Strategy bought $51.4 million in Bitcoin last week as BTC surged to all-time highs above $124,000 on Wednesday, only to dip to $115,000 on Sunday. Michael Saylor’s Strategy, the world’s largest public Bitcoin holder, added more BTC to its balance as the price swung to new all-time highs before retreating last week. Strategy acquired 430 Bitcoin (BTC) for $51.4 million during the week ending Sunday, according to a US Securities and Exchange Commission filing on Monday. The new Bitcoin batch cost the company an average price of $119,666 per coin, reflecting the massive volatility last week, with BTC trading at about $120,000 on Monday and slipping to as low as $115,000 on Sunday, according to CoinGecko. Read more
Low demand-side volume and weakening price technicals could spell trouble for the XRP price, as bulls must reclaim $3 support or face a deeper correction. Key takeaways XRP price must reclaim $3 support to avoid a deeper correction to $2.24. Spot taker CVD remains negative, suggesting waning demand. Read more
The FSC will introduce a bill that’s expected to provide guidelines on issuance, collateral management and internal control systems for stablecoins. South Korea is reportedly preparing to introduce a regulatory framework for a won-backed stablecoin, with its financial regulator set to introduce a government bill in October. On Monday, South Korean news portal MoneyToday reported that the Financial Services Commission (FSC) will unveil the bill as part of a second phase of the nation’s Virtual Asset User Protection Act. Democratic Party of Korea (DPK) Representative Park Min-kyu said during a policy debate that he received a briefing from the FSC on the policy direction on stablecoins. “The government bill is expected to be submitted to the National Assembly around October,” Park said. Read more
Amdax is launching a Bitcoin treasury company, aiming for a Euronext listing as more European companies join the growing corporate Bitcoin adoption wave. Dutch cryptocurrency service provider Amdax is preparing to launch a Bitcoin treasury company on Amsterdam’s Euronext stock exchange, as more European companies follow US counterparts in adopting Bitcoin strategies. Amdax said Monday it is creating AMBTS B.V., a privately held company with independent governance that will operate as a stand-alone firm. AMBTS aims to become a “1% Bitcoin treasury company,” with the goal of eventually accumulating 1% of all Bitcoin (BTC) in circulation. The company said it plans to raise capital in stages through the markets to expand its Bitcoin holdings, grow equity value and increase Bitcoin-per-share metrics for investors. Accumulating 1% of Bitcoin’s total supply would require more than $24 billion at current prices, with Bitcoin trading above $115,800 this week. Read more
Multiple technical indicators and recent whale activity raise Bitcoin's odds of declining below $100,00 in coming weeks. Key takeaways: Bitcoin risks a deeper correction toward $88K–$94K after breaking below a rising wedge. A 2021-like double top pattern is increasing BTC’s odds of declining below $100,000. Read more
A Hong Kong SFC official warned that the new local stablecoin framework has fueled fraud risks, and urged investors to remain cautious amid hype-driven speculation. A Hong Kong Securities and Futures Commission (SFC) official warned that the introduction of the new local stablecoin regulatory framework has increased the risk of fraud. According to an Aug. 18 report by Chinese financial news outlet Zhitongcaijing, Ye Zhiheng, executive director of the intermediaries division at the SFC, said that fraud risks have increased with the recent introduction of stablecoin regulations. He urged investors to exercise caution and avoid making irrational investment decisions driven by market hype or price momentum. Ye’s remarks followed stablecoin companies operating in Hong Kong posting double-digit losses on Aug. 1, just after the new stablecoin regulation came into force. Analysts at the time described the sell-off as a healthy correction, as the requirements for stablecoin issuers proved to be more stringent than exp...
Bitcoin no longer has promising odds of a breakout in coming days as opinions differ on what caused the BTC price dip and what will happen next. Bitcoin (BTC) started a new week with a fresh sell-off, and traders are split over where it will head next. BTC price action has dipped $10,000 since its latest all-time high just days ago, leading to comparisons with the 2021 top. Order-book manipulation may be to blame, analysis argued; a large entity may be “buying the dip.” Read more
The NFT market cap dropped 12% to $8.1 billion as Ether fell, with CryptoPunks and Bored Apes sliding while Pudgy Penguins climbed into second place. The non-fungible token (NFT) market lost more than $1.2 billion in value in less than a week as Ether’s rally slowed, according to sector data. On Monday, NFT Price Floor data showed that the total valuation of NFT collections had dropped to $8.1 billion, a 12% decline from Wednesday’s NFT market cap of $9.3 billion, which had surged 40% since July. NFTs losing $1.2 billion in valuation in less than a week coincided with a 9% drop in Ether (ETH) prices. At the time of writing, Cointelegraph data showed ETH traded at $4,260, down from a high of about $4,700 on Wednesday. Read more
Ether continued dominating ETP inflows last week despite Bitcoin printing new highs above $124,000 and ETH only nearing all-time highs. Cryptocurrency investment products saw another week of strong inflows last week, largely driven by Ether exchange-traded products (ETPs). Global crypto ETPs posted $3.75 billion of inflows during the trading week ending Friday, European crypto asset manager CoinShares reported on Monday. The inflows came amid strong bullish momentum for Ether (ETH), with prices nearing all-time high levels above $4,700 on Thursday, according to CoinGecko data. Read more