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State of Crypto: Crypto Takes Jackson Hole

by admin August 24, 2025

Policymakers of various stripes spoke at the SALT Wyoming conference this week in Jackson Hole, Wyoming.

You’re reading State of Crypto, a CoinDesk newsletter looking at the intersection of cryptocurrency and government. Click here to sign up for future editions.

The narrative

Congress is still on vacation, but policymakers trekked up to Jackson Hole, Wyoming to speak to the crypto industry — largely praising it or saying how they expect legislation to move forward. Here are some clips of what they said, courtesy of CoinDesk’s Helene Braun and others.

Why it matters

The industry has seen a lot of progress on crypto policy priorities this year. Lawmakers’ comments hint at what the last four months of 2025 might look like, and what we can expect from federal regulators.

Breaking it down

“I believe that we’ll have between 12 and 18 Democrats at least open to voting for market structure.” — Senate Banking Committee Chair Tim Scott

“We will have it on the President’s desk before Thanksgiving.” — Senator Cynthia Lummis on market structure legislation

“Just imagine seeing on public equity all the transactions that go in and out of that company and how much information that gives you.” — Franklin Templeton CEO Jenny Johnson

“We need a clear, strategic regulatory framework that will facilitate the adoption of new technology, recognizing that in some cases, it may be inadequate and inappropriate to apply existing regulatory guidance to address emerging tech.” — Federal Reserve Vice Chair for Supervision Michelle Bowman

“There is nothing to be afraid of when thinking about smart contracts, tokenization or distributed ledgers.” — Federal Reserve Board Governor Chris Waller

“It’s no secret that my side of the aisle would prefer not to see any sitting President — I won’t name one — participating in this market while a sitting president unless those assets are in a sealed trust.” — Rep. Angie Craig, ranking member on the House Agriculture Committee

Congress remains on break and no regulatory agency is holding an event this week.

(CNBC) Goldman Sachs expects U.S. consumers to pay for the tariffs that U.S. President Donald Trump imposed on most countries trading with the U.S. A few days after that earlier article, Sony announced it would raise the price of Playstation 5 consoles in the U.S.
(Electronic Frontier Foundation) Wyoming and South Dakota have enacted stringent laws requiring websites to verify users’ ages if they host “any sexual content,” including “a broad range of non-pornographic content, including classic literature and art.”
(The Wall Street Journal) Despite Elon Musk’s public statements about founding a new political party, he is backtracking and instead considering supporting Vice President JD Vance and other Republicans, the Journal reported.

If you’ve got thoughts or questions on what I should discuss next week or any other feedback you’d like to share, feel free to email me at nik@coindesk.com or find me on Bluesky @nikhileshde.bsky.social.

You can also join the group conversation on Telegram.

See ya’ll next week!

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August 24, 2025 0 comments

NFT Gaming

KPMG Sees Strong Second Half for Canadian Fintechs After Crypto, AI Raked in $1.6B Funding

by admin August 23, 2025

Canadian fintech companies raised $1.62 billion in the first half of 2025, with digital assets and artificial intelligence (AI) startups taking the lion’s share of fresh funding, according to KPMG Canada’s Pulse of Fintech report.

While fintech funding slowed globally, Canadian investors maintained steady support for ventures at the intersection of finance and emerging technology. The report singled out companies building blockchain-based infrastructure and AI-driven financial tools as leading growth areas.

“If we look at the first half of 2025, it’s clear that digital assets have re-emerged as a magnet for investor interest, despite the broader contraction in venture investment values,” said Edith Hitt, a partner at KPMG Canada.

AI investments aren’t surprising, given its monumental expansion in recent years. However, Canadian investors turning to digital assets funding might catch some off guard, as the risk factor of the crypto market has always been up for debate among investors.

However, with more pro-crypto regulations in the U.S. and further institutional push legitimizing certain parts of the digital assets sector, the conversation has clearly started to shift.

“Crypto’s resurgence coming out of 2024 was reinforced by a more constructive regulatory tone in the U.S., the dismissal of the Coinbase lawsuit, and tangible mainstream adoption in stablecoin use cases,” Hitt added.

Cautious investors

While the $1.6 billion number may seem big, zooming out, the numbers have actually dropped year-over-year due to macro events such as tariffs and higher interest rates. The report said the first half of 2025 data is lower than $2.4 billion invested in the Canadian fintech industry in the same time period last year, and $7.5 billion invested in the second half of 2024.

