Crypto markets experienced significant movement last week, with the spotlight falling on the controversial Monero attack, Bitcoin hitting a new all-time high, and altcoin performance varying across the board. Read this recap to stay up-to-date!
**Monero Under Attack:** Privacy-focused cryptocurrency Monero experienced a 51% attack on its network. This major security breach led to a price drop of nearly 10%, prompting exchanges like Kraken to suspend deposits for precautionary measures. Experts worry about potential double-spending and censorship issues, highlighting vulnerabilities in proof-of-work blockchains susceptible to concentrated mining power.
**Bitcoin Soars:** Bitcoin surged past $124,457 on August 14, 2025, driven by growing expectations of Federal Reserve rate cuts and pro-crypto policies under President Trump. The cryptocurrency has seen a substantial 32% gain this year thanks to institutional investment and the emergence of spot Bitcoin ETFs.
**Altcoin Performance:** The altcoin market showed mixed performance last week. While Bitcoin remains dominant, some tokens like Skale Network (SKL), OKX exchange’s OKB, Raydium (RAY), and Aerodrome (AERO) witnessed significant gains. The Altcoin Season Index remained below the 75 threshold for an official season, suggesting a more Bitcoin-dominated market.
**Ethereum Stays in Focus:** Ethereum continued to dominate the headlines with its price nearing all-time highs. Despite some recent dips, it remains a focal point in discussions about potential future breakouts and new highs. Short positions on Ethereum are remarkably high, signifying an expectation of downside for the asset.
**New Developments:** Last week saw notable developments in the blockchain space: Do Kwon’s guilty plea regarding his role in the Terra collapse dominated headlines; Bo Hines steps down as White House Crypto Advisor; Kazakhstan launched its first Bitcoin ETF; and the Eden Network closed down.
**Stripe’s Blockchain Venture:** Stripe is venturing into the world of high-performance blockchain technology with a new layer-1 called ‘Tempo.’ This collaboration with crypto venture firm Paradigm will shape the company’s ambitions in stablecoin and blockchain payments. 2025 holds immense potential for innovation and competition in this burgeoning sector, and we’ll be tracking it closely.
**This Week Ahead:** The coming week will likely see heightened market volatility as Bitcoin faces selling pressure, while Ethereum may experience fluctuations due to high short positions and an expected unstaking queue. The Jackson Hole symposium on August 23 is a major event, where Fed Chair Jerome Powell’s speech might offer insight into interest rate cuts that could impact crypto markets.
**Stay Informed:** Keep following these developments for the latest insights in the cryptocurrency world.