American banks continue to close accounts of cryptocurrency companies, like Unicoin, despite Trump's support for cryptocurrencies, continuing the "choke point" operation.
Vitalik Buterin returned as a billionaire in the cryptocurrency space as the price of Ether reached $4,244, up 6.38%, driven by strong inflows from exchange-traded funds.
Bo Hines has resigned from the White House cryptocurrency council and plans to advocate for cryptocurrencies from the private sector.
On August 10, 2025, American banks continued to close accounts of cryptocurrency companies, despite Trump's supportive stance. Vitalik Buterin, founder of Ethereum, returned to billionaire status with the skyrocketing price of Ethereum.
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Additionally, Bo Hines, head of the White House cryptocurrency council, announced his resignation. These stories showcase a mix of challenges and achievements in the cryptocurrency world currently.
Banks, billionaires, and leadership changes
Cryptocurrency companies are facing difficulties due to banks closing their accounts, a problem known as the "choke point" operation. Alex Konanykhin, CEO of Unicoin, stated that major banks like Citibank, Chase, and Wells Fargo cut ties with his company without explanation.
Even as Trump's team diligently pursues cryptocurrencies, banks remain steadfast in their stance, making it difficult for these companies to operate. Konanykhin hopes that Trump's upcoming order to investigate these closures will help solve this issue, noting that it could allow the U.S. cryptocurrency industry to grow as Hollywood does with films.
But attorney Elizabeth Blakely warns that banks will remain cautious until clearer rules are issued, and these banks may face legal battles.
On a brighter note, Vitalik Buterin, co-founder of Ethereum, has returned to billionaire status as the price of Ether rose to $4,244, a 6.38% increase on Saturday. Arkam, a blockchain technology company, states that Buterin's wallet holds 240,042 Ethereum, worth about $1.04 billion, along with smaller stakes in other coins.
The price of Ethereum reached $4,332, its highest level in eight months, and traders believe it may soon reach its previous peak of $4,878. Strong investments in exchange-traded funds, which saw $326.6 million flow into Ether funds recently, contribute to this rise.
Meanwhile, Bo Hines is stepping down as head of the White House cryptocurrency council, a group that advises Trump on cryptocurrency policies. Hines stated that he was honored to work with David Sachs, an expert in AI and cryptocurrencies, to make the U.S. a leader in the cryptocurrency space. Hines is returning to the private sector but intends to continue supporting digital currencies.
Some praise the council for establishing regulatory frameworks for cryptocurrencies, while others see that it has overlooked significant legislation regarding Bitcoin. These events reflect the ups and downs of cryptocurrencies. Banks still pose a barrier, but the rise in Ethereum's value and leadership changes keep the sector advancing.
With Trump's administration pressures for change, the future remains optimistic, but it depends on critical rules and specific market trends.$BTC
