KEYTAKEAWAYS
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Plasma blockchain launches Beta mainnet and XPL token, reaching $2.4B valuation with strong airdrop-driven community enthusiasm and new payment products.
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Bitcoin briefly dips below $109K amid U.S. tariff news, dragging ETH and altcoins lower as risk sentiment weakens.
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SEC and FINRA probe “strategic crypto reserve” firms over insider trading concerns, signaling tighter oversight on corporate crypto treasury strategies.
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PLASMA MAINNET GOES LIVE WITH $2.4B VALUATION
Plasma blockchain officially launched its Beta mainnet, accompanied by the debut of its native token XPL, now listed across multiple exchanges. On launch day, XPL’s market capitalization briefly surpassed $2.4 billion, with prices surging over 50%.
A standout feature was its generous airdrop: all participants in the pre-deposit program received 9,304 XPL — even if they didn’t ultimately buy during the ICO. At current prices, that equals about $8,390 per user. This distribution model sparked strong community enthusiasm and placed Plasma in the spotlight from day one.
In addition, Plasma rolled out its Plasma One native bank and card business, supporting zero-fee USDT transfers (limited to basic stablecoin transfers), strengthening its payment and usage scenarios. Backed by Tether’s liquidity and ecosystem, Plasma enters the market with significant scale, naturally attracting DeFi projects. While XPL is likely to remain a short-term hotspot for speculative flows, its long-term success will hinge on differentiation in cross-chain payments, stablecoin settlement, and community governance.
BITCOIN BRIEFLY DIPS BELOW $109K
On September 26, Bitcoin dropped below $109,000, sliding more than 4% in 24 hours. ETH extended its weekly losses to over 14%, while total crypto market cap fell back to $3.823 trillion, evaporating more than 4.5% in a single day. Altcoins faced similar pressure, with TOTAL3 (crypto market cap excluding BTC & ETH) dropping 9.3% over seven days.
The selloff coincided with macro headwinds. This morning, former President Donald Trump announced sweeping new tariffs effective October 1: a 25% tariff on imported heavy trucks, 50% on kitchen cabinets and vanities, 30% on upholstered furniture, and 100% on drugs made by companies that haven’t broken ground on U.S. plants.
The tariffs intensified concerns over global supply chains and rising consumer costs, weighing on both equities and crypto. Short term, market sentiment is likely to remain cautious, with funds pulling back from risk assets. However, if BTC can stabilize in the $108K–$110K range, technicals may still support a rebound.
U.S. REGULATORS PROBE STRATEGIC CRYPTO RESERVE COMPANIES
On September 26, the SEC and FINRA launched investigations into several publicly listed companies adopting “strategic crypto reserves.” Regulators flagged unusual surges in share prices and trading volumes just days before announcements, raising concerns over potential insider trading.
The probe underscores regulators’ vigilance over the growing wave of companies following MicroStrategy’s Bitcoin treasury model. Some firms appear to use crypto announcements as tools for capital maneuvers, potentially fueling stock volatility.
In the short run, such investigations may dampen hype-driven stock rallies tied to corporate crypto purchases, pushing markets toward more rational reactions. Over the long term, however, clearer disclosure rules from the SEC could provide companies with a more transparent path for compliant crypto accumulation, reducing regulatory gray areas.
