Top 5 Crypto News of the Week! (11 - 17 August)
Dear PointPay Family,
We've had a whole week and it's been incredible! Fresh ATH records, the growth of cryptocurrencies, as well as interesting and important events filled it every day. In order not to miss anything important, we have compiled the top 5 news of this week for you.
Bitcoin Hits Record High Above $124,000 Before Pullback
Bitcoin briefly surged past $124,000 in overnight trading on August 14, setting a new all-time high at $124,474, according to TradingView data. Analysts attribute the rally to favorable macroeconomic conditions that have boosted demand for risk assets.
The milestone was short-lived as the price later slipped below $121,500, though Bitcoin remains up 5.6% over the past week. The latest jump follows several failed attempts to break previous highs, including a sell-off on August 13 that briefly pushed the cryptocurrency back toward $120,000.
Ethereum Overtakes Netflix and Mastercard in Global Rankings
Ethereum has climbed to 25th place among the world's most valuable assets, surpassing Netflix and Mastercard in market capitalization. On August 13, ETH traded at $4,613, up 7.67% in 24 hours, bringing its valuation to $556.92 billion.
The cryptocurrency now sits just behind Eli Lilly, iShares Core S&P 500, and SPDR S&P 500 ETF Trust, while continuing to close the gap on Visa. Analysts link the momentum to strong institutional demand, renewed DeFi activity, and increased inflows into Ethereum-focused funds, alongside ongoing ecosystem growth.
Ethereum Reaches 4-Year High, Leads Crypto Market Rally
Ethereum has surged to $4,750, marking its highest price in four years and outpacing all other major altcoins with a 30% weekly gain. The rally comes amid $500 million in net inflows to Ethereum spot ETFs, led by BlackRock's ETHA fund.
With the cryptocurrency now less than 5% away from its all-time high of $4,891, market observers expect further gains driven by strong ETF demand, active trading, and growing interest in Ethereum-based treasury products.
Qubic Mining Pool Seizes Majority Control of Monero Network
The Monero blockchain has suffered a 51% attack, with mining pool Qubic now controlling the majority of the network's hash rate. This level of dominance enables the group to reorganize the blockchain, reverse transactions, and potentially execute double spends.
Security experts estimate the cost of sustaining such an attack at around $75 million per day. Following the incident, Monero's price has fallen 9.2% over the past week to $257.
El Salvador Greenlights Bitcoin-Focused Investment Banks
El Salvador has approved a new Investment Banking Law enabling regulated investment banks to hold Bitcoin and other digital assets on their balance sheets. These institutions, aimed at sophisticated investors, must secure a Digital Asset Service Provider license and maintain at least $50 million in initial capital.
Officials say the legislation is designed to attract foreign capital and position the country as a global crypto hub. However, some critics caution that the benefits may primarily serve large institutions rather than ordinary citizens. The development comes as other nations, including Japan, weigh regulatory steps toward launching spot Bitcoin ETFs.
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