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Cathie Wood has kept buying Circle as the stock fell 42% in a year. On Sunday she said why. Wall Street analysts who built their careers on Visa and Mastercard, she argued, cannot understand the company.
Circle issues USDC, a digital dollar backed by cash and short-term US government debt. Wood runs ARK Invest, and Circle is now the biggest crypto bet in her flagship fund.
Wood’s Case Against the Analysts
Wood was replying to a chart built from Artemis data, where analyst Alex Obchakevich indicated that the market was changing its mind about who actually earns money on stablecoins.
Visa, MAstercar and Circle 1-year Performance. Source: Alex on X via Artemis
It tracked the three payment firms over a year. Visa was up about 5%, Mastercard about 1%. Circle was down 42%.
Though CRCL has appreciated 84% since its IPO, this one-year chart illustrates the inefficiency of public equity markets in the short term. Many financial services analysts have built their long-term track records off of $V and $MA and cannot fathom Circle, the disrupter,” Wood challenged.
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She then reached for history. Mastercard is up roughly 150 times since it listed, she said, and Visa roughly 33 times.
Analysts who told clients to buy those dips looked brilliant. Technology, not analyst skill, is now rewriting payments, and Circle should gain.
Since they went public in 2006 and 2008, respectively, $MA and $V have appreciated ~150X and ~33X, rewarding analysts who recommended “buy the dip”. Now technology—not what these analysts do—is disrupting the traditional world order. $CRCL should be a prime beneficiary.
— Cathie Wood (@CathieDWood) August 23, 2026
Her History Lesson Holds Up, But One Number Does Not
Both multiples survive a check. Mastercard priced its 2006 float at $39 a share. It later split its stock 10 ways, so that entry is worth $3.90 in today’s money. Against Friday’s close of $580.63, that is 149 times.
Visa sold shares at $44 in March 2008 and split them four ways in 2015, an adjusted $11. At $371.04 on Friday, that is 34 times. Wood’s arithmetic is sound.
Her Circle figure is not. Circle priced its June 2025 float at $31. The stock closed Friday at $87.98. That is a gain of about 184%, not 84%.
Circle (CRCL), Mastercard (MA) and Visa (V) Stock Prices at Friday’s Close. Source: TradingView Wall Street Cannot Agree What Circle Is Worth
The sell side is not ignoring Circle, which weakens her framing. Of 21 analysts covering it, 11 call it a strong buy and two a buy. Five say hold. Three say sell.
Circle Internet Group, Inc. Class A (CRCL) Stock Forecast & Price Target. Source: TipRanks
Their price targets are stranger still. The most bullish is $173. The most bearish is $37. That is a 4.7-fold gap on the same company on the same day. The average sits at $98.61.
Analysts covering a mature payment network do not disagree by that much. On Circle they have no shared method. Much of its money comes from interest on reserves, which shrinks when rates fall. The rest rides on how fast digital dollars get used.
The accounts show that split. Revenue grew about 37% and the company is profitable after a Q2 earnings surprise in early August. Its market value still fell 30%.
Competition muddies it further. Circle is building a four-layer financial stack on its Arc blockchain. Open USD, a rival stablecoin consortium of more than 140 firms, wants the same rails.
Wood is not hedging. ARK’s flagship fund held 3,931,968 Circle shares on Friday, worth $329 million and 5.14% of the portfolio. That beats its Coinbase stake. She may be proved right. For now her money says what the $37 and $243 targets say. Nobody has settled what Circle is.

Japan’s 10-year government bond yield (JP10Y) touched 2.945%, its highest level since September 1996. The yen has since slipped back toward 159 per dollar, undoing almost half of this month’s rescue rally.
Bitcoin (BTC) has ignored all of it. The pioneer crypto is up 22% in seven days. That gap between Japan’s stress and crypto’s calm is the real story.
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A 30-Year Record, Broken Twice Over
Data puts the peak at 2.945%, a level last seen in September 1996. Japan’s 30-year yield hit 4.115% the same morning.
Japan’s 10-year yield. Source: Bloomberg
“Japan’s bond market is flashing another major warning…10-year government bond yield has surged above 2.95% for the first time since 1996…At the same time, the Yen has given back much of its recent intervention-driven gains, adding another potential source of pressure on Treasuries,” analysts at the Global Markets Investor noted.
The cause is simple. Prices are climbing again. Core inflation reached 1.8% in July, up from 1.6% in June.
Strip out food and fuel and the figure was 1.9%. Traders read that as a green light for the Bank of Japan.
The BOJ meets on Sept. 17 and 18. Economists widely expect it to lift its policy rate from 1% to 1.25%, its next step in the exit from ultra-low rates.
Why Bitcoin Traders Watch the Yen
For years, investors borrowed yen at almost no cost. They swapped it for dollars and bought riskier assets. Traders call this the carry trade.
The Bank for International Settlements sized yen loans to offshore non-banks at roughly $250 billion. Broader measures reached about $500 billion.
When the yen jumps, those positions turn loss-making within hours.
“Your entire annualized carry just wiped out in one move,” Praneet Shah said. He is global head of FX options trading at Goldman Sachs.
August 2024 showed the damage. Bitcoin opened that month near $64,600 and wicked down to $49,000 on Aug. 5, according to VanEck. Tokyo’s TOPIX index fell 12% in one session.
