Here is a summary of the key events and news in the cryptocurrency world over the past week (from about August 13 to August 20, 2025):
Global highlights:
1. Bitcoin and Ethereum hit record levels and then declined
• Bitcoin reached a new record level of $124,480, driven by institutional purchases and support from the U.S. president, before later declining to around $118,000 after inflation data.
• Ethereum also rose to its highest level at $4,788, then fell back.
2. Sharp decline in cryptocurrency markets today
• Bitcoin and Ethereum prices experienced a new decline; the former dropped to below $113,000 and ETH to below $4,100, amid cautious optimism ahead of Powell's speech from the Federal Reserve.
• With a sell-off wave leading to declines in sectors like DeFi, CeFi, Layer1, Layer2, except for some tokens like OKB (up 5.76%) and Mantle (up 5.51%).
3. Appointment of a new advisor at Tether
• Tether appointed a new strategic advisor, Bo Hines, a former White House expert in digital assets. He will take responsibilities for expanding in the U.S. market and strengthening relations with legislative bodies.
4. Messages from the Federal Reserve regarding regulation
• Michelle Bowman from the Federal Reserve emphasized the need for a shift in the regulatory approach towards financial innovations like crypto and artificial intelligence. She also praised the passage of the GENIUS Act to regulate stablecoins.
5. Security attack and the shift of crimes to crypto
• Experts revealed during a seminar in India that over 90% of cybercrimes are now executed via crypto platforms, putting traditional law enforcement agencies in a bind.
6. Individual disasters and collective fraud in the crypto world
• Stories of the 'pig-butchering' type: One victim of a scam with UAI Coin lost about 400,000 Turkish Lira after the fraudsters managed to exploit stolen images of a Malaysian influencer.
• Additionally, Richard Kim, a former director at Goldman Sachs, was charged with defrauding investors of approximately $4 million, then using the amount to gamble in cryptocurrencies.
7. Decline in stocks of crypto financing companies
• Stocks in companies like Coinbase, Robinhood, and SoFi experienced a notable decline (ranging between 3-5%) amid weak market sentiment, especially after disappointing financial results.
8. A massive deal for a company linked to the Trump family
• World Liberty Financial, linked to the Trump family, announced a massive deal worth $1.5 billion to buy its own digital currency with the aim of 'enhancing financial democracy.'
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