CFA Report Pegs US Crypto Fraud Losses at $80.7B

Ethereum is facing macroeconomic uncertainty with a significant staking supply unlock approaching, causing a drop in active addresses and network growth. The exit queue on the Proof-Of-Stake network is at a record high, indicating stakers are looking to unstake their tokens.

Federal Reserve Vice Chair Michelle Bowman suggested allowing central bank staff to hold small amounts of crypto, potentially sparking debate on the Fed's engagement with digital assets. She emphasized the benefits of tokenization in streamlining asset transfers and expanding access to capital markets.

Bitcoin dropped below $113,000 due to concerns about inflation, tariffs, and geopolitical tensions, leading to a broader decline in cryptocurrencies and risk-on assets. Ethereum, XRP, and Solana also experienced losses, with Bitcoin down 3% in the last 24 hours.

Bitcoin's network difficulty has reached a new high of 129 trillion, with a 6.4% increase in the past 90 days. The upcoming automatic adjustment is expected to lower the difficulty by 0.33% on August 22, providing some relief to miners.

SharpLink Gaming made its largest Ethereum purchase of $601.5 million last week, acquiring 143,593 ETH. With a total of 740,460 ETH valued at over $3 billion, the company aims to hold 1% of all circulating ETH.

Bullish received over $1 billion in stablecoins from its IPO, with most funds held in stablecoins like Circle’s USDC on the Solana blockchain. The firm's CFO views stablecoins as transformative for global fund transfers and collaborations with stablecoin issuers.

According to analysts at Bernstein, the White House's push for crypto in Congress suggests a prolonged bull market, with Bitcoin possibly peaking in 2026. Altcoin season is expected to continue, with Ethereum and Solana leading the next digital assets cycle.

SEC Chair Paul Atkins announced a new approach to crypto regulation, emphasizing a shift towards embracing innovation and offering exemptions for various crypto offerings. Atkins believes that most crypto tokens are not securities, signaling a departure from past enforcement strategies by the SEC.

Sen. Tim Scott predicts that a crucial vote on crypto market legislation may hinge on just a few votes, with some Democrats hesitant to support a bill that could legalize much of the crypto industry. Elizabeth Warren's strong opposition poses a challenge to garnering Democratic support for the bill.

South Korean financial authorities have suspended new crypto lending services due to a recent liquidation event at a local exchange, reflecting global concerns over excessive leverage in the digital asset market. The pause will last until Virtual Asset Rental Service Guidelines are established to enhance user protection.