This doesn’t mean investors are shying away from fintech funding; rather, there is a lot of ‘dry powder’ waiting to be deployed, said Dubie Cunningham, a Partner in KPMG in Canada’s Banking and Capital Markets Practice. Investors are looking for more “quality companies” and appetite for “maturing mid-to-large stage private equity deals,” she added.

‘Strong’ second half

In fact, KPMG Canada’s report explained that this trend of investing in AI and digital assets is likely to continue into the latter half of 2025.

“Investor interest in digital will remain strong in the second half of the year and into 2026, driven by the U.S. administration’s bullish view and lighter regulatory touch on cryptoassets, said Hitt.

“The focus will be on infrastructure, payments rails, and tokenization platforms that can scale in compliant, integrated ways,” she added.

Hitt said things will only heat up more on the AI side, “as more fintechs increasingly adopt and deploy agentic AI solutions across areas like personal finance, investment management, fraud detection and lending.”

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August 23, 2025 0 comments

Japan Targets 20% Crypto Tax, Bitcoin Etf &Amp; Stablecoin By 2026

Crypto Trends

Japan Targets 20% Crypto Tax, Bitcoin ETF & Stablecoin by 2026

by admin August 23, 2025

Japan is moving closer to a major overhaul of how it treats cryptocurrencies. Regulators want to make digital assets easier to own, trade, and invest in as part of a broader plan to turn the country into an “asset management nation.”

Tax Relief for Crypto Investors

Right now, crypto profits in Japan can be taxed at rates as high as 55%. That is far tougher than the 20% flat tax applied to stock and bond gains. The Financial Services Agency (FSA) is proposing a change that would bring crypto into the same 20% bracket.

It also wants investors to be able to carry forward losses for three years, something already common in traditional markets. The idea is simple: reduce the burden on traders, encourage activity, and rebuild trust in the market.

The reform does not stop at taxation. The FSA is preparing to classify cryptocurrencies as financial products under the Financial Instruments and Exchange Act. That would put them in the same category as stocks and bonds, requiring stricter disclosure and insider trading rules. The shift would also clear the way for Japan’s first spot Bitcoin ETF, a product local industry groups have been lobbying for.

Stablecoins and Market Growth

The FSA is also planning to approve the country’s first regulated yen-based stablecoin. JPYC, issued by a Tokyo fintech firm, has set a target of 1 trillion yen, about $6.8 billion in circulation over three years. A stablecoin backed by clear regulation could make it easier for companies and investors to handle digital payments with less risk.

Japan’s crypto market is growing, with domestic trading volumes expected to double from $66.6 billion in 2022. Yet retail adoption lags badly. Surveys show 88% of Japanese residents have never owned Bitcoin. Regulators believe the 2026 reforms can change that by cutting barriers and bringing crypto closer to mainstream finance.

Also Read: SBI Holdings Forms Joint Venture With Circle to Advance USDC in Japan

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August 23, 2025 0 comments

Crypto Trends

Interpol Arrests 1,209 Involved In Illegal Crypto Mining And Investment Scams

by admin August 23, 2025

Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

The International Criminal Police Organization (Interpol) has successfully conducted a continent-wide cybercrime crackdown in Africa, targeted against illegal cryptocurrency mining operations, inheritance scams, and fraudulent investments. Coordinated under the code name Serengeti 2.0, the three-month operation ran from June to August 2025, leading to more than 1,200 arrests and the recovery of close to $100 million in stolen funds and confiscated assets.

Operation Serengeti 2.0

According to Interpol’s press release on August 22, investigators from 18 African countries, working alongside the United Kingdom and supported by private-sector partners, dismantled 11,432 malicious infrastructures linked to almost 88,000 victims of targeted high-impact online crimes, including ransomware, scams, and business email compromise (BEC).

Notably, law enforcement authorities in Angola shut down 25 illegal cryptocurrency mining sites operated by 60 Chinese nationals while also commandeering 45 unauthorized power stations feeding these operations. In addition, officers also confiscated IT and mining machinery worth over $37 million.

