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Bitcoin (COIN:BTCUSD) fell below $58,000, hitting $57,800 in the last 24 hours. This drop dragged other cryptocurrencies down.
TonCoin (COIN:TONCOINUSD), Polygon (COIN:MATICUSD), and Near Protocol (COIN:NEARUSD) fell more than 5%.
Solana (COIN:SOLUSD), Ethereum (COIN:ETHUSD), Mantle (COIN:MNTLLUSD), and Uniswap (COIN:UNIUSD) lost over 4%.
DogeCoin (COIN:DOGEUSD), Maker (COIN:MKRUSD), and Stacks (COIN:STXUSD) dropped more than 3%.
Shiba Inu (COIN:SHIBUSD) and Aptos (COIN:APTUSD) fell over 7%, while ChainLink (COIN:LINKUSD) and Polkadot (COIN:DOTUSD) decreased by more than 2%. PepeCoin (COIN:PEPEUSD) fell by more than 6%.
The decline follows the release of the US July CPI, which increased by 2.9% year-over-year, falling below 3% for the first time since 2021. Traders predict a potential drop in Bitcoin to $55,000, but a shift in the Fed’s monetary policy could change this trend.
MicroStrategy (NASDAQ:MSTR) launched the MSTX, the first leveraged Bitcoin ETF in the US, offering 175% daily exposure. This ETF aims to maximize leverage to Bitcoin, capitalizing on MicroStrategy’s superior stock performance compared to Bitcoin (COIN:BTCUSD). With significant inflows into ETFs previously, the MSTX may attract sophisticated investors seeking high exposure to the market. However, due to its risky nature, the fund is intended for experienced investors.
Peter Mintzberg was appointed CEO of Grayscale on August 15, succeeding Michael Sonnenshein. Mintzberg, with a background in strategy and finance at BlackRock (NYSE:BLK) and Goldman Sachs (NYSE:GS), expressed enthusiasm in leading Grayscale, highlighting the growth of the cryptocurrency sector. He will face challenges, such as increasing competition and Grayscale’s (AMEX:GBTC) loss of assets to the BlackRock iShares Bitcoin Trust ETF (NASDAQ:IBIT). Barry Silbert, CEO of Digital Currency Group, Grayscale’s parent company, expressed confidence in Mintzberg’s ability to lead and drive the company’s growth.
On August 14, US spot Bitcoin exchange-traded funds (ETFs) saw net outflows of $81.36 million, breaking a two-day streak of inflows. Among the funds, Grayscale Bitcoin Trust (AMEX:GBTC) led the outflows with $56.87 million, while the BlackRock Bitcoin ETF (NASDAQ:IBIT) and the Franklin Bitcoin ETF (AMEX:EZBC) were the only ones to record inflows, $2.68 million and $3.42 million, respectively.
In contrast, Ethereum ETFs continued with positive flows for the third day, with $10.77 million in net inflows on Wednesday. The Grayscale Ethereum Trust (AMEX:ETHE) saw outflows of $16.95 million, while the Grayscale Ethereum Mini Trust (AMEX:ETH) had inflows of $2.26 million. The BlackRock ETF (NASDAQ:ETHA) recorded the largest inflows with $16.13 million, followed by the Fidelity ETF (AMEX:FETH) with $6.65 million, and the Bitwise ETF (AMEX:ETHW) with $2.67 million in net inflows.
During the second quarter, 66% of institutional investors maintained or increased their holdings in US Bitcoin ETFs, according to Bitwise. Among them, 44% increased their positions, while 22% kept them stable. Only 21% reduced their holdings, and 13% exited. Despite the 14.5% drop in Bitcoin’s value, institutional interest remained strong, with a 30% increase in the number of ETF holders.
Recent 13-F filings show a rise in institutional interest in cryptocurrency miners and MicroStrategy (NASDAQ:MSTR). TeraWulf (NASDAQ:WULF) saw large purchases, such as 19,001 shares by the State of Wisconsin Investment Board and 2.3 million shares by Soros Capital Management. Iris Energy (NASDAQ:IREN) also received significant investments from institutions like the Bank of Montreal.
Marathon Digital Holdings (NASDAQ:MARA), one of the largest Bitcoin miners, purchased $249 million worth of Bitcoin, increasing its reserves to over 25,000 BTC. The purchase was financed through the issuance of convertible notes, raising the initial offer from $250 million to $300 million due to high demand.
Cleanspark (NASDAQ:CLSK) has signed an agreement to acquire 26,000 units of Bitmain’s Antminer S21 XP, immersion-cooled Bitcoin mining machines. These machines, known for their efficiency and low noise level, will significantly boost Cleanspark’s mining capacity. Each unit has a hash rate of 300 TH/s and a consumption of 4,050 watts.
Tether, issuer of the USDT stablecoin (COIN:USDTUSD), is facing challenges with the new MiCA legislation in Europe, which requires 60% of stablecoin reserves to be held in European banks. This may require significant changes in Tether’s reserve management, which has already faced criticism for a lack of transparency. Additionally, stricter regulation could increase pressure for more detailed audits and disclosures. A JPMorgan (NYSE:JPM) report highlights that these changes could threaten Tether’s market leadership in stablecoins.