The Trigger Has Not Arrived Yet
Tokyo and Washington intervened together in early August, their first joint operation since 2011. Goldman strategist Karen Fishman estimated Japan spent about $85 billion over two days.
It bought roughly three weeks. The yen reached 155.20, then drifted back above 158.
Japan funded part of that defence by selling US debt. Its Treasury holdings fell $26.4 billion in June to $1.117 trillion, the deepest monthly cut by any country.
American borrowing costs followed. The 10-year Treasury yield hit 4.74% on August 21, and Washington has since widened its long-dated bond buybacks.
“The debt CRISIS is not just a US story,” the analysts added.
The Bitcoin market price sits near $77,355 through all of this. Ray Dalio reads the same debt data as a reason to own Bitcoin, pairing a small position with 10% to 15% in gold.
Bitcoin Price Performance. Source: BeInCrypto
History suggests the danger comes from a yen that surges, not one that sinks. Right now it is sinking. September is where Japan’s overlapping battles could flip that.

CyberLeek claims it will trigger an automatic worldwide release of a playable GTA VI build if legal action forces the group offline, even as its associated meme coin explodes 1,400%.
A fact-check has since found that the key piece of evidence behind that specific threat was fabricated.
CyberLeek (CYBERLEEK) Price Performance. Source: CoinGecko What CyberLeek Claims and What’s Been Debunked
According to initial reports, complete copies of the build have already been distributed across global servers and hard drives, ready to be deployed automatically if it faces legal action or is shut down.
A leaked clip showing the protagonist, Jason, firing bullets into a wall to spell “LEEK” strongly suggests real-time control of an in-development version rather than pre-recorded footage. Additional clips have shown flying sequences over Vice City, high-speed driving, combat, and map details from the Leonida setting.
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The GTA 6 leaker, who goes by CyberLeek on social media, posted an alleged gameplay video in which Jason Duval shoots at a wall. The bullet marks spell out “LEEK,” seemingly proving that the hacker has access to a playable build.CyberLeek has claimed to be doing this for the… pic.twitter.com/QXXaROi7mU
— GameSpot (@GameSpot) August 20, 2026
CyberLeek frames its actions as a protest against digital-only releases, “fake” single-player DLC, and the loss of offline access after server shutdowns.
A recent fact-check found that the specific “Notice to Rockstar” screenshot, cited as proof of the automatic release threat, does not appear on CyberLeek’s actual website and is considered fabricated.
Take-Two’s lawyers have escalated their legal response accordingly. A New York federal judge already approved subpoenas compelling Microsoft and Discord to hand over account and device data tied to the CyberLeek persona by September 4, and the company has since issued a similar subpoena to X, seeking to unmask the account behind the leaks.
Take-Two lawyers have issued a subpoena in a New York District Court to @X in order to identify the person behind Cyberleek.Mind you, Cyberleek has stated he doesn’t operate anywhere on Twitter. These are fake accounts. pic.twitter.com/0URjDte3H3
— GTA 6 Info (@GTASixInfo) August 23, 2026
Why the Meme Coin Is Drawing Scrutiny
Alongside the leaks, the associated Solana-based meme coin, CYBERLEEK, exploded in value. Launched around August 15, shortly before the first major footage dropped, the token has seen multiple surges driven by viral attention.
Early pumps exceeded 5,000% in short periods, with recent 24-hour gains surpassing 1,400%. Market cap has climbed from near-zero levels to $22 million amid heavy trading volume, with trading volume often exceeding $112 million, according to CoinGecko data.
Videos watermarked with QR codes and calls to buy the token link the hype directly to the leaks. Holders have even voted with CYBERLEEK donations to decide the next content drop, tying continued leaks to trading activity.
Critics, including consumer advocacy groups, have labeled the campaign a pump-and-dump scheme exploiting GTA VI excitement.
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Imagine having all the leaks of the most expected game oat And you decide to launch a token just for not even being able to push it above $1M McapEither the account is fake or this $CYBERLEEK is just a straight scam pic.twitter.com/kKqtsSsnbh
— StarPlatinum (@StarPlatinum_) August 20, 2026
Rockstar’s official Extended Look is scheduled for August 27 on Netflix, with the full game still set for November 19, 2026, on consoles.
As legal pressure mounts and speculation swirls, the dual narrative of high-stakes leaks and crypto frenzy continues to dominate gaming and crypto communities.

Ship traffic through the Strait of Hormuz jumped almost 400% in two weeks. The report landed on Saturday, with oil markets shut. Monday is the first chance traders get to price it.
On the surface, that should ease supply fears and pull crude lower. More ships means more oil. Yet the shipping data carries a catch that argues the drop may never arrive.
Hormuz Traffic Recovers But Stays Far Below Pre-War Levels
The surge is real, and it is easy to check. UK Maritime Trade Operations (UKMTO), the British naval body that tracks merchant shipping in the Gulf, publishes a weekly transit count.
In the week to August 7, it logged 39 full transits. A week later, 151. In the week to August 21, 192, according to its latest report. That is a rise of 392% in 14 days, so the headline number holds up.
hormuz-transits
The baseline is another matter. Before the war, roughly 20.9 million barrels a day moved through the strait, EIA figures show. That is close to a fifth of everything the world burns.
Today’s traffic sits about 90% below that mark, by UKMTO’s own reckoning. Going from almost nothing to slightly more than almost nothing still produces a spectacular percentage.
