As usual, it’s been an eventful week for crypto, folks!
Bitcoin hit fresh highs, but that’s only part of the story.
Washington is tangled in stablecoin fights, inflation is heating up, and Ripple’s long legal drama finally reached its conclusion. Add to that a high-profile guilty plea, a shake-up at the White House, and Ethereum ETFs stealing headlines and you’ve got a week to watch.
Missed any of it? Don’t worry – here’s your complete catch-up.
Bitcoin had smashed through $124,000, setting a new all-time high and overtaking Google to become the fifth-largest asset in the world. The rally comes on the back of strong institutional demand, ETF inflows, and hopes of a U.S. interest rate cut. The surge hasn’t just lifted Bitcoin – the entire crypto market hit $4.2 trillion, with Ethereum and other major altcoins also gaining ground.
Another clear sign that crypto is picking pace.
U.S. banking groups are urging Congress to plug a loophole in the new GENIUS Act, warning it could let stablecoin issuers sneak in yields through affiliates. The Bank Policy Institute, backed by the ABA and others, says this could pull $6.6 trillion out of bank deposits, putting America’s credit system at risk.
“Payment stablecoins should not pay interest,” the letter stressed. With stablecoins gaining ground fast, banks fear yield-bearing tokens could challenge savings accounts and squeeze traditional lending.
The U.S. Producer Price Index rose 3.3% in July, its biggest jump since 2022 and well above forecasts of 2.5%. Core PPI climbed 3.7%, showing inflation pressures are spreading beyond food and energy. Beef, eggs, steel, and electronics all saw sharp price gains, highlighting the impact of tariffs.
“There continues to be clear evidence that prices of a number of durable goods are being passed through to consumers,” said Michael Hanson of J.P. Morgan. The U.S. Dollar Index ticked higher on the news, but the crypto markets saw a $500M wipeout.
Do Kwon, the South Korean founder of Terraform Labs, has pleaded guilty to fraud in the U.S. after the $40 billion crash of TerraUSD and Luna. In court, he admitted to conspiring on commodities, securities, and wire fraud, and agreed to forfeit $19 million in proceeds.
U.S. Attorney Jay Clayton called it “one of the largest frauds in history.” Once hailed as a crypto pioneer, Kwon now faces up to 25 years in prison when sentenced on December 11.
The White House Crypto Council is set for a leadership change as Bo Hines steps down after eight months as executive director. Calling the role “the honor of a lifetime,” Hines thanked the crypto community and signaled ongoing support as he heads back to the private sector.
His deputy, Patrick Witt, is expected to take over. Hines leaves behind bold ideas, from expanding U.S. Bitcoin reserves to revaluing gold, and a council still shaping the country’s digital asset strategy.
The SEC’s long fight with Ripple has finally closed, ending nearly five years of courtroom drama. Both sides agreed to drop appeals and cover costs, freeing the agency to focus on what comes next.
Commissioner Hester Peirce called the end a “welcome development,” while Chair Paul Atkins added: “With this chapter closed, we now have an opportunity to shift our energy from the courtroom to the policy drafting table.”
The shift comes as lawmakers aim to define digital asset markets once and for all.
Ethereum and Bitcoin ETFs are now trading at volumes that rival Wall Street’s biggest names. On one day this month, their combined $11.5B turnover edged past Apple’s stock.
The spotlight, however, is firmly on Ethereum. Its ETFs clocked $40B in weekly trades, fuelled by $3.37B in inflows and BlackRock’s ETHA hitting record numbers. Ether has jumped 126% since June, far outpacing Bitcoin’s 21%.
With institutions like Wells Fargo and NEOS expanding ETF offerings, Ethereum is becoming mainstream.
Bullish finally went public, and the debut was interesting.
The crypto exchange priced its IPO at $37, raising $1.1B, but shares opened at $90 and briefly hit $118 before trading halts cooled the frenzy. The stock closed at $70, still leaving Bullish valued above $10B. The deal was more than 20 times oversubscribed, with big names like BlackRock and ARK showing interest.
For a company once stuck in a failed SPAC plan, this Wall Street launch was a statement.
Trump Media and Technology Group, the company behind Truth Social, has taken a big step into crypto. The firm filed an updated registration with the SEC for the Truth Social Bitcoin ETF, set to trade under the ticker B.T.
The fund will hold Bitcoin directly, aiming to mirror its price moves. If approved, the shares will list on NYSE Arca, with Yorkville America Digital as sponsor. Crypto.com will handle custody, execution, and liquidity.
Treasury Secretary Scott Bessent has clarified how the U.S. will build its Strategic Bitcoin Reserve and it won’t be through fresh government spending. Speaking after earlier remarks caused confusion, Bessent said confiscated bitcoin will form the base of the reserve, with “budget-neutral pathways” to expand it.
He stressed the government will stop selling seized BTC, instead holding it as part of President Trump’s push to make the U.S. a “bitcoin superpower.”
Here’s a few quick hits you shouldn’t miss!
UAE Airlines Take Off with Crypto Payments: Emirates, Air Arabia, and others now let travelers pay in Bitcoin, Ether, and stablecoins – a bold move positioning the UAE as a crypto-friendly travel hub.
Google Play Backtracks on Wallet Rule: After pushback, Google says its new compliance policy won’t apply to non-custodial wallets and will update the wording to remove confusion.
Stripe and Circle Join the Blockchain Race: First Coinbase, then Robinhood – now Stripe is testing “Tempo” while Circle unveils “Arc.” The rush is all about control: owning the rails of future payments.
Senators push stricter rules on crypto ATMs: New twin bills demand licences, ID checks, live photos and $1,000 daily caps at kiosks, aiming to curb scams and tighten compliance.
Paxos Seeks US National Trust Bank Charter: The move would shift Paxos from state to federal oversight, giving it authority to safeguard assets and speed up settlements under the OCC’s watch.
Major shifts to expect ahead
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