The U.S. Securities and Exchange Commission (SEC) has suspended trading in QMMM Holdings and Smart Digital Group after sharp price moves tied to crypto-related announcements.

BlackRock’s iShares Bitcoin Trust (IBIT) has surpassed Deribit as the largest venue for bitcoin options. 

As gold prices surged past $3,800 per ounce to an all-time high, the market for tokenized gold swelled to nearly $3 billion, setting new records in trading volume and market cap.

Top stories in the Crypto Roundup today:

• SEC Halts Trading of QMMM and Smart Digital After Major Swings
• BlackRock’s IBIT Overtakes Deribit as Top Bitcoin Options Venue by Open Interest
• Tokenized Gold Market Nears $3B as Bullion Hits Record High Above $3,800

SEC Halts Trading of QMMM and Smart Digital After Major Swings

The U.S. Securities and Exchange Commission (SEC) has suspended trading in QMMM Holdings and Smart Digital Group after sharp price moves tied to crypto-related announcements.

QMMM’s stock soared 959% after revealing plans to build a $100 million cryptocurrency treasury focused on bitcoin, ether and Solsolanaana. Smart Digital made a similar announcement but saw its shares plunge.

The SEC said social media posts by unknown individuals may have manipulated prices, prompting the temporary halt, which runs through Oct. 10.

BlackRock’s IBIT Overtakes Deribit as Top Bitcoin Options Venue by Open Interest

BlackRock’s iShares Bitcoin Trust (IBIT) has surpassed Deribit as the largest venue for bitcoin options. 

Open interest in options tied to IBIT reached nearly $38 billion, edging out Deribit’s $32 billion. The milestone comes less than a year after options trading launched for the Nasdaq-listed ETF in November.

Deribit, now owned by Coinbase, had dominated the bitcoin options space for years. Its decline in market share comes as large U.S. financial firms pour capital into regulated crypto products.

With $84 billion in assets, IBIT is already the world’s largest bitcoin ETF. Its growing options market may reinforce its dominance, drawing even more institutional flows.

Tokenized Gold Market Nears $3B as Bullion Hits Record High Above $3,800

As gold prices surged past $3,800 per ounce to an all-time high, the market for tokenized gold swelled to nearly $3 billion, setting new records in trading volume and market cap.

Tether’s XAUT and Paxos’ PAXG, the two leading gold-backed tokens, each surpassed $3.2 billion in trading volume in September, according to DeFiLlama. PAXG also saw over $40 million in net inflows, while XAUT’s growth came purely from gold’s price rise, with no new tokens minted this month.

These blockchain-based tokens are backed by physical gold and enable 24/7 trading with fast settlement, giving investors a way to track gold’s performance without relying on traditional markets.

The rally in both physical and tokenized gold comes as traders bet on Fed rate cuts, a weaker dollar and a possible U.S. government shutdown. Gold is up nearly 47% year-to-date, while bitcoin has gained 22%.

State of the Crypto by Top Tier Exchange Volume

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