Most of the returning ships hug Oman’s coast, on a corridor backed by Washington and rejected by Tehran, which cannot levy a toll on it.
The arrangement has a precedent. In 1987 the US reflagged 11 Kuwaiti tankers and sent the Navy to escort them through the same water. The first convoy sailed on July 22. Two days later the tanker Bridgeton struck a mine.
“It increasingly looks like Iran has at least partially lost control of the strait,” Homayoun Falakshahi, head of crude oil analysis at Kpler, told CNN.
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Why the 400% Is Weaker Than It Looks
Start with how the count is made. UKMTO tracks vessels by their transponders, and in a war zone many captains simply switch them off.
Windward, a maritime data firm, recorded nine ships crossing the southern corridor dark overnight on August 21. It called that the largest single night on record.
So part of the 400% is not new ships at all. It is old ships turning their signals back on. The count has risen faster than the cargo, a gap earlier analyst timelines for Hormuz had already flagged.
Barrels tell the sober version. Energy Secretary Chris Wright puts outflows near 9 million a day. Rory Johnston, who writes the Commodity Context newsletter, reckons the peak is closer to 7 million.
Here's what I wrote in Oil Context Weekly today on this exact topic:"Let’s begin with the 9 million barrels a day figure. According to our analysis using tanker tracking data from Kpler, the recent peak—over the past week or so—in confirmed Hormuz transits is roughly 7.5 MMbpd… https://t.co/0KtQtQ24KU
— Rory Johnston (@Rory_Johnston) August 14, 2026
Either way, the strait is running at under half its pre-war norm.
Refined fuel is tighter still. The US diesel crack spread, the margin refiners earn turning crude into diesel, hit an all-time high of $102.20 on August 17, Reuters reported. In calmer periods it sits in the teens or low twenties.
That squeeze, rather than any shortage of crude itself, is what has been setting Brent crude prices.
Both benchmarks gained about 5% across the week, so crude enters Monday with momentum behind it rather than against it.
Prices held up once before, when supertankers resumed Hormuz transit earlier in the war. That remains the closest precedent for Monday.
WTI and Brent Test the May Downtrend Before Monday
US crude spot settled at $87.57 on Friday, up 0.43%. UK crude spot closed at $92.40, up 0.75%. Both are spot contracts, the series these charts track, and they run a little under the front-month futures.
US (WTI) and UK (BRENT) Crude Oil Spot Prices. Source: TradingView
Those are the levels Monday opens from. Each sits just below a descending trendline drawn from the May highs. Brent has already breached its line, while WTI trades a fraction beneath its own.
Futures reopen on Sunday evening in New York, which makes Monday the first full session. It opens with a policy headline attached.
Treasury Secretary Scott Bessent has called a Monday press conference to unveil new Iran sanctions. Mohsen Rezaei, who runs Iran’s Supreme National Security Council, has warned Tehran will strike at the interests of any country that joins in.
Speaking in South Carolina on Friday, President Donald Trump restated his claim on the waterway.
“We don’t even know if we won, because I view the Strait of Hormuz as an American territory right now,” Trump, quoted by UPI.
So which way does Monday cut? Sanctions restrict supply, and that argues for higher prices rather than lower ones.
For oil to break lower, the package would have to land softer than trailed, or carry a hint that talks are back on.
A rejection at the trendline would be the first confirmation. It keeps May’s pattern of lower highs alive and puts $71.25 on WTI and $77.78 on Brent back in view.
A close above the line does the opposite. It would mark the first genuine break since the war began, and every Brent price forecast built on that downtrend would need rewriting.

President Donald Trump’s June financial disclosure lists more than 1,000 securities transactions. Only 7 involved crypto companies, and most of those were sales, according to a financial disclosure published Saturday.
The Office of Government Ethics published the periodic transaction report.
Coinbase and Strategy Lead a Short List
Coinbase Global appears four times in the filing. Three sales were dated June 12, 18, and 23, totaling $116,003 to $315,000. A single purchase followed on June 24 in the $50,001-$100,000 band.
Strategy Inc, the largest corporate holder of Bitcoin (BTC), drew two sales on June 23 and 24. Those totaled $16,002 to $65,000. The filing records no Strategy purchases during the month.
Robinhood Markets rounds out the list with one line, a June 3 purchase of $1,001 to $15,000.
Trump Sold MicroStrategy’s MSTR Stock on June 23, 2026
No spot Bitcoin ETFs, mining companies, or Trump Media shares appear anywhere in the document. The filing does list iShares, SPDR, and Vanguard funds throughout, so fund holdings were reported.
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Trading Contrasts With Trump’s Crypto Income
Total June transactions ranged from $78.1 million to $263.1 million, Bloomberg reported. The single biggest transaction in the filing was the sale of between $5 million and $25 million of shares in a Vanguard Group Inc. exchange-traded fund on June 22.
On the buy side, Berkshire Hathaway, Visa, Mastercard, and Cintas stand out. Crypto lines don’t account for much of the activity.
On the other hand, crypto ventures make up a meaningful portion of Trump’s personal earnings. His 2025 annual disclosure showed around $1.4 billion in crypto-related income.
The White House has repeatedly affirmed that independent financial institutions manage the President’s investments and that no conflicts exist.
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Alibaba Group Holding (BABA) seeks to raise about $10 billion in a share sale.
The Chinese e-commerce and cloud computing giant said it will channel 100% of net proceeds into full-stack AI capabilities.
