Despite Bitcoin's Record Highs, Bitcoin Treasury Companies Like (Micro)Strategy Are Underperforming in the Market

The Instagram accounts of celebrities like Adele, Future, and Michael Jackson were hacked to promote an unaffiliated Solana meme coin, resulting in a significant market cap collapse. The hacker used the celebrities' pages to share posts featuring the coin, leading to a subsequent dump of tokens by the coin's creator.

Ethereum short traders faced significant losses as the cryptocurrency nearly reached its all-time high but failed to surpass it. Over $340 million worth of ETH positions were liquidated in the last 24 hours, comprising over half of all crypto market liquidations.

Following a more dovish speech from Federal Reserve Chairman Jerome Powell, crypto-focused company stocks, including Coinbase and Strategy, saw significant increases. Bitcoin miners CleanSpark and Riot Platforms also rose, along with crypto treasuries like SharpLink and BitMine Immersion.

House Republicans have included a provision in a defense bill to ban central bank digital currencies (CBDCs) in the U.S., citing concerns over privacy and control. The U.S. remains the only major economy halting retail CBDC development, though stablecoins are gaining traction amid fears of CBDCs centralized control and privacy issues.

Binance Australia must appoint an external auditor within 28 days following serious concerns raised by AUSTRAC about its AML and CTF controls. AUSTRAC highlighted issues with governance, staff turnover, and local resourcing at the crypto exchange.

Ripple and SBI Holdings plan to introduce the RLUSD stablecoin in Japan next year, following the country's new stablecoin laws. The partnership aims to enhance the reliability and convenience of stablecoins in the Japanese market, leveraging SBI VC Trade's licensed crypto exchange.

Bitcoin traders are closely watching two key price levels ahead of Federal Reserve Chairman Jerome Powell's address at Jackson Hole. The options market is showing mixed signals, with a slight decline in bullish bias. Traders are cautious due to high event risk and uncertainty surrounding potential rate cuts.

The CFTC is advancing the third phase of its "crypto sprint" to implement recommendations from the President's Working Group on Digital Asset Markets. This phase aims to establish a unified federal framework for digital asset markets, addressing gaps in market structure and anti-money laundering standards.

The OCC has terminated its cease and desist order against Anchorage Digital, a federally chartered digital asset bank, after the company demonstrated compliance with the Bank Secrecy Act and AML requirements. Anchorage was the first bank to custody digital assets under a national bank charter.