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Crypto & Web3CoinDesk ·

Bitcoin Surges on Short Squeeze, Treasury Moves and Regulatory Shifts

Bitcoin and the broader crypto market recorded their strongest rally in several months, driven by a confluence of macroeconomic and regulatory developments. A historic short squeeze wiped out bearish positions in Bitcoin and Ether, accelerating the upward price momentum. U.S. Treasury intervention and shifting regulatory stances added further fuel to the rally. Meanwhile, banks and technology companies continued expanding their presence in the stablecoin space. Elon Musk's social media platform X also emerged as a notable player, reportedly exploring plans to pay creators using stablecoins.

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Crypto & Web3CoinDesk ·

Zcash surges 48% past $800 on Grayscale spot ETF filing and renewed investor buzz

Zcash (ZEC) climbed 48% to trade above $800, surpassing its January 2018 all-time high. The rally was fueled in part by a Grayscale filing indicating progress toward converting its Zcash Trust into a spot ETF. Futures trading volume for ZEC reached billions of dollars amid heightened market interest. The development has reignited comparisons between Zcash and Bitcoin among some investors and analysts.

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Crypto & Web3CoinDesk ·

Treasury Buyback Move Linked to Bitcoin's 25% Surge Toward $80,000

Bitcoin surged approximately 25% to nearly $80,000 in a matter of days, partly influenced by a tweak in U.S. Treasury buyback operations. Analysts clarified that the buybacks do not constitute quantitative easing, but the measure helped pull long-term yields down from 19-year highs. The resulting shift in market conditions triggered a record short squeeze in the crypto market. The squeeze was amplified by the fact that traders had already been positioned heavily on the bearish side. Together, these factors created a sharp upward price movement in Bitcoin.

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Crypto & Web3CoinDesk ·

Crypto groups sue Illinois over newly approved 0.2% digital asset tax

The Crypto Council for Innovation and the Blockchain Association have filed a lawsuit against the state of Illinois over its recently enacted cryptocurrency tax. The tax, set at 0.2%, targets digital asset transactions and has drawn strong opposition from industry groups. This legal action adds to existing litigation already challenging the measure. The two organizations argue the tax is harmful to the crypto industry and are seeking to have it overturned.

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Crypto & Web3CoinDesk ·

Blockchain Association CEO Warns Against Reopening Clarity Act Provisions Before Vote

Summer Mersinger, CEO of the Blockchain Association, has argued against revisiting a settled provision in the Clarity Act just four weeks ahead of a scheduled vote. She warns that reopening the provision at this late stage could effectively kill the legislation. The Clarity Act is a significant piece of crypto-related regulatory legislation currently moving through the legislative process. Mersinger's comments reflect growing concern within the blockchain industry that last-minute changes could derail the bill's passage.

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Crypto & Web3CoinDesk ·

Ethena's ENA token jumps 48% on $1B FalconX deal amid muted altcoin market

Ethena's ENA token surged 48% following news of a $1 billion deal involving FalconX. The rally pushed ENA significantly higher, making it one of the standout performers among altcoins. Meanwhile, HYPE token was also testing its record highs during the same period. However, broader cryptocurrency market dominance metrics remained flat, signaling that the gains are isolated rather than part of a wider altcoin season. Analysts suggest the current market conditions do not yet reflect the broad-based altcoin rally that many investors have been anticipating.

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Crypto & Web3CoinDesk ·

Coldcard releases new firmware after $114M Bitcoin theft, credits AI in bug review

Hardware wallet maker Coldcard has shipped a new firmware update following a security breach that resulted in $114 million in Bitcoin losses for users. The company conducted a three-week review process before releasing the update, during which artificial intelligence tools helped identify additional bugs unrelated to the original vulnerability. The newly discovered flaws were separate from the flaw that triggered the initial theft. However, Coldcard has cautioned users that installing the update does not automatically secure a wallet that has already been compromised.

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Crypto & Web3CoinDesk ·

Bitcoin's sharp surge sparks bull run debate among market analysts

Bitcoin has surged past key price levels, prompting divided opinions among market analysts about what the move signals. Some watchers argue that sudden sharp price spikes and forced short liquidations are classic indicators that the market has hit a bottom. These patterns have historically preceded new bull runs in the cryptocurrency market. However, analysts caution that broader macroeconomic risks continue to loom and could still weigh on Bitcoin's trajectory.

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Crypto & Web3CoinDesk ·

Berkeley Law Lecturer Argues Clarity Act Could Harm Crypto Industry

Berkeley Law lecturer Hermine Wong has put forward a critical assessment of the proposed Clarity Act, arguing it is fundamentally anti-crypto despite its progressive appearance. Wong contends that years of stalled legislation, flawed enforcement actions, and major industry collapses have made the crypto sector desperate for any form of comprehensive regulation. This desperation, she argues, is being exploited to push through legislation that may ultimately damage the industry. The Clarity Act, in her view, disguises potentially harmful provisions behind the promise of long-awaited regulatory progress.