Meanwhile, in Zambia, officials uncovered a massive crypto investment fraud with 65,000 victims and $300 million in total losses. The operation led to 15 arrests, alongside the seizure of domains, SIM cards, and bank accounts tied to the scam, which had promised investors sizable returns. Notably, another sting in Lusaka disrupted a suspected human-trafficking network, where 372 forged passports of seven countries were confiscated.

Interpol also reports that the Ivorian police dismantled a cross-border inheritance scam believed to originate in Germany. Unsuspecting victims were deceived to pay fees for fake inheritance claims, generating around $1.6 million in illicit gains. The primary suspect in this case has been detained while authorities seized cash, jewelry, and vehicles, among other valuables.

Commenting on the successful Serengeti 2.0 operation, Interpol’s Secretary General, Valdecy Urquiza, emphasized the importance of cooperation in amplifying results:

Urquiza said:

Each INTERPOL-coordinated operation builds on the last, deepening cooperation, increasing information sharing, and developing investigative skills across member countries. With more contributions and shared expertise, the results keep growing in scale and impact

Operation Serengeti 2.0 was conducted under the African Joint Operation Against Cybercrime with other participating nations, including Nigeria, Rwanda, South Africa, etc. Meanwhile, private partners of this operation are TRM Labs, Trend Micro, and Team Cypru, among others.

Crypto Market Overview

At the time of writing, the global cryptocurrency market capitalization stands at $3.95 trillion, reflecting a 3.87% increase over the past 24 hours. Daily trading volume has climbed to $157.12 billion, signaling heightened activity across major tokens. Market leader Bitcoin is currently priced at $115,811, while Ethereum trades at $4,700, both maintaining strong momentum amid broader market gains.

Total crypto market cap valued at $3.94 trillion on the daily chart | Source: TOTAL chart on Tradingview.com

Featured image from Interpol, chart from Tradingview

Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.

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August 23, 2025 0 comments

GameFi Guides

IRS’s top crypto executive Trish Turner resigns after brief tenure

by admin August 23, 2025

Trish Turner has stepped down from her position leading the Internal Revenue Service’s crypto division. This is after approximately three months in the role.

Summary

IRS digital assets chief Trish Turner resigns after 3 months.
Turner joins Crypto Tax Girl as tax director amid rising crypto compliance needs.
Her exit adds to ongoing leadership churn in the IRS’s crypto division.

The departure is another leadership change for the agency’s cryptocurrency unit. The agency has also experienced frequent turnover as it works to establish regulatory frameworks for digital asset taxation.

Turner announced her departure on Friday through LinkedIn and concluded over two decades of service with the tax agency. She cited her role in developing the IRS’s digital asset strategy during a period when cryptocurrencies transitioned from specialized investments to mainstream financial tools.

Private sector move shows crypto industry shift

Turner will join cryptocurrency tax firm Crypto Tax Girl as tax director, according to Bloomberg Tax reporting and confirmation from the company’s founder, Laura Walter.

“With all of the big crypto tax and compliance changes on the horizon, we are excited to have Trish on board to help advise our clients.”

Turner mentioned that she plans to continue working on digital asset tax issues from the private sector and also build connections between industry participants and regulators.

Crypto division faces continued instability

Turner’s brief tenure continues a pattern of leadership changes within the IRS’s crypto unit. She replaced Sulolit “Raj” Mukherjee and Seth Wilks, two private-sector experts who departed after roughly one year leading the digital assets division.

The transition comes as the agency faces pressure to develop comprehensive frameworks for digital asset compliance.

The Department of Government Efficiency proposed a 20% reduction in the IRS workforce in March, which affects the agency’s ability to maintain specialized cryptocurrency expertise.

The IRS’s supervisory duties regarding cryptocurrencies have become more complex in light of recent events. On July 4, the Treasury Inspector General for Tax Administration suggested changes to the way the criminal investigation division handled digital assets.

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August 23, 2025 0 comments

Gaming Gear

Here’s Why Crypto Set the Market on Fire Yesterday

by admin August 23, 2025

Cryptocurrency markets skyrocketed into new territory Friday after Federal Reserve Chair Jerome Powell signaled that interest rate reductions could be imminent, pushing the Dow to its first 800-point plus gain this year. That ended the Dow’s longest streak without a new high since Dec. 4, 2024, according to Dow Jones Market Data, and signaled a major surge of optimism at the prospect of some economic policy relief.

