This week’s crypto market showed signs of recovery, with digital assets gaining strength despite macroeconomic and market sentiment concerns. On Monday, Bullish cryptocurrency exchange filed for an IPO on the New York Stock Exchange, aiming to raise up to $630 million.
The SEC unveiled a new crypto initiative to integrate digital assets into the traditional financial system, potentially unlocking benefits for American investors. However, BlackRock’s Ethereum ETF reported its highest amount of outflows in history due to market correction concerns.
Memecoins suffered significant losses, with the meme market losing over 25% of its value. Some exchanges faced potential bans in the Philippines, while others announced major business mergers and new funding rounds.
In positive news, Parataxis merged with SilverBox Corp IV, potentially unlocking $640 million in gross proceeds. The U.S. Securities and Exchange Commission declared that liquid staking rewards did not constitute securities, going against its previous judgment.
Other notable developments included President Trump signing an executive order to add cryptocurrencies to 401(k) portfolios, and Japan’s largest bank announcing plans to launch a cryptocurrency exchange-traded fund tied to Bitcoin and XRP.
The crypto market also saw intense drama surrounding Qubic’s takeover of Monero’s hashrate, with accusations of DDoS attacks and mining incentives at play. Meanwhile, Chainlink announced the LINK Reserve, a strategic on-chain fund capable of converting revenue into LINK tokens.
Harvard University surprised investors by reporting a $116 million investment in the iShares Bitcoin Trust ETF, while Bitcoin mining firm Terawulf reported a significant loss despite a 34% revenue jump.
Overall, this week’s crypto market showed signs of recovery and new developments in the space.
Source: https://www.bitcoinsensus.com/news/bitcoin/crypto-this-week-what-happened-in-the-market-from-aug-4-8