Alibaba Wants to Enter the AI Race
Alibaba is offering 710 million ordinary shares at HK$112.70 each, a 3.6% discount to Friday’s close, according to Bloomberg. The deal would mark the largest-ever primary follow-on offering by a Hong Kong-listed company.
Globally, the deal ranks as the third-largest primary follow-on this year. Only Alphabet’s $80 billion raise in June and Intel’s $15 billion sale in August were bigger.
The full-stack category covers chips, infrastructure, and the development and deployment of AI models. Alibaba will face a 90-day lockup.
A few months back I flipped my $BABA stock into a large $JD position. I will not flip any of that back to #Alibaba, as issuing shares is now its new paradigm. It would have to fall by half from here for me to look at if again. https://t.co/Yivv8jjkG2
— Cassandra Unchained (@michaeljburry) August 23, 2026
Reuters, citing two people familiar with the deal, reported that the offering has drawn strong investor interest, including from sovereign wealth funds.
According to the sources, demand exceeded the initial sale size, prompting Alibaba to increase the offering. Morgan Stanley, HSBC, UBS, and CICC are acting as joint bookrunners.
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AI Spending Squeezes Profit and Cash Flow
The raise arrives as Alibaba’s AI buildout impacts its finances. Quarterly capital spending has climbed to nearly 10 billion.
Meanwhile, the June-quarter net profit plunged 75% to 10.5 billion yuan (1.6 billion). Free cash outflow reached $6.6 billion.
Alibaba has already spent nearly half of its three-year capex plan. However, it expects the payback period for AI investments to shorten from 3 years to 2.5 years, citing surging demand.
Chief Executive Eddie Wu has also been pruning non-core assets to fund the pivot. Alibaba recently sold its gaming arm Lingxi Games to Trustar Capital in a deal reportedly worth at least $1.5 billion.
Meanwhile, the company’s flagship Qwen family became the world’s most popular model lineup this year, per Bloomberg. Whether $10 billion in fresh capital can maintain that lead over US rivals is now the question investors are likely pricing in.
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DeFi lending protocol Term Labs lost roughly $8.5 million on Sunday after a governance exploit impacted its Term vaults, blockchain security firm PeckShield reported.
The attacker pulled 2,843 Ethereum (ETH) and 1.68 million USDC (USDC) out of the protocol. Term Labs confirmed the incident and said a fuller account would follow its investigation.
How the Term Labs Attacker Moved the Funds
PeckShield valued the ETH portion at $6.87 million and the stablecoin portion at $1.68 million. The attacker then swapped the USDC into roughly 1.68 million Dai (DAI).
The post highlighted that the wallet behind the attack was originally seeded with 2 ETH withdrawn from Tornado Cash. Mixer funding is a common precursor to onchain theft, since it breaks the link to an exchange deposit.
Term Labs runs fixed-rate lending through onchain auctions. According to DefiLlama, the vaults’ total value locked stands at $12.2 million, with $8.6 million of that on Ethereum.
The team has not yet named the specific governance function the attacker abused.
We are aware of a governance exploit impacting Term vaults. We will share more details once it has been further investigated.
— Term Labs (@term_labs) August 23, 2026
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August Losses Keep Stacking Up
The exploit lands in an already heavy month. DefiLlama had logged 17 security incidents worth about $18.8 million in August before the Term Labs drain. The $8.5 million loss alone would push the month past $27 million.
August still trails July, when 38 incidents cost roughly $254 million. The Coldcard wallet firmware flaw accounted for $116 million of that total.
Other August victims include Harmony, where an attacker minted roughly 4 billion tokens without authorization. Payment processor Coinsbuy was also drained of $7.9 million. Sandbox contained a SAND bridge vulnerability on Saturday.
Governance failures stay rare but expensive. DefiLlama has classified five 2026 incidents as governance attacks worth $25.1 million combined, led by a $20 million malicious proposal against BonkDAO in July.
Term is also a repeat target. DefiLlama recorded a $1.65 million hit at Term Finance in April 2025, attributed to an oracle misconfiguration.
Across the wider market, SlowMist counted 182 incidents worth about $956 million in the first half of 2026, per its mid-year report.
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Rep. Rashida Tlaib holds up to $30,000 in iShares Bitcoin (BTC) Trust ETF positions and up to $15,000 in a Grayscale Ethereum (ETH) staking fund, her latest financial disclosure shows.
The Michigan Democrat voted against the CLARITY Act in July 2025 and co-sponsored a resolution targeting crypto corruption. The Senate takes up the same bill in September.
What the Disclosure Shows
Tlaib filed her annual disclosure covering 2025 on August 11, 2026. It lists the iShares Bitcoin Trust ETF (IBIT) in two separate accounts. Her Schwab Rollover Traditional IRA and her Schwab Roth Contributory IRA each hold a position valued at $1,001 to $15,000.
The Roth IRA also holds the Grayscale Ethereum Staking Mini ETF, which is likewise valued between $1,001 and $15,000. Combined, the three positions represent between $3,003 and $45,000 in crypto exposure. Lawmakers disclose assets only in broad ranges.