Cryptos were major stars of that rally.

Ethereum (ETH) climbed over 15% to reach a new all-time high of $4,885, surpassing its previous record from November 2021, while Solana (SOL) swung between 8% and 12.5% in a 24-hour period, nudging just past the longtime “psychological” mark of $200 for a high of $201.94. Bitcoin (BTC) lovers also had their moment when it climbed 2.5% to $114,700 from $112,000, clawing back some of its losses from earlier this week.

As cryptocurrencies and stocks soared, the probability of a September Fed rate cut jumped to 90% following the speech, Reuters reports.

So why all the enthusiasm?

Simply put: When the market feels more secure, it invests in places considered riskier bets. Cryptocurrencies and other fintechs that are part of emerging technology sit squarely in those crosshairs.

This time it appears institutional investors led the charge, as they look for investments that can balance out a shaky U.S. dollar, general volatility, and risk.

“It’s almost a relief rally,” Carol Schleif, chief market strategist at BMO Private Wealth, told the Wall Street Journal. “Markets had anticipated more angst.”

The optimism from the market is a sign monetary easing is a reversal of that angst, and could be a change in fortune for the sector, which has whipsawed in recent trading, said Steve Lee, co-founder and managing partner at Neoclassic Capital and investor in BlockTower Capital.

“I see this as constructive in the short term, and it may help reverse this week’s sell-off. The key question is whether this momentum holds beyond the low-liquidity weekend. Since BTC and ETH price action is increasingly institutionally driven, spot ETF flows today and Monday will be a strong indicator of whether we are set for another leg higher,” Lee told CoinDesk.

What did Powell say?

As usual, Powell got straight to the point during his Wyoming speech on Friday.

“Downside risks to employment are rising,” Powell said at the Jackson Hole Symposium. “And if those risks materialize, they can do so quickly in the form of sharply higher layoffs and rising unemployment.”

Powell also said recent policy moves from the Trump administration could affect inflation.

“With policy in restrictive territory, the baseline outlook and the shifting balance of risks may warrant adjusting our policy stance,” he said, adding that tariffs could push inflation higher, at least temporarily. “A reasonable base case is that the effects will be relatively short lived, a one-time shift in the price level.”

You can read Powell’s entire speech here.

So how high did we go?

In this rally’s case, a rising tide did indeed lift all boats.

The broader S&P 500 also saw strong gains, rising 1.5%, its best performance since May, and equities were a bright spot on the NASDAQ Composite, which advanced 1.9%.

But perhaps most importantly, the index used by Wall Street to gauge how frightened investors might be, the CBOE Volatility Index (VIX), dipped more than 14% to its lowest level this year. The VIX is a favorite of trading pros and shows how turbulent the market feels.

Those gains across the board are an encouraging sign for both the buyside and the sellside, experts said.

“Correlations between cryptos and equities are high, and we see a market mood that will be highly sensitive to this week’s comments from the Jackson Hole meeting of monetary authorities, as well as from any reactions from fiscal authorities,” wrote Manuel Villegas, an analyst at Julius Baer, in a research note.

Which crypto continue to rise?

While nothing is a given once the opening bell rings, some analysts are already predicting which companies they think will continue to do well.

Analysts at Monarq Asset Management told CoinDesk that there’s still more room for Ethereum to grow, and that they expect to see the coin top $5,000 in near-term trade.

“We maintain our overall bullish stance. Market internals remain constructive, with few signs of overheating and, as you point out, a clear path to new all-time highs in both BTC and ETH,” Sam Gaer, chief investment officer of Monarq Asset Management’s Directional Fund, told CoinDesk.

“Our house view is that Powell’s dovish pivot has cleared the way for $5,000+ in the near term, also not the hardest call to make,” Gaer said. “Demand from treasury vehicles should increase into the fall as many of the deals announced this summer close or de-SPAC, in addition to ongoing institutional and retail inflows.”

Will Powell lower rates?

Friday’s rally was a perfect example of how sensitive global markets are to Fed policy, particularly after a long period of no rate cuts. Analysts, traders, and every other player in finance have been attempting to read Powell’s tea leaves for years with only moderate success, and even a major rally like Friday’s can’t completely fortify a very fragile market.

