Coindesk

Meme token climbs to $0.24 peak with volume nearly doubling monthly averages, signaling institutional activity behind the rally.News Background• The Federal Reserve signaled a softer stance on crypto banking rules, while Wyoming launched the first state-backed stablecoin. Both developments lifted sentiment around digital assets.• Trump-linked entity Thumzup completed a $50 million acquisition of Dogecoin mining firm Dogehash, forming what executives claim is the largest DOGE mining operation.• SoFi became the first U.S. banking institution to integrate Bitcoin’s Lightning Network for remittances, reinforcing broader institutional adoption of crypto infrastructure.• Whale wallets accumulated 680 million DOGE tokens through August, cementing rising institutional flows despite retail-driven volatility.Price Action Summary• DOGE rallied 8% in the Aug. 22–23 session, climbing from $0.22 to $0.24 in...

Ethereum’s breakout past $4,800 triggered nearly $388 million in liquidations tied to the token in the past 24 hours, data shows, marking the heaviest flush across all crypto assets.The wipeout was part of $769 million liquidated marketwide, with over 183,000 traders forced out of positions. The single biggest hit was a $10 million ETH swap order on OKX, an unusually high figure for the token, which is often second to bitcoin-based positions.Liquidations serve as a stark reminder of how fragile positioning can be in the crypto market. When traders pile in with leverage and the market moves against them, exchanges step in and automatically close those bets.A flush of long liquidations can reset the market for a cleaner bounce, while...

Cryptocurrencies surged late Friday after Federal Reserve President Jerome Powell struck a dovish tone at the Jackson Hole economic symposium, defying market expectations for a more hawkish stance. That has prompted asset managers to call for new all-time highs for bitcoin (BTC), ether (ETH) and select altcoins.What Powell said?In one of his most important speeches, Powell suggested that the labor market could benefit from lower borrowing costs, having held the benchmark interest rate steady at 4.25% for eight months.“Downside risks to employment are rising,” Powell said in prepared remarks for his keynote speech at the Jackson Hole Symposium, adding that the possibility of President Donald Trump’s tariffs having only a short-lived effect on inflation is “reasonable.”“With policy in restrictive territory,...

Ethereum (ETH) hit a record price of $4,885 on Coinbase on Friday after a speech by Federal Reserve Chair Jerome Powell suggesting interest rate cuts left traders relieved going into the weekend.The token rose nearly 15% over the past 24 hours as part of a broader rally in financial markets.Nevertheless, ether’s rally stood out among other tokens. Bitcoin was also up, but only by about 4%. The CoinDesk 20 Index, which tracks the broader crypto market, rose 9% over the same period.Powell on Friday gave hints that the Fed will indeed cut interest rates in September, as initially anticipated by traders. Hope, however, faded over the last few days, causing a significant reaction in global markets during Friday trading hours.Ether...

The head of the U.S. Internal Revenue Service's digital assets unit, Trish Turner, is leaving her post for the private sector just as new tax policies are set to potentially bring in a wave of crypto work for the agency.As she departs, it's unclear who will be running the office that's been leading the tax agency's crypto work as a major shift in U.S. digital assets taxation is on the horizon. Turner's exit comes after the IRS set several new rules and forms in motion to direct taxation requirements for individual crypto investors and their brokers. And the departure comes after two other top officials on crypto work, Seth Wilks and Raj Mukherjee, already left through the Trump administration's budget-slashing...