Key market developments:
• Strong overall market performance
The market witnessed a remarkable increase, adding about $116 billion to the total market capitalization of cryptocurrencies over the past day. More than 90 out of 100 major coins recorded gains.
Bitcoin:
• Notable rise near all-time highs
The price of Bitcoin rose to around $119,332, approaching its recorded peak in July of $123,166, supported by weaker-than-expected U.S. inflation data, which raises the odds of a rate cut in September.
Ethereum:
• A strong jump of more than 40% in one month!
Ethereum rose by about 41% in August, with an increase of 14% in just the past week, continuing to soar supported by institutional momentum.
• Close to a new all-time high
The coin rose to about $4,600, just a few steps away from its highest price of around $4,892.
• Rise of about 8–10% in 24 hours
• According to TradingView, Ethereum rose more than 8% in the last 24 hours, touching levels of $4,700 after surpassing $4,600.
• The coin also recorded an increase of nearly 10% during the day, bolstered by huge ETF inflows to enhance its movements.
• Record network activity
Ethereum transactions recorded their highest activity in the past 24 hours, with over 1.875 million transactions.
Other notable cryptocurrencies:
• OKB records an astonishing rise of 133%!
The OKB coin rose by more than 133% in one day, reaching a price of $106.67, with a notable increase in trading volume.
• Dogecoin:
Dogecoin recorded gains of approximately 12.53% in 24 hours, outperforming the general market which rose by 3.64%.
• Solana:
Solana jumped by 13.09% in the day, currently trading at $203.49.
Prominent legal and institutional issues:
• Terraform Labs founder admits guilt!
Do Kwon, the founder of Terraform Labs, admitted in a federal court in Manhattan to committing fraud in the $40 billion TerraUSD collapse. He faces criminal liability of up to 12 years in prison, along with forfeiture of assets exceeding $19 million.