While no one can be entirely certain what Powell and the Fed will do next week, market watchers across the board are bullish on the move. “The Fed isn’t going to be the party-pooper,” Brian Jacobsen, chief economist at Annex Wealth Management, told the WSJ.

How much that rate cut might matter in the long run remains to be seen.

“We’re still doubtful that a September cut points to a prolonged interest rate cutting cycle. Risks to inflation are real and coming from many angles,” Lauren Goodwin, economist and chief market strategist at New York Life Investments, wrote in a Friday note.

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August 23, 2025 0 comments

NFT Gaming

China Renaissance Buys $100M In BNB, Expands Crypto Partnerships

by admin August 23, 2025

Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

BNB is entering a new phase of adoption after a landmark announcement from China Renaissance, a Hong Kong-listed investment bank with deep institutional influence. On August 22, 2025, the bank’s board of directors revealed that it had signed a memorandum of understanding (MoU) with YZi Labs, allocating $100 million toward Binance’s token. This initiative marks a strategic step in bridging the gap between traditional financial institutions and the crypto market, positioning BNB as a gateway for broader adoption in regulated environments.

The agreement outlines a cooperative framework that seeks to empower the Binance Chain ecosystem with China Renaissance’s financial expertise and access to high-quality investment opportunities. In turn, the bank expects to leverage BNB’s ecosystem for new business applications, signaling a mutually reinforcing relationship.

This announcement builds on the company’s earlier disclosure in June 2025 of its intent to pursue cryptocurrency investments. By formalizing its commitment with a large-scale allocation, China Renaissance is not only validating BNB as a viable institutional asset but also setting a precedent for other financial players in Asia and beyond. The partnership could prove pivotal in enhancing BNB’s role within global markets, where regulatory clarity and institutional credibility are key drivers of adoption.

BNB Surges As China Renaissance Commits $100M

Binance co-founder and former CEO, Changpeng Zhao, highlighted the significance of the deal, stating: “China Renaissance, a HK public company, buying $100m USD worth of BNB. In addition to buying BNB, many other long-term strategic partnerships are involved. Let’s build the ecosystem together!” His words reinforced the strategic importance of this cooperation, which goes beyond a simple investment and points to structural growth for BNB in regulated markets.

The immediate market reaction was explosive. The price surged to a new all-time high of $899, marking a milestone in its history. This price action reflects renewed confidence in the asset’s long-term prospects, especially as partnerships deepen and institutions signal commitment.

Related Reading: Dormant Bitcoin Whale Awakens: BTC OG Rotates Into $577M ETH Long

For BNB, the timing could not be more significant. While other altcoins are facing volatility, the chain is showing resilience and growth capacity. With China Renaissance’s institutional backing, and additional strategic partnerships in development, the token appears poised not just for price appreciation but also for broader adoption as a utility and infrastructure asset in global markets.

Price Analysis: Testing Uncharted Territory

Binance coin is showing strong bullish momentum, breaking into new all-time highs with its latest rally. On the weekly timeframe, BNB is trading at $898.29, closing in on the psychological $900 level after surging nearly 5% this week. This push comes right after the announcement of China Renaissance’s $100M allocation into BNB, fueling confidence among institutional and retail investors alike.

BNB reaching new ATH | Source: BNBUSDT chart on TradingView

From a technical perspective, BNB’s trend remains intact, with the 50-week SMA at $654 and the 100-week SMA at $544 providing long-term support. The current distance between price and the moving averages highlights the strength of this parabolic move, but also signals caution, as extended gaps often precede periods of consolidation.

The price has broken decisively above its previous resistance zone at $780–$800, turning it into new support. If this level holds, the path toward $950–$1,000 opens up, supported by growing ecosystem developments and institutional demand. Structure signals continued strength, with institutional backing adding fuel to its breakout and positioning it for further upside in the coming weeks.

Featured image from Dall-E, chart from TradingView

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August 23, 2025 0 comments

Crypto Trends

Adele, Future and Michael Jackson Instagram Accounts Hijacked for Crypto Scam

by admin August 23, 2025

In brief

Official Instagram accounts for Michael Jackson, Adele, and Future were apparently hijacked to promote a meme coin.
The token, named after a clothing brand and record label attached to Future, reached a near $900K market cap before plummeting.
The scammer made off with around $49,000 after dumping the majority of the tokens.

