Daily Crypto Roundup - 19 Aug

 

Bitcoin’s market dominance has declined from 65% to 59% over the past two months, indicating a rise in the market share of other crypto assets.  

 

  

 Last Friday, the U.S. Federal Reserve closed its “Novel Activities” regulatory project, launched in 2023. At the time, regulators stated its purpose was “to ensure risks associated with innovation are properly managed.” The project focused on distributed ledger technology (DLT), crypto assets, banks supporting the crypto sector, and complex tech-driven collaborations between banks and non-bank entities.  

 

 

A JPMorgan report states that Bitcoin network hashrate has increased by 4% since late July, with U.S.-listed mining companies now accounting for a record 33.6% of the global Bitcoin network. JPMorgan highlighted that operators with high-performance computing (HPC) businesses, like TeraWulf following its deal with Fluidstack, have outperformed.

 

 

The Bitfinex Alpha report notes that Bitcoin surged to an all-time high of $123,640 last week but retreated sharply due to higher-than-expected U.S. inflation data, dampening risk appetite and highlighting market sensitivity to macro headwinds.

 

BTC is now consolidating between its all-time high and a local low range, with price action likely to remain range-bound until stronger catalysts like Fed dovish signals or ETF inflows emerge.

 

Ethereum rose from $1,386 in April to $4,783 last week; without structural capital inflows, altcoin rallies may lack staying power. Institutional funds continue flowing into top cryptos like BTC and ETH, with the market at a critical turning point.  

 

 

According to The Block, South Korea’s Financial Services Commission plans to submit a stablecoin regulation bill to the legislature in October, covering issuance, collateral management, and risk control requirements.

 

The bill will be part of the second phase of the digital asset legal framework. South Korea’s four major banks are expected to meet with Circle President Heath Tarbert next week to discuss stablecoin collaboration. Japan is also set to approve its first yen-backed stablecoin this fall.

 

 

Nate Geraci, president of The ETF Store, wrote that crypto treasury firms have thrived through regulatory arbitrage. As regulatory barriers break down at an accelerating pace, demand and interest in these firms are expected to decline.

 

 

BitMine Immersion Technologies (BMNR) announced its crypto reserves have surpassed $66.12 billion, including 1,523,373 Ethereum (ETH) and 192 Bitcoin (BTC), with ETH holdings up $1.7 billion and 373,000 tokens added last week.

 

BitMine now holds the largest ETH reserve globally and ranks second in total crypto reserves, behind Strategy Inc. (MSTR). The company aims to hold 5% of total ETH and is backed by top institutional investors like ARK, Founders Fund, and Pantera. BMNR’s stock averages $6.4 billion in daily trading volume, making it the 10th most liquid stock in the U.S.  

 

 

According to Bitfinex Alpha, Bitcoin briefly hit an all-time high of $123,640 last week before dropping 5.4% due to U.S. inflation data, reducing market risk appetite. BTC is currently consolidating between its high and a local low, likely to remain range-bound until catalysts like Fed easing signals or ETF inflows appear.

 

Ethereum’s standout performance, rising from $1,386 in April to $4,783 last week (near its 2021 peak of $4,864), has driven funds toward riskier assets, with Bitcoin dominance falling from 65% to 59% over two months.

 

Despite attracting speculative interest, altcoin volatility has intensified due to lack of structural inflows, leaving the market at a key inflection point. U.S. July inflation data showed rising service costs and tariff-related goods prices, with core inflation hitting a six-month high and the Producer Price Index (PPI) exceeding expectations, compressing corporate profit margins.

 

This suggests persistent inflationary pressure, challenging the Fed’s September policy path, with market expectations for rapid rate cuts possibly overly optimistic.  

 

 

Simon Dedic, founder of blockchain consultancy and investment firm Moonrock Capital, tweeted that Ethereum’s recent 10% pullback from its high is a healthy correction. Having gained 3x in three months, a retest of the $4,000-$4,100 range with a strong rebound would be a classic bullish confirmation.

 

He emphasized that frequent turnover during BTC, ETH, and other crypto rallies sustains upward momentum. Dedic urged investors not to lose confidence over minor fluctuations, asserting the market remains in a bull phase.  

 

 

Volkswagen Singapore (VGS) announced on August 14 a partnership with payment provider FOMO Pay to introduce crypto payment services. Consumers can now use BTC, ETH, and stablecoins (USDT, USDC, etc.) to pay for vehicles and services, with a daily limit of 4,500 SGD and a cumulative limit of 13,500 SGD.

 

This move aligns with Singapore’s digital asset adoption trend, aiming to enhance payment speed, security, and global interoperability while reducing transaction costs.