XRP 'cycle goal' is $20, Technique Bitcoin lawsuit dismissed: Hodler’s Digest, Aug. 24 – 30

High Tales of The Week

Ether ETFs hit $13.7B as inflows surge and company treasuries develop

Ether spot exchange-traded funds (ETFs) have seen regular development since their US debut in July 2024, whereas company treasuries tied to the token are additionally on the rise.

Inflows into Ether funds climbed 44% this month, rising from $9.5 billion on Aug. 1 to $13.7 billion on Aug. 28, in line with cryptocurrency analysis platform SoSoValue. Market contributors say renewed institutional demand is fueling the momentum.

“After an prolonged interval of underperformance relative to Bitcoin and a souring investor sentiment, Ethereum has not too long ago skilled a big revival within the recognition of each its adoption fee and worth proposition,” Sygnum Chief Funding Officer Fabian Dori advised Cointelegraph.

Crypto market to unlock $4.5B in tokens in September

Crypto tasks are set to unlock about $4.5 billion in vested tokens in September, in line with knowledge tracker Tokenomist. 

Tokenomist knowledge reveals that about $1.17 billion will come from cliff unlocks, whereas $3.36 billion will likely be launched by linear unlocks. About $4.5 billion in tokens will change into obtainable to buyers, venture groups and different stakeholders as vesting agreements expire. 

Cliff unlocks are sometimes bigger, one-time token releases that occur on the finish of a specified lockup interval. This usually impacts the market extra because of provide shocks. Then again, linear unlocks distribute tokens over time, which helps clean out the influence on the provision. 

Elon Musk’s lawyer to chair $200M Dogecoin treasury: Report

Elon Musk’s legal professional Alex Spiro is ready to chair a brand new public firm that goals to boost $200 million to put money into Dogecoin, in line with a Fortune report citing six individuals conversant in the deal.

The initiative is being pitched to buyers as a Dogecoin treasury automobile with the endorsement of Home of Doge, the company entity launched in early 2025 by the Dogecoin Basis and headquartered in Miami, Fortune reported Friday.

The corporate seeks to boost no less than $200 million as a public automobile to carry Dogecoin on its steadiness sheet, giving buyers stock-market publicity to the token with out direct possession. 

The trouble stays on the pitch stage, with particulars on its construction or launch timing not but disclosed.

Technique Bitcoin lawsuit dismissed as buyers withdraw case

Lead plaintiffs and an investor have voluntarily dismissed their lawsuit in opposition to Bitcoin treasury firm Technique, completely ending the case, in line with a courtroom submitting obtained by Cointelegraph. The transfer represents a possible win for crypto treasury firms, with Technique standing because the business’s largest participant.

In line with a Thursday courtroom submitting, two lead plaintiffs, Michelle Readability and Mehmet Cihan Unlusoy, and an investor representing different shareholders, submitted the stipulation for dismissal.

“The dismissal with respect to Co-Lead Plaintiffs’ claims and Anas Hamza’s claims, however not absent class members’ claims, is with prejudice,” the courtroom doc reads. As well as, “the Motion has not been licensed as a category motion.”

Trump has 11 on his Fed chair checklist, 3 could also be crypto-friendly

The Trump administration is contemplating no less than 11 candidates to interchange Jerome Powell when his time period as Federal Reserve chair expires in Might. No less than three of them have taken optimistic stances towards crypto.

Treasury Secretary Scott Bessent advised Fox Information on Wednesday that there are 11 “very sturdy candidates” for Fed chair, which he’ll start to vet and shortlist beginning subsequent month.

The checklist of candidates, as CNBC reported on Aug. 13, citing two administration officers, consists of Dallas Fed President Lorie Logan, former St. Louis Fed President James Bullard, Fed Vice Chair Philip Jefferson, Fed Governor Christopher Waller, Fed Vice Supervision Chair Michelle Bowman and former Fed Governor Larry Lindsey.

The checklist additionally consists of Bush administration financial adviser Marc Sumerlin, funding financial institution Jefferies chief market strategist David Zervos and BlackRock’s chief funding officer for international mounted revenue Rick Rieder.

Winners and Losers

On the finish of the week, Bitcoin (BTC) is at $108,309, Ether (ETH) at $4,374 and XRP at $2.82. The overall market cap is at $3.77 trillion, in line with CoinMarketCap.

Among the many largest 100 cryptocurrencies, the highest three altcoin gainers of the week are Cronos (CRO) at 94.97%, Pyth Community (PYTH) at 41.07% and Pump.enjoyable (PUMP) at 11.96%.

The highest three altcoin losers of the week are SPX6900 (SPX) at 22.68%, Aerodrome Finance (AERO) at 21.67% and Pendle (PENDLE) at 19.07%. 

For more information on crypto costs, be sure to learn Cointelegraph’s market evaluation.

Most Memorable Quotations

“Let’s say that your protocol or layer 1 blockchain turns into safer. Then they could goal human beings behind it. The individuals who have the personal key and so forth.”