The Instagram accounts of superstar musicians Adele, Future, Tyla, and the late Michael Jackson were hacked to promote an unaffiliated Solana meme coin late Thursday.

The hacker used the celebrities’ pages to share now deleted posts of what appears to be an AI rendering of Future, holding an oversized coin inscribed “FREEBANDZ”—the name of a record label and clothing line connected to the rapper, as well as the Solana meme coin promoted in the posts.

The rapper’s account is no longer active on Instagram, and the cryptocurrency does not appear to actually be linked to Future or his apparel brand.

Created on popular Solana token launchpad Pump.fun, the meme coin briefly ran to an all-time high market cap just shy of $900,000 before collapsing by nearly 98%, to $20,000.

Following the run-up, the token’s creator—a Solana address ending in “zcmPHn”—dumped 700 million tokens, or 70% of the total supply in a single transaction, sending the price crashing down in the process.

The rug-puller, likely connected to whoever hijacked the celebrities’ Instagram accounts, walked away with 251.57 SOL, or more than $49,000 at today’s Solana price.

While the posts have been deleted, none of the celebrities that were compromised in Thursday’s hack have made public statements on Instagram or X as of Friday afternoon.

Hacking popular social media accounts to promote meme coins and other crypto scams is not a new phenomenon.

Earlier this year, the UFC’s official Instagram account was hacked, leading to $1.4 million in losses for crypto users. And the creator of the character “Chill Guy” had his account stolen multiple times after a Solana meme coin based on the viral TikTok craze blew up to a $650 million market cap.

Even Barack Obama and Elon Musk have seen their social media accounts swiped and misused in a malicious crypto scheme. Malicious actors typically seek to use prominent social media accounts to pump the value of a coin before selling and crashing the price—a classic pump-and-dump scheme.

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August 23, 2025 0 comments

NFT Gaming

Crypto Booms as Fed Goes Dovish: Here’s What It Means for Ethereum, Solana and Dogecoin

by admin August 23, 2025

In brief

Fed Chair Jerome Powell went much more dovish than expected at Jackson Hole, sending stocks up 2% and crypto markets higher.
Altcoins are outpacing Bitcoin, with Dogecoin and Solana showing increasingly bullish signs.
But today, all eyes are on Ethereum, which is inching closer to breaking its 2021 all-time high.

Crypto markets have come alive following dovish remarks today from Federal Reserve Chair Jerome Powell. The Fed chairman opened the door to interest rate cuts during a speech at Jackson Hole, which both traditional and crypto markets had been eagerly awaiting—though not necessarily expecting.

Crypto climbed back above the $4 trillion mark and the Dow Jones Industrial Average jumped as much as 900 points, up to 2% on the day, after Powell suggested interest rate cuts could be on the way. The synchronized risk-on rally across both traditional and digital assets happens after weeks of consolidation, with the S&P 500 gaining 1.68% and the tech-heavy Nasdaq rising 2.1%.

Powell’s keynote at the annual symposium struck a more dovish tone than markets anticipated. “Downside risks to employment are rising,” Powell said. “With policy in restrictive territory, the baseline outlook and the shifting balance of risks may warrant adjusting our policy stance.”

The comments effectively confirmed market expectations for a September rate cut—the first during President Donald Trump’s second term—sending risk assets soaring. Why? Lower interest rates means cheaper money, and that normally translates into more dollars being relocated from safer, yield-earnings investments into riskier bets, such as stocks and crypto.

Meanwhile, oil prices climbed 4% this week to $76.45 as Middle East tensions escalate. Crypto markets, though, appear unfazed by the geopolitical uncertainty.

Bitcoin spiked 3.5% today to its current price above $116,000. But, as is often the case, when Bitcoin jumps, lower liquidity altcoins get sent much higher.

Ethereum is currently up more than 12% on the day, teasing traders with a potential break above its all-time high price of $4,878—a record that’s held since November 2021. But it’s not just ETH either: Dogecoin and Solana, two of the biggest altcoins in the market, are also experiencing impressive gains.

Here’s what the charts have to say about it:

Dogecoin (DOGE) price: Return of the meme king

Dogecoin has rallied 9% to $0.23 over the past 24 hours, significantly outperforming Bitcoin’s modest gains. DOGE now sits comfortably in the top 10 coins by market capitalization, with a total value of more than $35 billion.

