Top 5 Crypto News of the Week! (17 - 23 August)
Dear PointPay Family,
A moment, and another week is behind us, bringing new events and changes in the crypto sphere. It's quite difficult to keep track of everything at once, which is why we've put together a top 5 of the most important and interesting news stories of the week for you.
Bitcoin and Ethereum rally as short positions face massive liquidation
A sudden surge in market momentum recently triggered a cascading liquidation event, wiping out roughly $1.4 billion in short positions. With Bitcoin breaking through the $68,000 threshold and Ethereum climbing above $2,000, the move highlights a significant shift in market dynamics, creating a volatile but high-growth environment for traders.
Whale activity signals a shift toward long-term accumulation
Despite a noticeable dip in retail interest, on-chain data indicates that high-net-worth holders are steadily increasing their stakes. This pattern of quiet accumulation often serves as a foundational signal that large-scale investors are positioning themselves for a sustained upward trend while the broader market remains in a cooling phase.
Institutional demand drives Bitcoin spot ETFs toward billion-dollar milestone
The steady growth of the digital asset class continues to be bolstered by institutional appetite, with US spot Bitcoin ETFs nearing a monthly inflow target of $1 billion. Led by BlackRock, this persistent capital flow underscores the increasing legitimacy of crypto as a viable asset class for professional investment portfolios.
Ripple expands banking footprint with new partnership in South Korea
Ripple has secured a significant corporate partnership with Jeonbuk Bank to overhaul cross-border payment systems. By leveraging the Ripple Payments platform, the bank intends to offer its corporate clients a streamlined alternative to the SWIFT network, significantly reducing the time and costs associated with international fund transfers.
New York regulators launch probe into prediction market platforms
Regulatory scrutiny is intensifying as New York authorities launch an investigation into the prediction market industry. The probe focuses on allegations of illegal gambling and predatory advertising, potentially impacting major platforms and service providers like Kalshi, Coinbase, and Gemini as authorities seek to establish clearer legal frameworks for these products.
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