Bitcoin and other cryptocurrencies seemed to be holding on to their latest gains despite the pressure they faced at the end of the trading week on August 28. In afternoon trading, Bitcoin fell 3% to reach $77,500, with stocks and digital assets dropping after Federal Reserve Chair Kevin Warsh’s remarks regarding his commitment to reducing inflation. Ethereum also declined 3% to reach $2,430.
A pullback on Friday came after cryptocurrencies held their gains throughout the week from a sharp spike over the past ten days, with Bitcoin jumping 25% and Ethereum by more than 30%. Bitcoin traded throughout the week around the $80,000 level, moving above it several times temporarily.
Other highlights of the week:
- Strategy keeps its Bitcoin holdings unchanged: Despite Bitcoin’s price rising by more than 20%, the company did not buy or sell any Bitcoin, but sold 18.26 million shares of its common stock, raised its cash reserves to $5.1 billion, and repurchased $136.4 million worth of its preferred shares.
- Coinbase launches tokenized shares on the Base network: Eligible investors outside the United States can now trade tokenized versions of shares of companies such as Apple, Nvidia, and Alphabet, at a 1:1 ratio with the actual shares.
- Americans oppose listing cryptocurrencies in retirement plans: A new poll showed that 53% of Americans oppose employers including cryptocurrencies in retirement plans, while 77% believe Bitcoin and its peers are risky investments.
- Brazil implements a cryptocurrency monitoring system: This comes after hackers stole about $180 million from digital wallets in the country in 2025.
- Investors in Trump’s digital projects lose $4.7 billion: According to a report by Public Citizen, while Trump himself made profits of at least $1.4 billion from these projects, and the largest losses were in his meme coin TRUMP.
- Circle expected to sign a sponsorship deal with Chelsea: Valued at an estimated $88 million annually, the stablecoin USDC will appear on the jerseys of Chelsea players starting August 30.
- HIVE board member sells his shares: Dave Burrell sold 100,000 shares for proceeds of $271,910, and no longer holds any direct shares in the company.
- Bitmine buys large amounts of Ethereum: It added 32,447 Ethereum at a cost of $81 million, its biggest purchase since July, and is nearing its goal of holding 5% of Ethereum’s circulating supply.
- Gemini expands prediction markets: Through a new partnership with Apex Fintech Solutions to expand distribution of its prediction markets to brokerage firms.
- Ethereum developers face a quantum computing threat: By taking steps to secure the blockchain, including a deposit contract and migrating legacy systems to newer frameworks.