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Crypto & Web3CoinDesk ·

Nomura-backed Laser Digital becomes first crypto firm approved in Japan in four years

Laser Digital Japan, a subsidiary backed by Japanese banking giant Nomura, has received Japan's first cryptocurrency business approval in four years. The firm is set to provide liquidity services to domestic cryptocurrency providers in the country. Institutional trading services are also planned as a next step following the initial approval. The development signals growing institutional appetite for digital assets in Japan's regulated financial market.

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Crypto & Web3CoinDesk ·

Bitcoin Surpasses $77,000 in Its Best Weekly Performance Since 2023

Bitcoin surged past $77,000, marking a 24% gain since Monday in what has been its strongest weekly performance since 2023. The rally followed a technical breakout from an inverse head-and-shoulders pattern, reaching the price level that formation implied. The broader crypto market benefited as well, with altcoins rising alongside Bitcoin's momentum. Despite the bullish move, some traders maintained short positions, taking a contrarian stance against the upward trend.

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Crypto & Web3CoinDesk ·

Bitcoin Surges as Treasury Move Signals Shift in Market Sentiment

Bitcoin and other hard assets have seen a sharp price rally following a recent move by the U.S. Treasury. Analysts clarify that the Treasury's action is neither quantitative easing nor yield curve control, two policies typically associated with monetary expansion. However, market participants are interpreting the move as a signal of a broader shift in financial conditions. The rally appears to be driven less by the technical details of the policy and more by what investors believe it implies about future liquidity. This sentiment-driven reaction has pushed bitcoin significantly higher as traders reposition around perceived macroeconomic changes.

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Crypto & Web3CoinDesk ·

Strategy Posts $1.4B Bitcoin Profit as BTC Price Surge Lifts Stock 10%

Strategy is sitting on an estimated $1.4 billion profit from its bitcoin holdings following a recent surge in the cryptocurrency's price. The company's common stock climbed 10% during Friday pre-market trading, reaching $120 per share. This marks the stock's highest level in approximately two months. The rally reflects growing investor confidence tied to Strategy's substantial bitcoin position.

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Crypto & Web3CoinDesk ·

Bitcoin and Ether ETFs Record $827M in Inflows for Second Consecutive Day

Spot Bitcoin ETFs attracted $606 million in inflows on August 20, while Ether ETFs added $221 million on the same day. Both figures surpassed the previous day's totals, marking a second straight session of rising inflows. The consecutive surge signals strong institutional demand driving Bitcoin's recent price momentum. Analysts view the back-to-back inflow growth as confirmation of sustained buying interest from large investors in crypto ETF products.

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Crypto & Web3CoinDesk ·

MANTRA Token Hits Record Low as Blockchain Halts Following Exploit

The MANTRA token plunged 18% to an all-time low of approximately $0.004126 before its blockchain network stopped producing blocks. The halt followed a security exploit in which an attacker took advantage of a vulnerability in the chain's underlying software. MANTRA confirmed the incident, attributing the network disruption directly to the breach. The exploit raised immediate concerns about the security of the blockchain's infrastructure.

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Crypto & Web3CoinDesk ·

Ripple's RLUSD to Power New Institutional Credit Fund by Clearpool and Cicada

Clearpool and Cicada Partners are developing an institutional lending product built around Ripple's RLUSD stablecoin. The initiative marks a significant step toward real-world financial utility for the stablecoin. However, the underlying XRP Ledger features required to support the product have not yet been activated. The announcement coincides with a strong performance period for XRP in the crypto markets.

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Crypto & Web3CoinDesk ·

Bitcoin, Ether and Solana Rally as $3.8B in Short Positions Liquidated Over Two Days

Bitcoin, Ether, and Solana posted gains as a wave of short liquidations swept through crypto markets. Approximately $1 billion in short positions were wiped out in the latest session, bringing the two-day total to around $3.8 billion. Thursday's liquidation figure alone set a record dating back to 2021. The mass liquidations occurred as prices climbed, forcing bearish traders who had bet on a price decline to close their positions at a loss. The event highlights the scale of volatility currently gripping the cryptocurrency market.

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Crypto & Web3CoinDesk ·

Options trader places $2M XRP straddle bet ahead of August expiry

An options trader has placed a $2 million straddle position on XRP, wagering on significant price volatility in the cryptocurrency. The trade was reported by CoinDesk and comes amid a surge in XRP's market price. A straddle strategy profits when an asset moves sharply in either direction, regardless of whether prices rise or fall. The position is set to expire on August 28, giving the trader a defined window to capture any major price swings.

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