Besides the typical overreaction to the broader market movement, the surge comes amid a whale accumulation of over 680 million DOGE (worth $157 million) in August, with technical indicators suggesting more upside ahead.

Dogecoin price data. Image: Tradingview

Dogecoin is still in the symmetrical triangle keeping prices in a compression phase since July. Today’s spike could be interpreted as an expected bounce from the triangle’s support—with some room for continuation until a decisive breakout.

If the pattern holds, expect lower highs and higher lows for at least a few more days.

The coin’s Relative Strength Index, or RSI, sits at 55. RSI measures momentum on a scale from 0 to 100, where readings above 70 indicate overbought conditions and below 30 suggest oversold. At 55, DOGE has room to run before hitting levels where traders typically take profits, signaling healthy buying pressure without excessive speculation.

DOGE’s Average Directional Index, or ADX, is at 15. This confirms the behavior inside a triangle, with very low momentum in either direction. This indicator measures trend strength on a scale where readings above 25 confirm a strong trend, and below 20 suggests no clear direction. DOGE’s low ADX reading indicates the recent bearish correction is weakening—think of it as the selling pressure running out of steam—potentially setting up for a trend reversal if buyers step in with conviction.

The 50-day Exponential Moving Average (the average price over the last 50 days) provides support around $0.20—basically today’s starting price—while the 200-day EMA sits at approximately $0.18. When the current price trades above both these levels, as DOGE currently does, it typically signals a bullish market. The coin recently entered into a “golden cross” formation, which experienced traders typically interpret as decisively bullish. But the gap between the EMAs is so slow, it’d be hard for most traders to expect a flight to the moon any time soon. The more likely interpretation is something closer to “it’s not dumping anymore.”

The Squeeze Momentum Indicator shows “on” status and aligns with the other indicators, suggesting volatility is building after a period of compression. When this indicator fires, it often precedes explosive moves as the market breaks out of its trading range. Combine this with whale accumulation and ETF speculation—and the fact that the tail before the triangle is bullish—and you’ve got a setup that may please bull traders.

Key Levels:

Immediate support: $0.21 (recent bounce level)
Strong support: $0.20 (50-day EMA)
Immediate resistance: $0.24 (triangle resistance)
Strong resistance: $0.30 (major target, decisive bullish breakout)

Solana (SOL) price: The “Ethereum killer” flexes

Solana posted an impressive 8.99% gain to $196.53, with trading volume exploding to $3.8 billion—nearly double the daily average. SOL now sits just outside the top 5 coins by market cap, valued at over $105 billion.

We’d be remiss if we didn’t mention that the coin’s bullish spike also coincides with Kanye West’s YZY meme coin launching on Solana late last night. Ye’s meme briefly hit a $3 billion market cap before settling at $1.5 billion, stress-testing the network’s capacity for on-chain volume.

Solana price data. Image: Tradingview

Whether Solana bulls should be thanking Powell or Ye (it’s Powell, let’s be real), there’s no doubt sentiment on SOL is shifting. On Myriad, a prediction market developed by Decrypt’s parent company Dastan, the odds of Solana hitting an all-time high price of $294.33 before the end of year spiked today by more than 10%. The odds, though, still favor the bears, but they’re narrowing: Myriad users currently give SOL a 44.4% chance of breaking its record.

The charts seem to line up with the shifting view.

Solana’s ADX is now at 27, crossing above the crucial 25 threshold that confirms trend establishment. SOL’s reading suggests the recent uptrend has legs, with momentum building rather than exhausting.

SOL’s RSI at 58 sits in what traders call the “sweet spot”—strong enough to show genuine buying interest, but well below the 70 level where profit-taking typically emerges. This positioning allows for another 20-30% upside before reaching historically overbought conditions where corrections often occur.

The 50-day EMA at $166 provided crucial support during the recent dip, with its current price now trading comfortably above that mark at $196. The 200-day EMA further below at $160 creates a safety net of support levels. This expanding gap between moving averages—with the faster 50-day pulling away from the slower 200-day—typically occurs during sustained uptrends and gives buyers multiple entry points on any pullbacks.

The coin also recently entered into a golden cross. But unlike DOGE, the EMA’s here are drifting apart. This shows that bullish momentum, while slow, is building up.