Ronghui Gu, co-founder of CertiK

“There are different currencies that can come up as flashes within the pan however I believe total, we’re in a serious pattern towards Bitcoin.”

Tim Draper, founding companion at Draper Associates

“This complete system was weaponized in opposition to them, no totally different than it had been weaponized in opposition to us for various causes.”

Eric Trump, son of US President Donald Trump

“Crypto will get fairly sketchy under the highest 10, definitely under the highest 20.”

Greg King, founder and CEO of REX Monetary

“We’ve to undergo the robust liquidation days in order that we will go up.”

Bobby Ong, co-founder of CoinGecko

“Timeline bearish and calling for the bear market. Time to go max lengthy.”

James Wynn, millionaire leverage dealer

High Prediction of The Week

XRP ‘distribution’ part doesn’t change $20 value goal: Analyst

XRP’s value fell 22% to $2.72 from its multi-year excessive of $3.66 reached on July 18, earlier than recovering to present ranges round $3.

Has the favored altcoin lastly topped out, or is there a stronger rally within the playing cards?

XRP value motion reveals a consolidation inside a symmetrical triangle on the each day chart, suggesting that the altcoin could also be making ready one other bullish impulse, in line with analyst XForceGlobal.

XRP value at “$20 stays the first cycle goal,” the pseudonymous analyst stated in an X submit on Wednesday. 

Though the value nonetheless faces sturdy resistance across the $4 psychological stage, “this doesn’t alter the general bullish outlook on the macro,” the analyst stated, including that XRP might now comply with two doable eventualities. 

High FUD of The Week

US banks moved $312B in soiled cash, however critics nonetheless blame crypto

US banks have been chargeable for shifting $312 billion for Chinese language cash launderers between 2020 and 2024, in line with a brand new report.

In a US Monetary Crimes Enforcement Community (FinCEN) advisory on Thursday, the watchdog analyzed over 137,000 Financial institution Secrecy Act experiences from 2020 to 2024. 

It discovered that over $62 billion per 12 months on common has gone by the US banking system from Chinese language cash launderers.

Chinese language money-laundering networks have shaped a symbiotic relationship with Mexico-based drug cartels. The cartels must launder US greenback drug proceeds, whereas Chinese language gangs need US {dollars} to bypass China’s forex management legal guidelines, it reported.

“These networks launder proceeds for Mexico-based drug cartels and are concerned in different vital, underground cash motion schemes inside america and all over the world,” stated FinCEN Director Andrea Gacki. 

Kanye West’s YZY token: 51,000 merchants misplaced $74M, whereas 11 netted $1M

Greater than 51,000 merchants incurred losses on Kanye West’s not too long ago launched memecoin, highlighting the potential dangers of buying and selling celebrity-endorsed tokens with no intrinsic technological utility.

The Kanye West-linked YZY token was launched on the Solana blockchain on Aug. 21. It rallied 1,400% throughout the first hour earlier than dropping over 80% of its worth.

Of the 70,200 merchants who invested within the celebrity-endorsed token, greater than 51,800 realized losses, with three merchants dropping over $1 million, in line with blockchain knowledge platform Bubblemaps.

“In the meantime, 11 wallets made $1M+,” wrote Bubblemaps in a Wednesday X submit.

Amid large-scale losses from nearly all of the token’s merchants, solely 11 out of 70,000 wallets generated over $1 million in revenue, whereas 99 generated over $100,000, highlighting the monetary dangers of celebrity-endorsed meme tokens with a scarcity of blockchain utility.

Fenwick denies allegations that it was key to multibillion-dollar FTX fraud

Legislation agency Fenwick & West denied allegations from an up to date class-action lawsuit claiming it was central to crypto trade FTX’s fraud and eventual collapse.

Earlier this month, FTX customers requested to replace their go well with in opposition to Fenwick, first filed in 2023, claiming new info from a chapter and prison case shared proof that the regulation agency “performed a key and essential position in an important features of why and the way the FTX fraud was achieved.”

Fenwick advised a Florida federal choose in a submitting on Monday that the courtroom ought to deny FTX customers’ request to replace the go well with in opposition to the agency, arguing their principle that it helped the trade perform fraud “is as facile as it’s flawed.”

“Fenwick is just not chargeable for aiding and abetting a fraud it knew nothing about, primarily based solely on allegations that Fenwick did what regulation corporations do every single day — present routine and lawful authorized companies to their shoppers,” it stated.

High Journal Tales of The Week

The one factor these 6 international crypto hubs all have in frequent…

Nations all over the world are competing to change into the most well-liked international crypto hubs. Listed here are among the finest.

BTS Jungkook’s hacker, Ripple backs Singapore funds agency: Asia Categorical

BTS Jung-kook’s identification thief tied to worldwide crypto rip-off ring, Ripple and Circle guess on Singapore fintech, and extra.

3 individuals who unexpectedly grew to become crypto millionaires… and one who didn’t

Three real-life tales of people that grew to become hilariously wealthy with crypto — might you be subsequent?

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Editorial Employees

Cointelegraph Journal writers and reporters contributed to this text.