Summary of important events (08.19-08.25)

1. Top 2 Hot Events of Last Week 

Fed Chair Powell Spoke at Jackson Hole Symposium.

On August 25, Federal Reserve Chair Jerome Powell noted that while inflation has tumbled in recent months, it isn’t yet at an acceptable level. Officials at the central bank are prepared to do whatever it takes to bring the rate down to the 2% target, he said. After Powell's comments, the probability of no rate hike in September slightly decreased, while the probability of a 25 basis point increase rose to 21.5%.

Team dumping and founder identity exposure caused a sharp drop in PEPE price.

On August 25, PEPE team’s address transferred about 16 trillion PEPE token (about $15.08m) to Binance, OKX, KuCoin, and Bybit. Its founder was exposed as American landscape photographer Zachary Testa, who profited from buying luxury cars but did not pay royalties for original works. PEPE price was affected, plummeting more than 20% on the day, hitting a new low since May 2.

2. Cryptocurrencies & Exchanges

On August 19, Gemini submitted a defense brief rejecting the SEC’s lawsuit against its Gemini Earn project.

On August 20, Shibarium was online and reopened to the public on August 21.

On August 21, the THORChain lending protocol was launched, supporting BTC and ETH collateral.

On August 22, Binance launched Binance Pay in Brazil to simplify crypto payments for local merchants.

On August 24, OKX Hong Kong will officially apply for a VATP license.

On August 25, Tether’s transparency report showed total assets were US$86.1 billion, its total liabilities were US$82.8 billion, and its reserve ratio exceeded 100%. Tether currently has a liquidity buffer of $3.29 billion across 15 blockchains.

3. Regulatory Updates

On August 22, South Korea’s Cheongju City ordered trading platforms like Upbit and Bithumb to inquire into the crypto assets of 8,520 users who owe at least 1 million won ($750) in local taxes.

On August 24, Tornado Cash Founders charged with money laundering and sanctions violations.

On August 24, the legislative body of the CAR has approved the tokenization of land and other natural resources.

4. Market Updates

On August 20, after Maker’s DSR reduction proposal from 8% to 5% took effect, Justin Sun redeemed 206 million DAI from the DSR pool and redeemed the mortgaged 235,556 wstETH.

On August 21, Empowered Funds is seeking to launch three bitcoin futures ETFs using the ARK Invest Management and 21Shares brands.

On August 21, several institutional holders of Grayscale Bitcoin and Ethereum funds including Fir Tree Partners, Saba Capital, Owl Creek Asset Management, and Aristides Capital, have joined Alameda in a lawsuit against Grayscale.

On August 23, Hong Kong University Vice President advocated Hong Kong Dollar stablecoin to seize limited opportunity.

On August 25, the first regulatory-compliant virtual asset trading application (APP: "VICSEC") was launched and operational in Hong Kong’s financial market.

On August 25, ARK Invest and 21 Shares submitted two joint Ethereum futures ETF applications to the US SEC.

On August 25, Mastercard and Binance will end their four crypto card programs in Argentina, Brazil, Colombia and Bahrain as of Sept. 22.

5. Statements from Individuals/Organizations

On August 19, New Zealand Lawmakers: Advice against hasty regulation of crypto.

On August 21, Dogecoin chief developer: Against developing Dogecoin if the move to PoS consensus is implemented.

On August 22, Bitcoin Developers: Craig Wright may be admitting that he stole 80,000 Bitcoin from Mt. Gox.

On August 22, Bank for International Settlements (BIS): Regulating the sector would be preferable to a full ban.

On August 23, FBI: Flaged 6 Bitcoin wallets linked to North Korea, urging vigilance in crypto firms.

On August 23, Curve Founder: There are no negative effects for buyers who break the handshake agreement, but "thinks they would" keep their word regarding the six-month lockups.

On August 24, Dan Morehead: Battered Bitcoin at $26K can't stay down much longer.

On August 25, JPMorgan: We see limited downside for crypto markets over the near term.