🇺🇲Rep. Rashida Tlaib’s latest financial disclosure reveals she holds Bitcoin and Ethereum in her $1.2 million retirement account.So why did the “Squad” staple vote against major crypto legislation in Congress?Tlaib voted last month against the pro-crypto CLARITY Act.She… pic.twitter.com/A8AFABQMNS
— Mario Nawfal (@MarioNawfal) August 23, 2026
The filing shows Tlaib bought IBIT on April 28 and May 29, 2025. Both purchases coincided with rollovers of two employer retirement plans into her Schwab accounts. The exposure comes entirely through exchange-traded funds. The filing lists no directly held cryptocurrencies.
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A Voting Record That Points the Other Way
Tlaib voted against the CLARITY Act when the House passed it 294-134 in July 2025, House records show. The bill would establish a market structure framework for digital assets. The Senate holds a procedural vote on it on September 15.
In October 2025, Tlaib co-sponsored the Ban Crypto Corruption Resolution led by Rep. Ro Khanna. It calls on politicians and their immediate families to refrain from issuing, sponsoring, or endorsing digital assets. It also urges blind trusts for their digital asset holdings.
Her skepticism dates back further. In 2020, she introduced the STABLE Act. The bill sought to make it illegal to issue a stablecoin unless the issuer was an insured depository institution and a Federal Reserve System member. The bill died in committee.
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Robert Kiyosaki warned followers on X that the US Treasury is printing more fake dollars, pointing to an expanded buyback program for longer-dated Treasury securities.
The author of Rich Dad Poor Dad labeled the move another round of quantitative easing in disguise.
PRINTING MORE FAKE $US Treasury announces another round of QE (Quantatative Easing) aka printing fake $.DXY (index of purchasing power of dollars) CRASHES, which means INFLATION Booms….which means savers of fake $ are the biggest losers.Don’t be a Loser.As stated in my…
— Robert Kiyosaki (@theRealKiyosaki) August 22, 2026
What Officials Say the Buyback Move Actually Is
Quantitative easing refers to a central bank expanding the money supply by purchasing financial assets, typically to lower long-term interest rates. Officials, however, describe this specific measure differently.
The Treasury raised the maximum size of its buyback operations from $2 billion to at least $4 billion per auction for 10- to 30-year bonds, effective September 9.
The announcement followed a sharp rise in long-term yields, with the 30-year bond briefly reaching levels not seen in nearly two decades. Officials described the larger buybacks as a liquidity measure rather than formal quantitative easing, noting that only the Federal Reserve can expand the monetary base.
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🇺🇸 The 30-year yield to end the week right where it started Bessent’s buyback intervention was fully erased in a single day pic.twitter.com/sI4IWsQUNi
— Hedgeye (@Hedgeye) August 21, 2026
Market observers largely characterized the step as a limited, operation-twist-style adjustment aimed at easing pressure on the long end of the curve. Still, the dollar weakened toward three-month lows.
Why Kiyosaki Sees This as More Fake Dollars
Kiyosaki argued that the buyback expansion amounts to creating more fake dollars regardless of the official framing. He claimed the resulting drop in the Dollar Index, which measures the greenback against major currencies, signals rising inflation.
That inflation, he warned, will punish savers holding cash or traditional paper assets. Educated investors, he wrote, grow richer by holding assets that tend to rise during currency debasement: gold, silver, Bitcoin, and select real estate.
Those who remain financially uneducated and cling to fiat currency, he added, steadily lose ground. Gold and Bitcoin attracted fresh buying interest amid broader debasement trade narratives that gained traction following the announcement.
“Facts are educated investors who invest in assets that go up in value, such as gold, silver, Bitcoin, some real estate, get richer….while people who are financially uneducated, and invest in fake assets get poorer,” Kiyosaki said on X.
Gold hitting $4,600, silver near $70, oil over $87, and Bitcoin's earlier spike above $79K show the Fed has lost all credibility on its commitment to returning inflation to 2%. Treasury made it clear the Fed will choose inflation, so investors are choosing their preferred hedge.
— Peter Schiff (@PeterSchiff) August 21, 2026
Kiyosaki has long championed hard assets over fiat currency, reiterating a favorite theme: the true cost of financial ignorance far exceeds the price of education.
As the US national debt has climbed past $40 trillion and fiscal concerns persist, his message remains consistent, urging investors to shift from dollars into scarce assets that preserve purchasing power.
Whether the buyback expansion proves temporary relief or a deeper signal of fiscal strain remains an open question for markets going forward.
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The altcoin market cap surged by $215 billion between August 19 and 22, a gain of more than 24% in 3 days, pushing Total2 back above $1 trillion. Key indicators, however, suggest altseason remains unconfirmed.
The rally followed President Donald Trump’s August 19 White House meeting with crypto executives. Since then, the market has cooled, with the global crypto market cap down 5.51% over the past 24 hours to $2.57 trillion.
Trump Remarks Spark a Broad Altcoin Rebound
At the meeting, Trump urged Congress to pass a “fair version” of the CLARITY Act and said a “sizable” government Bitcoin (BTC) purchase has been discussed. Bitcoin subsequently broke above $70,000 for the first time since June.
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KEY TAKEAWAYS: Inside today's White House Crypto Meeting 🇺🇸– Trump says the US considers buying "sizable" amounts of $BTC & crypto – Urged Congress to pass the CLARITY Act – Stated the US must remain the "undisputed leader" in digital assets – Regulators are actively working… pic.twitter.com/3C9RIjXeV4
— BeInCrypto (@beincrypto) August 19, 2026
Altcoins moved even faster. According to analyst Darkfost, mid and small caps led the advance, reversing a dormancy phase that began in November. During that stretch, roughly 80% to 85% of altcoins on Binance traded below their 200-day moving average (DMA).
