Major cryptocurrency events and their impact on the market
The performance of the cryptocurrency market is not always as expected, as multiple factors determine its trajectory. This week, multiple events related to cryptocurrencies occurred, including the release of macroeconomic events, which influenced its path.
▫️August 11, 2025: Closure of the XRP lawsuit and ETH ETF milestone
The week began with optimism, as important news about XRP was released days earlier. After more than four years of litigation, the lawsuit between Ripple and the SEC was nearing its end, as they withdrew their significant appeals. This influenced the bullish trends in the cryptocurrency market, driving up the token's price.
New updates from August 16 also indicated that the case would conclude with the approval of the dismissal request by the Second Circuit Court. Notably, another bullish news impacted Ethereum that same day.
Spot Ethereum ETFs generated a net inflow of $1 billion on August 11, a historical record. This indicated strong demand for ETH products in the cryptocurrency market. However, volatility persisted with the release of several key macroeconomic events, such as the U.S. CPI, PPI, and others.
▫️August 12, 2025 – Release of U.S. CPI data
On Tuesday, August 12, the July CPI data was released, which rose to 0.2% month-over-month, as expected. This also contributed to market optimism, as it influenced expectations about the Fed's interest rate cuts in September.
The same trend continued in the following days, resulting in Bitcoin's price reaching a new all-time high of $124.4 thousand on Thursday. BNB also skyrocketed to a new all-time high of $868.68; prices of Ethereum, XRP, and other altcoins also grew significantly.
However, their prices plummeted from their peak, amid the impact of the release of the U.S. CPI data.
▫️August 14, 2025: Drop in U.S. PPI and the cryptocurrency market
The U.S. PPI exceeded expectations, with a month-over-month increase of 0.9% and a year-over-year increase of 3.3% in the July figures. Experts considered it the largest increase in months, raising fears among investors ahead of the Fed's upcoming interest rate decision.
The data triggered a massive sell-off of Bitcoin and other assets, wiping out over $538 million in long positions.
▫️August 15, 2025: Grayscale filed an application for the Dogecoin ETF.
Amid the growing buzz around cryptocurrency ETFs, Grayscale has filed an application with the SEC to launch a spot Dogecoin ETF. Notably, if approved, it would become the first ETF for a meme coin and provide investors exposure to DOGE without needing to own the asset.
Following this news, the price of DOGE rose significantly, by 2.25% in a matter of hours. However, most tokens remained down as the bearish trend persists.
▫️August 16, 2025: Update on the XRP lawsuit and inflows of cryptocurrency ETFs
Despite significant turbulence midweek, the overall performance remains favorable for investors. The net volume of cryptocurrency ETFs reached $40 billion, led by Ethereum, with $2.85 billion in inflows.
Notably, on the same day, the SEC submitted a status report to the U.S. Second Circuit Court after filing the dismissal of the appeal earlier in the week. Experts say that the case is nearing its end, and the approval from the Second Circuit Court would mark the definitive closure of the XRP lawsuit.
Interestingly, despite the ups and downs of the week, cryptocurrency whales remained quite active, buying billions of dollars in assets, especially Ethereum. Sentiment also indicates that ETH is outperforming BTC in the current market.
▫️The best-performing cryptocurrencies of the week
This week may be filled with changing trends and key macroeconomic events. However, despite the turbulence, some cryptocurrencies managed to rise more than expected due to their demand, individual bullish news, and strong investor confidence in them.
According to CoinMarketCap, the cryptocurrencies with the highest gains of the week are meme coins like TSLA, DOGO, FARTCOIN, and others. Among the major cryptocurrencies, OKB, Mantle, and Cardano performed the best.
Bitcoin, Ethereum, and XRP were also the best-performing cryptocurrencies midweek, but in the end, their trends diminished respectively.
