Bitcoin (BTC) has dropped below the $70,000 mark, with significant implications for the cryptocurrency market. Over $500 million in open interest has been wiped out as BTC ETFs now hold over 1 million BTC. In other market news, Coinbase faced its most significant drop in two years, indicating growing challenges for centralized exchanges. Meanwhile, Tether reported an impressive $7.7 billion profit and holds $100 billion in treasuries, highlighting its strong financial position. Other developments include Franklin Templeton's tokenization efforts on Base, Trump’s WLFI drastically cutting its fundraising target, and discussions suggesting stablecoins should be replaced by Central Bank Digital Currencies (CBDCs). Crypto.com has received a license to offer stock trading in the U.S., marking further integration of traditional finance with cryptocurrency. Lastly, JP Morgan notes that BTC and gold may benefit from the upcoming Trump election, while Gotbit's founder faces indictment for wire fraud. The landscape is evolving rapidly as various players navigate these changes.

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