“Today, more than half of the altcoins available on Binance are trading above their 200-DMA, signaling a regime shift,” Darkfost said.
Altcoin Performance on Binance. Source: X/Darkfost
Historically, Darkfost noted that gains of this scale are an intermediate signal of an early-stage altseason. He cautioned, however, that the market has entered overbought territory and may need a short-term breather.
Why Altseason Is Not Confirmed Yet
Bitcoin dominance tells a more cautious story. The metric stood at 59.69% on August 23, per TradingView, still above the level many traders watch for a broader rotation.
“A real low-cap altseason historically needs BTC.D to drop below 58%. Structure is improving, but altseason isn’t confirmed yet, so let’s wait for further confirmation,” analyst Ash Crypto noted.
Bitcoin Dominance. Source: TradingView
The Altcoin Season Index provides another reason to remain cautious. The index currently stands at 49, indicating that fewer than half of the top-performing altcoins outperform Bitcoin over the measured period. The threshold for a confirmed altseason is typically 75, when at least 75% of the tracked altcoins have outperformed BTC.
The gap suggests that the recent rally, while broad, has not yet developed into the sustained market-wide rotation typically associated with an altseason.
Whether the rotation broadens may hinge on the Senate’s September 15 procedural vote on the CLARITY Act, the next major catalyst on the calendar.
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Eric Trump denied that President Donald Trump is preparing to launch a new coin, calling the claim fraudulent in a post that drew 2.1 million views on X.
He responded to a post claiming the President was launching a new coin.
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What a joke… This is absolutely not true. No one is launching any kind of coin. If anyone is suggesting otherwise, it’s a fraud. https://t.co/H0nWXNL8rn
— Eric Trump (@EricTrump) August 22, 2026
Three Trump-Linked Coins Trade Far Below Their Peaks
The denial concerns a new token. Nonetheless, three Trump-linked assets already trade, but their performance has been far from impressive. Each trades sharply below its all-time high.
Official Trump (TRUMP) launched on Solana on January 17, 2025, three days before the second inauguration. It reached $73.43 within two days and has since lost most of its value.
TRUMP set a record low of $1.37 on August 13 and has since climbed about 88%. That rebound tracked a broader market rally.
Performance Of Trump-Linked Tokens. Source: BeInCrypto
Melania Meme (MELANIA) followed two days after TRUMP. It now changes hands for around $0.086, about 99% below its peak, with a market value of $86 million.
Trump-backed World Liberty Financial (WLFI) began trading in September 2025 and briefly touched $0.33. Eric Trump also lists it in his X profile. The governance token sits near $0.06, roughly 78% down.
Losses, Senate Scrutiny, and Public Opposition
The declines have had a measurable cost for buyers. Blockchain analytics firm Nansen previously tracked about 1.48 million wallets that bought TRUMP. It counted 988,905 underwater, with $3.81 billion in combined losses.
As of the latest data, the picture has not changed much. Among wallets still holding meaningful TRUMP, the majority are underwater. Nansen data consistently shows ~85–95%+ of held positions at a loss, most clustered near −97% unrealized ROI.
However, the outcome has been different for the President himself. Trump reported more than $1.4 billion in crypto income for 2025. His disclosure listed over $500 million from WLFI sales and more than $600 million through CIC Digital.
Senate Democrats, including Elizabeth Warren and Richard Blumenthal, have pushed for investigations into potential national security risks from Trump’s crypto ties.
Public backlash has also followed. A Reuters/Ipsos poll found 63% of Americans call the profits inappropriate, while 69% said his business interests shape presidential decisions.
Senators face a procedural vote on the CLARITY Act on September 15. One draft provision would bar sitting officials from issuing digital assets, turning Eric Trump’s denial into a legal requirement.
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Nvidia has reportedly told some of its largest customers that servers built around its AI chips are getting more expensive.
Increases top 15% on systems shipping early next year, people cited by Bloomberg said. The size of each increase varies by chip generation and memory configuration.
Why Memory Makers Now Set the Price
Bloomberg, citing people familiar with the process, reported that the increases cover systems using the flagship Vera Rubin and Grace Blackwell chips.
Server builders that assemble hardware for data center operators, including Microsoft, Alphabet’s Google, and Oracle, passed the notice along.
Nvidia accelerators depend on how much dynamic random access memory (DRAM) is paired with them. Samsung, SK Hynix, and Micron produce most of the world’s supply.
Output has climbed, yet demand still runs ahead of it. This gap has pushed prices for the commodity-like components sharply higher and handed the three producers rare influence over the sector.
BREAKING: Nvidia, $NVDA, is hiking prices of many servers containing its AI chips by more than 15% as memory costs soar, per Bloomberg.The price hikes will go into effect on systems shipped early next year and will include those with the flagship Vera Rubin and Grace Blackwell…
— The Kobeissi Letter (@KobeissiLetter) August 22, 2026
Micron chief executive Sanjay Mehrotra has described memory as the strategic infrastructure of the AI era.
“Today there is no AI without memory. AI systems need more memory. They need higher performance memory. They need lower power memory,” he said.
