Crypto markets saw a mix of consolidation and strategic moves today as mining, banking and macroeconomic concerns shaped sentiment. Key developments ranged from high-profile acquisitions to regulatory delays and infrastructure upgrades.
- Trump-Backed Thumzup to Absorb Dogecoin Miner Dogehash
Thumzup, backed by the Trump family’s treasury fund, agreed to buy Dogehash in an all-stock deal that will fold Dogecoin and Litecoin mining operations into its PoW portfolio. The deal is expected to close later this year, boosting overall hash rates. (Decrypt) - SoFi Taps Lightning Network and UMA for Faster BTC Transfers
SoFi is partnering with Lightspark to integrate Bitcoin’s Lightning Network alongside UMA’s smart-contract tools, aiming to cut remittance costs and speeds on its U.S. banking platform. The move targets the $740 billion cross-border payment market. (Cointelegraph) - Crypto Slumps as Traders Weigh Powell’s Jackson Hole Keynote
Bitcoin dipped over 3% and Ether fell around 5% ahead of Jerome Powell’s speech, with investors citing sticky inflation data, tariff concerns and potential Fed rate hikes. Market participants are bracing for signals on policy divergence within the Fed. (CoinDesk) - SEC Pushes Back Ethereum ETF Decision Yet Again
The U.S. Securities and Exchange Commission deferred its ruling on the first spot Ether ETF applications, extending the review window amid ongoing concerns over market surveillance and liquidity. Applicants now await a new deadline later this fall. (Reuters) - BlackRock’s Bitcoin ETF Sees Record Daily Trading Volume
BlackRock’s flagship spot Bitcoin ETF traded over $2 billion today, its highest single-day volume since launch, as inflows continue to outpace outflows and drive spot BTC demand. Analysts note institutional interest remains robust. (Reuters) - Layer-2 Upgrade Trims Ethereum Gas Fees by 30%
A recent Optimism network enhancement has driven average Ethereum gas fees down by nearly one-third, improving user experience on DeFi and NFT platforms. Developers say further tweaks are in the pipeline. (CoinDesk) - Tether Market Cap Tops $100 Billion for the First Time
USDT’s circulating supply hit a record $100 billion today, reflecting growing demand among exchanges and DeFi platforms despite regulatory scrutiny on stablecoin reserves. Tether’s share of the stablecoin market now exceeds 55%. (Cointelegraph) - NFT Trading Volume Climbs 20% Week-Over-Week in August
Secondary market NFT sales surged this week, driven by renewed interest in generative art collections and gaming assets. Total volume on leading marketplaces surpassed $200 million. (Cointelegraph) - China Broadens Digital Yuan Pilot to Three Additional Provinces
The People’s Bank of China expanded its e-CNY trials into Sichuan, Hunan and Liaoning provinces, increasing merchant and consumer participation ahead of the Beijing Winter Olympics. Observers expect broader rollout by year-end. (Reuters)
What to watch next
Traders will focus on Wednesday’s Fed policy minutes and any clues on rate guidance, while regulators finalize stablecoin legislation in Congress. On-chain metrics will track Bitcoin’s ability to hold the $30,000 threshold and ETF inflows this week. Ethereum developers also eyes upcoming Shanghai upgrade testnet results.
