In the past hour, total liquidations across the network reached $10.45 million, with $1.91 million from long positions, with $8.54 million from short positions. BTC liquidation $2.81 million, ETH liquidation $4.08 million.

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Odaily Planet Daily reports that Democratic Commissioner Kristin Johnson of the U.S. Commodity Futures Trading Commission (CFTC) will resign on September 3rd, reducing the CFTC's five-member commission to just Acting Chairwoman Caroline Pham. Trump's nominee, Brian Quintenz, is still awaiting Senate confirmation, and his appointment date has yet to be determined. If Quintenz officially succeeds Pham as chair, Pham plans to resign and return to the private sector. The CFTC is one of the primary regulators of cryptocurrency in the United States, and the remaining commissioner could expose its policies to legal challenges and increase regulatory uncertainty for the industry.

Odaily Planet Daily reported that "Cook has stated through her private lawyer that she will immediately challenge the action in court and seek a judicial ruling to confirm her right to continue to perform her duties as a Senate-confirmed Federal Reserve governor." A Fed spokesman said: "The Federal Reserve will comply with the court's ruling as always." The Fed's statement shows that from the central bank's perspective, Cook's status as a governor has not changed, and she can still participate in the meeting unless the court rules before the next meeting. The Fed's next interest rate decision meeting is scheduled for September 16-17, and Trump has been pressuring the Fed to cut interest rates significantly.

According to the Wall Street Journal, sources familiar with the matter revealed that Trump has told his advisers he wants to announce his nominee to replace Tim Cook on the Federal Reserve Board as soon as possible. Trump has indicated that he may nominate his economic advisor, Michelle Mills, to replace Cook. Other potential candidates Trump has discussed include David Malpass, former World Bank president and a close ally of the president who has criticized the Fed for not cutting interest rates. If Mills is nominated to replace Cook, Malpass could be nominated to fill another vacant seat on the Federal Reserve Board.