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Cost Pressure Builds Before Nvidia Earnings
Nvidia runs a 75% gross margin and charges tens of thousands of dollars per chip. Its decision to pass costs on rather than absorb them shows how tight the supply chain has become. Apple and Qualcomm have also raised product prices due to chip shortages.
Amazon, Microsoft, Google, and Meta all run in-house chip programs. However, they still buy Nvidia hardware and still compete for the same memory supply.
Nvidia (NVDA) Stock Performance. Source: Google Finance
The timing matters. Nvidia reports fiscal second-quarter results on Wednesday after a six-session losing streak, its longest since 2022, that left shares at $214.7 on Friday.
Investors will now weigh whether rising input costs read as a margin threat or as further proof of AI demand.
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BitMEX co-founder Arthur Hayes delivered a blunt message to investors following a sudden market surge, telling Crypto Banter host Ran Neuner that avoiding risk assets right now would be foolish.
His comments came just after the US Treasury moved to double the size of its debt buybacks.
Note: Arthur Hayes recent crypto trading actions have been anything but examplarary. BeInCrypto published an extensive analysis of his publicly known wallets. KOL comments and discussions shouldn’t be considered as investment advice.
What Triggered Hayes’s Bullish Call
Soft yield curve control refers to central bank or Treasury actions that cap bond yields without formally announcing a fixed target, injecting liquidity through indirect market intervention. Hayes described the buyback expansion in exactly those terms.
“You’re an idiot if you’re not long stocks, long gold, long Bitcoin, long the market,” Arthur Hayes said, linking the Treasury’s actions directly to renewed liquidity-driven gains.
Treasury Secretary Scott Bessent announced the expansion targeting longer-dated Treasuries. Markets had been testing the 5% level in 10-year yields, a threshold many view as unsustainable for US debt servicing.
By increasing buybacks, the Treasury effectively capped yields, injecting liquidity much like previous interventions under Janet Yellen.
Hayes argued that when governments suppress bond yields artificially, private capital flees fixed income in search of scarce alternatives.
“That’s why markets ripped gold, Bitcoin stocks, right? This is the the Yellen put if you want to call it that. Uh she started this. Um, funny at the time, you know, he wasn’t this treasur treasury secretary then. You know, Scott Bessent had a lot of choice words for how moronic it was that uh Janet Yellen was issuing so much debt at the short end,” Hayes explained.
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He drew a parallel to the Bank of Japan’s decade-long experiment with yield-curve control, arguing that capped yields inevitably push capital toward equities, gold, and Bitcoin.
Why Hayes Sees This as the Start of a Pattern
The immediate market reaction validated his view. The 30-year Treasury yield fell, Bitcoin broke above key moving averages near $70,000, equities rose, and altcoins turned sharply green.
Hayes called the move a recognition that authorities will keep intervening to defend debt sustainability, creating a series of liquidity injections over time rather than a single event.
With the Federal Reserve holding rates steady to support Treasury operations and additional tools, such as expanded repo facilities, still on the table, Hayes sees the policy bias as firmly pro-asset prices. He added that Trump’s focus on a strong stock market further aligns those incentives.
While acknowledging that part of Bitcoin’s sharp move reflected a short squeeze, Hayes stressed a deeper structural shift: governments now prioritize debt defense over free-market pricing of yields.
“The balance sheet expands infinitely because the market say, ‘Oh, you want to you want a capul 5%? Yours. Here are all these bonds. I want equities. I want gold. I want Bitcoin. I want anything that has a scarce supply if you’re going to create more dollars to artificially manipulate these yields.” BitMEX co-founder noted.
Bitcoin (BTC) Price Performance. Source: BeInCrypto
In that environment, he argued, holding cash or staying under-allocated to equities, gold, and Bitcoin becomes the riskier choice. Hayes said he remains heavily positioned, having stayed risk-on for weeks with significant exposure to both Bitcoin and Ethereum.
His words, which also touched on his new project Flop Labs, underscored a simple thesis for the current regime: stay long scarce assets while authorities keep printing and intervening.
“I mean, I’ve been riskon for a, you know, a few weeks now. I mean, we pumped a lot into Ethereum, bought some Athena, bought some Ethery. So, we’re pretty much at probably maximum risk, I would say, right now, uh, given our holdings and so, you know, just sitting back and watching the number go up on the screen. So, it’s nice,” Hayes said.
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NoOnes has shut down, telling users to withdraw funds immediately. The team warned that balances tied to the platform may be flagged after August 23.
The peer-to-peer marketplace served more than 2.5 million users in three years. Sanctions cost it essential partners, leaving withdrawals as the only function still running.
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🚨 NoOnes is now closed.Please withdraw your funds NOW. After Aug 23, NoOnes-related funds may be flagged due to sanctions.We strongly recommend moving funds to a self-custody wallet you control.Thank you for an amazing 3 years. 💚
— Noones App (@noonesapp) August 22, 2026
NoOnes Shuts Down After Sanctions Hit
NoOnes said it worked to resolve and remove the sanctions, but failed. Blockchain monitoring providers then classified its wallets and transactions as high risk.
This has made it difficult for the platform to process transactions and operate normally.
“We explored every possible option, but continuing NoOnes was no longer sustainable,” the blog read.
The wind-down began on August 17. The P2P marketplace closed on August 21, taking Swap, the Visa card, crypto off-ramps, the gift card store, and Lightning payments with it.
