalek has urged regulators to probe exchanges after $20 billion in liquidations, Bitcoin’s price may experience more volatility in the coming days. Meanwhile, major banks including Bank of America, Goldman Sachs, Deutsche Bank and Citi are entering the stablecoin race.Crypto.com CEO calls for probe into exchanges after $20B liquidationsCrypto.com CEO Kris Marszalek has called for a regulatory investigation into exchanges that suffered the largest losses following a record $20 billion in crypto liquidations over the past 24 hours.In a Saturday post on X, Marszalek urged regulators to “conduct a thorough review of fairness of practices,” asking whether trading platforms had slowed down, mispriced assets, or failed to maintain proper anti-manipulation and compliance controls during the crash.“Regulators should look into the exchanges that had most liquidations in the last 24 hours,” he wrote. “Any of them slowing down to a halt, effectively not allowing people to trade? Were all trades priced correctly and in line with indexes?”Data from CoinGlass shows that Hyperliquid led all exchanges in liquidations, recording $10.31 billion in wiped-out positions. It was followed by Bybit with $4.65 billion, and Binance with $2.41 billion. Other major platforms like OKX, HTX and Gate saw smaller totals, at $1.21 billion, $362.5 million and $264.5 million, respectively.Bitcoin may get ‘dragged around a bit’ amid Trump tariff fears: ExecSwan Bitcoin CEO Cory Klippsten said Bitcoin’s price volatility may not be over after the cryptocurrency briefly fell to $102,000 on Friday, following US President Donald Trump’s announcement of a 100% tariff on Chinese imports.“If the broader risk-off mood holds, Bitcoin can get dragged around a bit before it finds support and starts to decouple again,” Klippsten told Cointelegraph on Friday.Klippsten said that Bitcoiners should expect some turbulence over the coming days. “Macro-driven dips like this usually wash out leveraged traders and weak hands, then reset positioning for the next leg up,” Klippsten said. Over the past 24 hours, around $2.19 billion in Bitcoin long positions have been liquidated, contributing to a total of $8.02 billion in long liquidations across the broader crypto market, according to CoinGlass.Banks explore launching a stablecoin linked to G7 currenciesA group of banks is in the process of exploring the launch of stablecoins focused on some of the world’s biggest fiat currencies, including the US dollar, euro and Japanese yen.According to a Friday statement from BNP Paribas, banks including Bank of America, Goldman Sachs, Deutsche Bank and Citi said that they had launched a project to explore the “issuance of a 1:1 reserve-backed form of digital money that provides a stable payment asset available on public blockchains” linked to currencies from the Group of Seven (G7) countries: the United States, Canada, the United Kingdom, France, Germany, Italy and Japan.“The objective of the initiative is to explore whether a new industry-wide offering could bring the benefits of digital assets and enhance competition across the market, while ensuring full compliance with regulatory requirements and best practice risk management,” said the banks.The statement did not suggest a timeline for the project, which would likely face competition from Tether’s USDt (USDT), the largest stablecoin by market capitalization.Among US banks, their efforts would likely be facilitated by the recent passage of the GENIUS Act, a bill to regulate payment stablecoins, signed into law by US President Donald Trump in July. Though already law, GENIUS is not expected to take effect for another 15 months, or 120 days after the US Treasury and Federal Reserve finalize regulations around the bill.