We believe that Monday should start with a revision and what could be more informative than The Crypto Times’ Weekly Wrap! Let’s uncover what happened in the crypto space last week before we witness the striking opening in the U.S. markets.
Major Headlines
Here are are the major headlines on what happened in the crypto landscape last week:
Monero Hit by 51% Attack
Monero, the privacy-focused cryptocurrency, faced a significant security threat as the Qubic mining pool executed a 51% attack, briefly gaining control of over half the network’s hashrate. This led to a six-block chain reorganization and sparked concerns about potential double-spending and transaction censorship.
The attack, confirmed by SlowMist and Ledger CTO Charles Guillemet, caused Monero’s XMR price to plummet nearly 10% to a three-month low of $247, prompting Kraken to suspend deposits as a precaution. While Qubic’s Founder, Sergey Ivancheglo, claimed the move was to strengthen Monero’s defenses against future threats, the incident exposed vulnerabilities in proof-of-work blockchains, particularly those with concentrated mining power.
Also Read: Qubic Community Votes to Target Dogecoin After Monero Attack
Bitcoin Hits New High
Bitcoin surged to a new all-time high (ATH) of $124,457 on August 14, 2025, driven by growing expectations of Federal Reserve rate cuts and a pro-crypto policy push under U.S. President Donald Trump. The cryptocurrency’s 32% gain this year has been fueled by strong institutional inflows, with spot Bitcoin ETFs recording $547.82 million during the past week. One of the major drivers behind Bitcoin posting a new high was Trump’s recent executive order enabling crypto in 401(k) retirement plans besides favorable regulatory shifts.
Altcoins Show Mixed Performance
Last week, the altcoin market showed mixed performance with notable gains in specific tokens, though Bitcoin’s dominance remained strong. According to CoinMarketCap, the Altcoin Season Index was at 41, indicating a Bitcoin-dominated market rather than a full altcoin season, as it remained below the 75 threshold needed for an official altcoin season.
Throughout the week, several altcoins outperformed Bitcoin significantly. Skale Network (SKL) led with a 118.83% surge, followed by OKX exchange’s OKB at 111.85%, and others like Raydium (RAY) at 30.05%, and Aerodrome (AERO) at 60.28%, as per CoinMarketCap data.
Ethereum Remains in the Limelight
Ethereum (ETH) remained in the limelight throughout the week with it hovering near its ATH. Although the weekend pushed it down slightly, giving speculators yet another week to predict potential breaking above a new high of $5,000. ETH marked a weekly high of $4,782, but it has been trading in a downtrend since, currently sitting at $4,280, down 5.82% in the past 24 hours.
Moreover, the short positions on ETH remain remarkably high with billions of dollars in open interest. The net short positions on ETH are currently at ATH, suggesting market players seeking downside for the asset.
Also Read: Ethereum Faces Record Shorting While Demand Stays Strong
News You Might Have Missed
- Ethereum Hits New High in Japan and South Korea: Ethereum has hit new all-time high price marks locally in Japan and South Korea.
- Do Kwon Pleads Guilty in Fraud Charges: The infamous Terra Founder Do Kwon has pleaded guilty in the U.S. court over UST stablecoin collapse.
- White House Crypto Adviser Steps Down: Bo Hines, Head of the White House Crypto Council, resigns after eight months, with Patrick Witt expected to succeed him.
- Kazakhstan Gets Asia’s first BTC ETF: Kazakhstan’s Fonte Capital has launched Central Asia’s first spot Bitcoin ETF, BETF, on the Astana International Exchange.
- Eden Network Sunsets its Services: MEV protocol Eden Network has shut down due to competitive pressures and will distribute its 2,000 ETH treasury to EDEN token holders.
Buzz of the Week
Stripe, the $91.5 billion fintech giant, is developing a new layer-1 blockchain called ‘Tempo’ in collaboration with crypto venture firm Paradigm. The launch marks the payment giant’s significant step in expanding its cryptocurrency ambitions. The project, which has been in stealth mode with a small team of five, aims to create a high-performance, payments-focused blockchain compatible with Ethereum code, and is designed to power Stripe’s growing stablecoin business.
This move follows Stripe’s recent acquisitions of stablecoin firm Bridge and crypto wallet provider Privy, signaling its intent to control the full payments stack and compete in the rapidly growing stablecoin and blockchain payments sector.
Leading the Tempo initiative is Matt Huang, Co-Founder and Managing Partner of Paradigm, who has been appointed as the project’s first CEO while retaining his role at Paradigm and his position on Stripe’s board. Though more details about Tempo’s launch date or potential token issuance remain undisclosed, the project underscores Stripe’s strategic push to lead in next-generation payment technologies amid rising competition from players like Circle and PayPal.
What to Expect This Week?
This week, August 18-24, 2025, the crypto market is poised for volatility as key events unfold. After hitting a record high, Bitcoin may face selling pressure from increased exchange deposits, while Ethereum could see fluctuations due to record breaking short positions and a huge unstaking queue.
The Jackson Hole Economic Symposium on August 23, featuring Federal Reserve Chair Jerome Powell’s speech, is a focal point, with markets anticipating signals on interest rate cuts that could boost risk assets like crypto. Geopolitical developments, including a Trump-Zelensky meeting and macro data from the UK and Canada, may further sway sentiment.
Also Read: Ethereum Dominated Tokenized Assets AuM Reach $270 Billion
