Here’s a quick recap of the crypto landscape for Wednesday (August 27) as of 9:00 a.m. UTC.
Get the latest insights on Bitcoin, Ethereum and altcoins, along with a round-up of key cryptocurrencymarket news
Bitcoin (BTC) was priced at US$111,282, a 1.5 percent increase in 24 hours. Its lowest valuation of the day was US$109,526 and its highest price as of Wednesday was US$112,279.
Bitcoin came under pressure Tuesday (August 26) and Wednesday, sliding about 2 to 3 percent and briefly dipping below US$110,000 amid a broader crypto selloff and macroeconomic uncertainty.
Trading near US$111,000 — its lowest level in seven weeks — the drop has sparked debate among investors over whether the pullback presents a buying opportunity.
Ether (ETH) was priced at US$4,605.36, down by 4.3 percent over the past 24 hours. Its lowest valuation of the day so far was US$4,411.96 and its highest level was US$4,638.61.
Trump Media & Technology Group shares climbed 5 percent on Tuesday (August 26) after the company confirmed a US$6.42 billion partnership with Crypto.com to launch a CRO-focused treasury vehicle.
Dubbed as the Trump Media Group CRO Strategy, the new entity will be seeded with US$1 billion in CRO and its balance will be structured as an equity line for future token purchases.
As part of the agreement, the company will operate a validator node on the Cronos blockchain, staking all its tokens to earn network rewards. CRO prices soaring 30 percent in a single day after the announcement, even as most of the crypto market lagged.
Still, the deal has stirred controversy among token holders, as it required reissuing 70 billion CRO previously “burned” to reduce supply which effectively inflated circulation by more than 200 percent.
Ethereum funds saw a massive US$1.3 billion inflow over the past week as traders responded to dovish signals from Federal Reserve Chair Jerome Powell.
Data from SoSoValue shows Ether-based exchange-traded products have absorbed US$3.7 billion since June, compared with US$900 million in outflows from Bitcoin funds.
The surge also coincided with Ethereum hitting a new all-time high of $4,955 on August 24.
Publicly listed companies also joined the rush, adding Ether to their corporate treasuries and pushing collective holdings to nearly 5 percent of total supply.
That accumulation rate is running at more than twice the fastest quarterly pace Bitcoin has ever seen, according to Standard Chartered’s Geoffrey Kendrick via DLNews.
ReutersCrypto fund manager Canary Capital has submitted paperwork to launch the first-ever spot ETF tied directly to President Trump’s meme coin, TRUMP, according to a Reuters report.
Unlike earlier applications filed under the 1940 Investment Company Act, Canary’s proposal was lodged under the 1933 Securities Act, meaning the ETF would hold TRUMP tokens outright rather than use offshore subsidiaries or cash equivalents.
The application comes despite skepticism from analysts, who note the SEC typically requires a futures ETF to trade for six months before approving a spot product.
The filing follows the SEC’s February announcement that meme coins fall outside its securities jurisdiction, a decision seen as aligning with the president’s pro-crypto stance.
Meanwhile, the TRUMP token has lost more than 70 percent of its value since launching in January. Analysts expect the SEC to rule on several meme coin ETF applications later this year.
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Securities Disclosure: I, Giann Liguid, hold no direct investment interest in any company mentioned in this article.
Securities Disclosure: I, Meagen Seatter, hold no direct investment interest in any company mentioned in this article.
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