Jeremy Allaire, CEO of Circle (COIN:USDCUSD), announced that USDC Tap-to-Pay will soon be available for iPhones, leveraging Apple’s (NASDAQ:AAPL) new update that allows third-party apps to use NFC. The update, expected in iOS 18.1, will allow wallet apps to use NFC for contactless transactions, competing with Apple Pay. Allaire encouraged developers to prepare for the integration of USDC Tap-to-Pay, which will facilitate cryptocurrency payments.
Before retreating to $41.42, Zcash (COIN:ZECUSD) reached a new annual high of $45.45 on August 12, following a 45% increase in 30 days. ZEC’s appreciation is attributed to speculation about a possible shift from the Proof-of-Work (PoW) to Proof-of-Stake (PoS) algorithm, suggested by founder Zooko Wilcox. The transition to PoS could reduce the supply of new tokens, boosting ZEC’s price.
The total supply of Ether (COIN:ETHUSD) reached 120 million, with 77,091 ETH recently issued and 19,438 ETH burned. Despite the initial burn mechanism being deflationary, increased issuance due to staking and reestablishment resulted in an inflationary trajectory, with an annual rate of 0.58%. The shift to Proof-of-Stake (PoS) consensus brought more security and rewards but also intensified the issuance of new ETH.
Vitalik Buterin, co-founder of Ethereum (COIN:ETHUSD), announced the donation of all animal-themed memecoins he received in the past year to the Animal Welfare Fund of Effective Altruism. On August 15, he posted a receipt showing the transfer of 200 ETH ($532,398) to the charity. Buterin also encouraged the memecoin community to send cryptocurrencies directly to charities and criticized the superficial use of these tokens.
Chainlink (COIN:LINKUSD) now offers all its products on Coinbase’s Ethereum layer-2, Base. The integration of Data Streams and Verifiable Random Function (VRF) enhances the infrastructure for developers, enabling the creation of new DeFi applications. Tom Vieira from Base praised the inclusion of tools like Cross-Chain Interoperability Protocol (CCIP) and Price Feeds. Base stands out with more than 4 million daily transactions, surpassing Arbitrum, which processes 1.8 million.
Avatar.One, based on Solana, reached 120,000 active monthly users since its launch. The platform allows the creation of personalized 3D AI avatars, offering unfiltered interactions and AI-generated voice. Connected to over 100,000 Solana wallets, Avatar.One aims to combat global loneliness. Using the Matrix One protocol, the technology is compatible with game engines and is preparing for token generation on Polkastarter and other platforms.
Phantom, a cryptocurrency wallet for Solana, fixed a bug on August 15 that affected the visibility of account balances. The issue raised concerns about potential hacks, but the company assured that users’ funds were not impacted. Phantom, with over 7 million active users, faces growing competition but remains popular, though it has been targeted by a fraudulent app imitating its brand.
The Latin American cryptocurrency exchange Bitso has contracted Coincover to enhance the security of its digital assets. Coincover, through integration with Bitso’s multiparty computation (MPC) infrastructure, will provide non-custodial disaster recovery and real-time transaction monitoring. This move aims to protect the exchange against hacks and access losses, responding to the significant increase in losses due to fraud and cyberattacks in the sector.
OKX is introducing Solana’s “Blinks” technology into its multichain wallet, allowing shareable URLs that execute transactions directly on platforms like X (formerly Twitter). This innovation enables users to perform on-chain transactions with “zero fees” without leaving the websites. OKX collaborated with Solana Dialect to integrate this functionality, expanding user interaction with smart contracts and supporting applications in Solana and EVM ecosystems.
A cryptic tweet from Coinbase (NASDAQ:COIN) sparked speculation about its entry into the wrapped Bitcoin market. The company is considering integrating Bitcoin into the on-chain ecosystem, responding to the recent turmoil surrounding BitGo’s wBTC (COIN:WBTCUSD), which faces criticism and custody issues. Coinbase may use this opportunity to strengthen its presence and compete with Bitcoin DeFi alternatives. The move aims to attract liquidity and consolidate its position in the digital asset market.
Binance has registered with India’s Financial Intelligence Unit (FIU-IND), expanding its regulatory compliance to 19 jurisdictions. This development demonstrates the exchange’s commitment to anti-money laundering standards and a secure trading environment. After a seven-month hiatus, Binance’s website and apps are once again available to Indian users. However, the company still faces significant fiscal challenges in India, such as regulatory fines and pending taxes.
Due to the energy shortage exacerbated by a heatwave, Iran is offering around $24 for information on unauthorized cryptocurrency mining. Extreme temperatures have strained the power grid, and Tavanir CEO Mostafa Rajabi Mashhadi revealed that illegal mining contributes to the increase in energy consumption. Approximately 230,000 illegal platforms have been identified, causing significant disruptions to the power supply.
Sotheby’s will announce an online digital art auction starting August 15, featuring a CryptoPunk NFT and a Beeple artwork. The event, running until August 22, will combine generative art and technological innovations, celebrating both established and emerging artists. Despite the recent decline in the NFT market, the auction aims to explore the intersection of creativity and technology.
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