BREAKING: $435 million has been liquidated from the cryptocurrency market in the past 12 hours.

The New York Times reports that as the Iran war continues to drive up prices for gasoline, diesel, and heating oil, U.S. Republicans are facing growing political pressure ahead of the November midterm elections, with some GOP candidates who previously backed the conflict now publicly calling for an end to it. U.S. President Donald Trump has recently signaled he may escalate military actions against Iran, and on September 26, he rejected Iran’s latest ceasefire proposal, leaving no clear path to resolving the conflict for now. The report notes that U.S. gasoline prices have risen roughly $0.40 per gallon this month to around $4.50, while diesel prices have climbed to about $6.50. Rising energy costs have further amplified pressure on food transportation and household living expenses. Meanwhile, U.S. mortgage rates have risen to 7%, further squeezing homebuyers’ affordability. GOP Senate candidates Ashley Hinson and Mike Rogers have recently called for an end to the war in succession, with some Republican House members also backing efforts to restrict Trump’s ability to launch further military operations. However, many other Republican candidates have chosen to support Trump or avoid publicly criticizing the war. Analysts point out that rising energy prices and the ongoing war could become key challenges for the Republicans in the midterm elections.

Surveys by Bloomberg and Reuters show economists expect U.S. nonfarm payrolls to rise by around 90,000 and 100,000 respectively in September, with the unemployment rate holding steady at 4.1% to 4.2%. Meanwhile, Bloomberg projects U.S. real personal consumption expenditures (PCE) rose 0.5% month-over-month in August, which would mark the largest increase in over a year if realized. Sustained resilience in employment and consumption indicates U.S. economic demand has not cooled significantly, and supports the Federal Reserve’s continuation of tight monetary policy. Inflationary pressures remain the primary constraint facing the Fed. Markets anticipate both headline and core PCE month-over-month growth rates will accelerate in August, while core PCE’s year-over-year increase still stands at 3.3%—above the Fed’s 2% long-term target. The Federal Reserve raised interest rates by 25 basis points this month, its first hike in three years, and signaled further increases could come later this year. Currently, market expectations for another 25 basis point rate hike in October are rising. As U.S. Treasury yields stay elevated, pressures on corporate financing, the housing sector, and high-valuation assets are building. Upcoming data on job openings, PCE, ISM manufacturing, and nonfarm payrolls, set for release next week, will be critical factors shaping expectations for the Fed’s future interest rate path.

Multi-chain decentralized exchange (DEX) DYORSWAP announced on social media that the network previously identified as the "GIWA Mainnet" is actually a fake chain set up by scammers. The fake network uses the correct GIWA Chain ID (9134), leading it to appear legitimate during initial verification. The project team also noted that suspicious messages and individuals have been detected in related communities, possibly linked to the incident. DYORSWAP added that some users have suffered significant losses via the fake bridge. In response, the project has implemented emergency measures: contacting professional security teams to conduct further on-chain tracking and investigate relevant addresses, transactions and fund flows; preserving all relevant evidence including chat records, RPC information, bridge addresses and on-chain transactions; and preparing to use treasury funds to compensate affected users. The compensation eligibility criteria, loss verification process, compensation scope and detailed plan will be released after the completion of investigation and verification.

According to TradingBeats’ monitoring, as NEAR extends its recent rally, an address labeled "mk4" currently holds around $31.16 million in NEAR long positions, making it the top NEAR long holder on Hyperliquid. This position carries an unrealized profit of approximately $17.42 million. The address’s total current position size stands at about $46.47 million, with an overall unrealized profit of roughly $15.47 million; besides NEAR, it holds positions in 8 other assets including SOL, ADA, and XRP. The address has posted a cumulative historical profit of approximately $59.93 million.

According to market data, BP’s price rose to nearly $1.5, currently trading at $1.479, with a 22.2% gain in the past 24 hours. On the news front, BP has recently been buoyed by positive developments: the SEC’s approval of limited trading for tokenized stocks on on-chain platforms. On July 10 this year, Backpack announced the launch of a 24/7 real U.S. stock trading market for international investors, allowing eligible users to trade and hold actual U.S. stocks around the clock rather than synthetic derivatives. Backpack stated that the platform offers actual equity ownership, leverages liquidity from traditional trading platforms, and supports instant settlement, continuous price discovery, as well as fiat and stablecoin settlements. For more information, see the article: "Why Did BP Suddenly Rise? Backpack Is Gaining a New Valuation Logic".

According to GMGN data, PAID on Solana hit a peak yesterday, then fell by nearly 60% at its highest point over the past 24 hours. Its current market cap stands at $27.29 million, down 40% in 24 hours, with a 24-hour trading volume of $49.5 million.