Weekly Summary: Cryptocurrency Market Plummets, Crypto Whales Transition to Ethereum, Accumulation of Altcoins, and Various Developments

Headline: Cryptocurrency Market Update: Philippines Proposes Bitcoin Treasury, South Korean Hack Arrest, and More

The cryptocurrency market has been abuzz with news this week, as various developments continue to shape the digital asset landscape. Here's a roundup of some key events that have caught our attention.

Philippines Proposes Bitcoin Treasury

In an ambitious move to boost the nation's financial stability, a bill has been proposed in the Philippines that would see the government purchasing 10,000 Bitcoin (BTC) over a period of five years. This strategic move is aimed at diversifying the country's reserves and positioning itself as a forward-thinking economy.

South Korean Hack Arrest

South Korean police have made headlines by arresting 16 members of an international hacking syndicate. The group is accused of stealing $28.1 million from 258 wealthy individuals, highlighting the ongoing threat of cybercrime in the digital asset space.

Macroeconomic Events Impact

Key upcoming macroeconomic events could significantly influence the cryptocurrency market. The Federal Reserve is anticipated to make its first interest rate cut in September 2025, with expectations of up to five 25 basis points cuts spreading through the rest of 2025 and into 2026. This is based on slowing inflation and weaker demand factors. The European Central Bank (ECB) is expected to keep rates steady till at least September or October 2025, with a potential rate cut in the fourth quarter. The Jackson Hole symposium, where Fed Chair Jerome Powell and ECB President Christine Lagarde will speak, is also closely watched for signals on future monetary policy.

Market Volatility and Downtrend

Other major cryptocurrencies such as Ether (ETH), Solana (SOL), and XRP also showed remarkable volatility. The crypto market experienced a significant downtrend this week, with Bitcoin dropping to a monthly low of $108k. The downtrend was primarily due to waning investor confidence in a September Federal Reserve rate cut.

Institutional Confidence and Liquidations

The UAE has emerged as the world's fourth-largest Bitcoin holder, amassing over $740 million in strategic reserves. This capital shift indicates growing institutional confidence in Bitcoin's upside potential. Notable liquidations were witnessed in the crypto market throughout the week.

Notable Developments

Japanese Nail Salon Firm Convano plans to raise $3B for 21,000 BTC.
B Strategy, backed by YZi Labs, announced a $1 billion U.S.-listed BNB treasury firm to support the BNB ecosystem.
Brazil's Chamber of Deputies held a hearing for Bitcoin-linked legislation proposing an allocation of up to 5% of Brazil's international reserves toward Bitcoin.
Cronos (CRO), the native token of Crypto.com exchange, surged a staggering 99% after Trump Media and Yorkville's treasury announcement.
Solana's SIMD-0326 (Alpenglow) proposal, aimed at enhancing network scalability and performance, has entered the community voting phase.
Arthur Hayes, former BitMEX CEO, forecasted a 126x surge for Hyperliquid's HYPE token, potentially reaching $5,000 by 2028.
Hackers hijacked Instagram accounts of Michael Jackson, Adele, and Future to promote a Solana-based FREEBANDZ memecoin.
Canadian firm Luxxfolio filed a CAD $100 million prospectus to expand its Litecoin treasury.
The U.S. Commerce Department has partnered with Chainlink to bring data on blockchain.

A massive Bitcoin whale, holding over $11 billion in BTC, sold 22,769 Bitcoin and purchased 472,920 ETH, adding another layer of intrigue to the ever-evolving cryptocurrency market. Stay tuned for more updates as the story unfolds.

Weekly Summary: Cryptocurrency Market Plummets, Crypto Whales Transition to Ethereum, Accumulation of Altcoins, and Various Developments