Main News

**Bitcoin’s Price Movements**
Bitcoin began the week with a dip below $58,000 on Monday. However, by August 20, 2024, it recovered, testing the $61,400 level. On August 23, amid Jerome Powell’s speech about revising Fed policies, Bitcoin surpassed $62,000. The upward trend continued, reaching $64,955 on the night of August 24. Currently, it trades at $63,850 according to TradingView.
**Holder Activity and Major Transactions**
Glassnode analysts revealed that 74% of Bitcoin holders haven’t moved their assets for over six months, with 16.6% inactive for over ten years. Japanese investment firm Metaplanet bought $3.4 million worth of Bitcoin, while bankrupt exchange Mt. Gox transferred $784.2 million in Bitcoin to an unknown address. A Bitcoin whale moved over 142 BTC after nearly 11 years of inactivity.

Significant Moves by Justin Sun and Bitcoin Network Fees

TRON founder Justin Sun withdrew $730 million in Bitcoin from USDD reserves without TRON DAO approval. Bitcoin network fees skyrocketed over 900% on August 22, reaching $7.65, a level unseen since June 2024.

Ethereum’s Stability and ETF Launches

Unlike Bitcoin, Ethereum’s price showed minor fluctuations, trading between $2,540 and $2,695 throughout the week. Following Jerome Powell’s speech, Ethereum breached $2,700 and stabilized. Ethereum currently trades at $2,750. Despite the launch of Ethereum-based ETFs, the asset’s price fell by 26%, yet CryptoQuant analysts believe the correction phase is nearing its end.

Bitcoin Dominance and Ethereum Foundation Movements

Bitcoin’s dominance over Ethereum reached a 40-month high of 78.5%, while Ethereum’s stood at 19.7%. The Ethereum Foundation transferred 35,000 ETH worth over $94 million to an exchange.

Mining Updates and Regulatory Actions

El Salvador mined 474 BTC using geothermal energy and continues to accumulate more daily. The country has also attracted $1.62 billion in private investments for Bitcoin City. Malaysian authorities arrested individuals for electricity theft used in mining operations and destroyed 985 mining rigs as part of a national crackdown.
Bitfarms acquired competitor Stronghold Digital Mining for $175 million, primarily in equity.

Cryptocurrency ETFs and Market Movements

Franklin Templeton filed for a combined Bitcoin-Ethereum ETF, and Brazil approved a second Solana-ETF. The number of Bitcoin-ETF investors increased by 14% in Q2 2024, rising from 965 to 1,100.

Arrest of Pavel Durov and Toncoin Impact

Telegram founder Pavel Durov was arrested near Paris, causing Toncoin to plummet over 15% in a day, with liquidation volumes crossing $4.33 million.

U.S. Financial Leadership and Ukrainian Crypto Regulation

U.S. presidential candidate Kamala Harris considers appointing SEC Chair Gary Gensler as Treasury Secretary if elected. Meanwhile, Ukraine lost $4 billion in taxes due to the lack of crypto regulation, prompting calls for effective legislation to support the industry.

Tether’s Significant Issuance and Binance Legal Issues

Tether authorized the issuance of $33 billion USDT over the past year, mostly on the TRON and Ethereum blockchains. Binance faces a class action lawsuit from three investors, with former CEO Changpeng Zhao expected to be released from a reintegration center by the end of September.

Miscellaneous Crypto News

– A hacker compromised McDonald’s Instagram account to promote a meme coin.
– SunPump’s daily revenue surpassed that of pump.fun.
– 60% of Ukrainians actively use cryptocurrencies, according to a Binance survey.
– The founder of KUNA claimed that Ukrainian crypto market restrictions have stifled the industry.
**Summary**
The week has been eventful, with significant price movements in Bitcoin and Ethereum, major transactions, and new developments in crypto investments and ETFs. The arrest of Pavel Durov has had a notable impact on Toncoin, while regulatory actions and mining updates continue to shape the landscape. The crypto market remains dynamic, with ongoing innovations and challenges.