Here’s a lowdown of the biggest events in the crypto world last week:
Bitcoin Says No to Less Than $100K Despite Troubles 📊
After reaching a new all-time high of over $124K earlier in August, many thought another bull market had set off. But last week, Bitcoin was doing a back-and-forth dance between $109K and $113K.
Despite the troubles, the Bitcoin price stood on business and did not lose its grip above $100K — even when a whale offloaded a good amount of BTC and dragged it down to around $108K.
Now, what happened to Bitcoin?
- First, a Bitcoin whale dumped 24,000 BTC (over $2.6 billion), and this caused a massive fall in the Bitcoin price. Liquidations across exchanges were also reported to be around a whopping $838 million.
- Also, August and September have a not-so-friendly relationship with Bitcoin. According to data from Lookonchain, Bitcoin has declined in August and September in 8 of the past 12 years, and there’s a 67% probability that the same could happen this year.
So, what’s the takeaway?
The markets may swing and Bitcoin might stagger, but it seems like the world’s largest cryptocurrency isn’t ready to fall below six figures. Plus, if you were looking for the best time to buy the dip on Bitcoin, August and September could be your season (not financial advice).
The US is Wooing Foreign Crypto Exchanges 🏢
The Commodity Futures Trading Commission (CFTC), which is one of the top crypto regulators in the US, sent a memo to international exchanges saying, “We miss you—come home, we promise we’ve changed.”
They’re reminding foreign crypto exchanges that they can register under the Foreign Board of Trade (FBOT) framework and once done, they can legally serve US users again. The backstory is that such exchanges had been previously banned in the US.
This means such trading platforms or those on the sidelines can now re-access US markets legally. For investors, it means they could soon get access to global trading platforms and enjoy more liquidity.
President Trump Is In His Michael Saylor Era 💹
President Trump’s crypto support isn’t only thawing rock-solid regulatory policies. The US President now seems to be in his “Michael Saylor” era, reportedly setting up a crypto treasury through the Trump Media & Technology Group.
According to reports, the company is set to mirror how Michael Saylor turned Strategy into a Bitcoin treasury, with plans to set up its own $6.4 billion crypto treasury. But instead of Bitcoin, they’re going all-in on Cronos (CRO).
This news caused the CRO price to pump by over 80% in the past week, leading the market’s gains despite the broader bearish sentiment. For crypto companies, it’s proof that the crypto treasury strategy may be here to stay. For investors, it’s a reminder that the markets remain unpredictable, especially as Donald Trump keeps crafting his own narrative with crypto.
Disclaimer: This content may cause extreme FOMO (Fear of Missing Out). Side effects of investing include sudden wealth (or, you know, the opposite 😢).
Please do your own research (DYOR) or speak to your financial advisor before making any decisions.