Key Levels:

Immediate support: $180 (breakout level)
Strong support: $166 (50-day EMA)
Immediate resistance: $210 (July highs)
Strong resistance: $250 (psychological target)

Ethereum (ETH) price: Altcoin king roars

Ethereum, the king of altcoins, protector of decentralized smart-contracting “world computers,” and first of its name, is today smiling atop its throne. ETH is on fire.

Even after yesterday’s losses, today the king of altcoins led crypto majors with a commanding 12.16% surge above $4,700, briefly touching $4,830, and approaching its 2021 all-time high of $4,878.

Ethereum price data. Image: Tradingview

The ADX at 41 signals extremely powerful momentum—readings above 40 indicate a power trend where corrections tend to be shallow and brief. Historical data shows ETH can sustain ADX readings above 40 for weeks during major rallies. And prices are well over any statistical support—which can be a damocles sword as it makes sharp drops just as likely as unusually bullish moves.

RSI at 65 approaches but hasn’t reached the 70 overbought threshold. In strong uptrends, RSI can remain between 50-70 for extended periods—this is called “embedded RSI.”

The Squeeze Momentum Indicator also suggests the explosive move has already been released from the recent compression phase. This often marks a trending period where momentum remains stable, so it can be a safe bet for bulls.

What are prediction markets saying? We’re so glad you asked. On Myriad, the odds of ETH hitting $5,000, well above its 2021 all-time high, have soared to 89%, rocketing up by more than 17% since yesterday. A separate market has Ethereum hitting a new all-time this year as a near-lock at 94%.

Key Levels:

Immediate support: $4,500 (psychological level)
Strong support: $3,757 (50-day EMA)
Immediate resistance: $4,866 (all-time high)
Strong resistance: $5,500 (measured move target)

Disclaimer

The views and opinions expressed by the author are for informational purposes only and do not constitute financial, investment, or other advice.

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August 23, 2025 0 comments

NFT Gaming

While CFTC Awaits New Chairman, Acting Chief Pham Gets Rolling on Crypto

by admin August 23, 2025

With the chairmanship still an open question for the Commodity Futures Trading Commission — likely to be a leading U.S. watchdog for crypto — its interim leader, Caroline Pham, is getting started on recommendations from the recent crypto report of the President’s Working Group.

The CFTC, which regulates U.S. derivatives trading and would assume oversight of the bulk of U.S. crypto trading under Congress’ market structure legislation, was at the center of key recommendations in the Trump administration report. So Pham, who President Donald Trump named acting chairman earlier this year, directed the agency to start taking industry input on meeting what’s become “a top priority” of the White House.

“I am beginning stakeholder engagement on all other report recommendations for the CFTC with the full support of the President’s Working Group on Digital Asset Markets to operationalize President Trump’s promise to win on crypto,” Pham said in a statement. The agency is formally requesting public comments on fulfilling the report’s recommendations, opening a two-month window for input.

The CFTC is facing potential leadership drama, with Pham having said she’s on her way out and the confirmation process to make former Commissioner Brian Quintenz the chairman deliberately delayed by the White House. Quintenz drew open criticism from Tyler Winklevoss, CEO of Gemini, who is among Trump’s inner circle of favored crypto executives, but the bulk of the industry’s lobbyists are asking the president to press for a quick approval of his nomination. For reasons it never detailed, the White House delayed what would have been a final committee vote to send Quintenz’s confirmation to the Senate floor, it’s reportedly still backing him.

After that stitch in his confirmation, the Senate went on its August break, further forestalling the resolution of the CFTC chairmanship, with Pham poised to leave and the only other sitting commissioner — Democrat Kristin Johnson — also planning to go. Even if Quintenz is quickly confirmed after the Senate’s summer recess, he may take over an otherwise empty five-member commission.

Meanwhile, Pham said the CFTC’s renewed crypto effort is meant to operate alongside “Project Crypto” recently announced by Paul Atkins, the Trump-appointed chairman of the Securities and Exchange Commission. This is a followup to the “crypto sprint” that Pham most recently promised on Aug. 1.

Read More: U.S. CFTC Considers Allowing Spot Crypto Trading on Registered Futures Exchanges

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August 23, 2025 0 comments