Bitcoin, Ethereum, and digital asset news covering market movements, blockchain technology, regulatory developments, and cryptocurrency industry trends.
Bitcoin dropped 1.7% to $76,862 as Polymarket odds on the U.S. Clarity Act becoming law halved overnight from 34% to 17%. The decline followed Democrats sending a counterproposal to a Republican draft bill, triggering a crypto-wide sell-off that also hit Ether and Solana.
Bitcoin traded around $77,873 as CME FedWatch data shows an 86.5% probability of a rate increase this week. The US dollar index strengthened to $99.41, up 0.29%, as markets anticipate tighter Federal Reserve policy. Ethereum moved to $2,514 in early Monday trading.
Coinbase shares surged over 9% to close at $191.45, driven by Bitcoin trading above $79,000 and optimism surrounding the Digital Asset Market Clarity Act. Compass Point upgraded the stock to Neutral with a $177 price target, citing diminishing policy headwinds despite the bill's procedural stage.
CryptoQuant interprets a significant surge in exchange trading volume during August as evidence of a new bull market phase rather than exit liquidity. The firm highlights that the volume spike coincided with a price rally and broad-based buying across major exchanges, contrasting it with previous sell-off-driven spikes.
Senator Bernie Sanders condemned crypto billionaires Ben Delo and Christopher Harborne for donating $97 million to Nigel Farage’s Reform UK party. UK trade union leaders issued a joint statement expressing concern over the £72m in donations, warning they pose dangers to democracy and risk the Americanisation of British politics.
The Financial Times details how Poland lost $230 million attempting to purchase Venezuelan oil using cryptocurrency. The report highlights the financial failure and operational complexities involved in this unconventional state-level transaction between Warsaw and Caracas.
The commentary analyzes recent Bitcoin hacks to argue that custodial risk remains the primary vulnerability for investors, contrasting spot ETFs with wrapped or bridged Bitcoin. It details specific failures by Liquid, Symbiosis, and Revolut, suggesting that safe acquisition depends on avoiding third-party custody models that expose users to code bugs and social engineering attacks.
Yahoo reports that PayPal Holdings rose to No. 1 in TheStreet's Roundtable 100 tech ranking due to strong profit outlooks, share repurchases, and PYUSD stablecoin expansion. Analysts note these strengths offset concerns regarding slower user growth and intensified checkout competition from rivals like Apple and Shopify.
Gizmodo argues that the crypto industry's foundational ideology of irreversible transactions is colliding with commercial reality, as evidenced by Payy's new stablecoin product offering chargeback-like dispute resolution. The commentary suggests that mainstream adoption requires consumer protections, forcing blockchain payments to reintroduce traditional banking trust mechanisms.
Faryar Shirzad argues that claims linking stablecoin rewards to bank deposit flight are factually incorrect, citing FDIC data showing community bank deposits and loans have grown since the GENIUS Act. The author contends banking trade groups should stop spreading debunked misinformation and instead help institutions capitalize on stablecoin opportunities.