Withdrawals now run only through the Bitcoin (BTC) network and Tether (USDT) on TRON. The team strongly advised users to withdraw their entire balance immediately and no later than Sunday, August 23, 2026.
“Because of the EU sanctions listing, external compliance providers may review or change the risk ratings of certain NoOnes company wallets,” the team said.
The Council of the EU adopted its 21st sanctions package against Russia in late July. Binance will also stop processing transactions involving several platforms on August 23.
Crypto Closures Pile Up While BitMart Changes Course
NoOnes joins a long 2026 list. OrdinalsBot announced its wind-down this week after three years. More than 120 crypto projects have shut down in 2026, according to RootData.
110 crypto shutdowns/restructurings in 2026 represent $687.1M in disclosed historical funding. DeFi leads with 40 cases, followed by infrastructure (17). Of 36 dated events, 17 occurred in July–August. Median funding: $5.28M; median age at closure: 4.69 years. pic.twitter.com/XWL9klwYyL
— Alea Research (@AleaResearch) August 14, 2026
Alea Research reviewed 110 of those cases through mid-August. Decentralized Finance (DeFi) accounted for 40 closures (36%), while centralized exchanges accounted for only 7.
One name has since moved the other way. BitMart said this week that it is weighing a restructuring plan rather than a full liquidation, with a roadmap expected by September 9.
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South Korea’s Upbit recorded 1.15 trillion won, roughly $830 million, in trading volume within a single hour on Saturday, with XRP and TRUMP dominating the surge.
The spike extends a rebound that began the previous day, when Upbit’s daily volume already jumped 273%.
Upbit’s trading volume distribution over the past 24 hours was led by XRP at 32.20%. Source: Upbit Datalab What Drove Upbit’s Record Hourly Volume
XRP led the charge by a wide margin. The token accounted for 32.20% of Upbit’s 24-hour trading volume, ranking first among all traded assets, according to Upbit Datalab.
TRUMP ranked second on the exchange, contributing 10.93% of total volume. USDT followed in third place with 8.39%, while Ethereum and Bitcoin rounded out the top five at 5.44% and 5.40%, respectively.
Upbit’s total 24-hour trading volume reached approximately $3.81 billion, while rival exchanges Bithumb and Coinone recorded $1.954 billion and $172 million, respectively.
Saturday’s spike was not an isolated event. On August 21, Upbit’s daily volume had already jumped 273% to roughly $1.84 billion, marking the exchange’s highest daily volume since mid-March.
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The South Koreans are back, Upbit volume up 273% and Bithumb up 133%"Remember, I told you the South Koreans weren't trading anymore. Crypto volumes were down massively, they'd gone to SK Hynix and Samsung and were using leveraged ETFs. Well, in the words of Poltergeist, they're… https://t.co/uxkrA2cy5x pic.twitter.com/pzvvUU8Gv3
— The Wolf Of All Streets (@scottmelker) August 21, 2026
XRP topped that session too, contributing $418.9 million and ranking ahead of Bitcoin, USDT, and ETH. Bithumb recorded a similar increase that day, with volume climbing 132.9% to about $934.9 million.
Why the Rebound Follows Months of Weaker Activity
That earlier rebound followed months of weaker trading, as South Korean investors favored domestic equities while the KOSPI climbed to record highs on AI-driven semiconductor demand. Upbit and Bithumb both reported declines in operating revenue of nearly 50% during the first half of 2026.
XRP traded near $1.44 at the time of writing, according to BeInCrypto data, up 2.1% over the past 24 hours despite an intraday flash crash and up nearly 50% over the past week. The token’s rally followed Ripple’s backing of a major XRP Ledger amendment, alongside strong ETF inflows.
That gain remains positive despite a brutal 37% flash crash earlier in the day, which briefly pushed XRP as low as $1.36 before it recovered, liquidating hundreds of millions in leveraged positions along the way.
TRUMP held its gains more cleanly. The token traded near $2.34, up 26% in 24 hours and more than 66% over the past week. Its all-time low of $1.37 came just nine days ago, on August 13.
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Speculation around a Robinhood Chain launch has fueled renewed interest in the token, alongside a broader recovery across Solana-based meme assets. Whether this two-day streak marks a lasting rotation back into crypto or another short-lived wave, as seen repeatedly this year, remains an open question for South Korean traders.

US-listed Bitcoin (BTC) and Ethereum (ETH) exchange-traded funds each recorded their largest week since October 2025, drawing a combined $2.6 billion in the seven days ended August 21.
Bitcoin products captured $1.92 billion of that sum. Ethereum funds added $697.18 million, reversing a $391.96 million combined outflow the previous week.
Bitcoin and Ethereum ETFs Hit Biggest Weekly Inflow in 10 Months
According to SoSoValue, Bitcoin funds recorded five consecutive days of net inflows from August 17 to August 21. The run included a $606 million single-day haul on August 20.
Trading activity climbed alongside the money. Weekly volume in BTC funds reached $22.15 billion, roughly triple the prior week’s total.
The week interrupts a long retreat. Cumulative net inflows into Bitcoin ETFs peaked at $62.77 billion in October 2025 and have since fallen to $53.71 billion.
Ethereum funds followed a similar path. Their largest daily intake since October landed on August 20 at $220.77 million. Total assets, however, remain 53% below the August 2025 high.
The annual picture stays negative for both. BTC funds have shed $2.91 billion in 2026 and ETH products $177.93 million, leaving each on track for its first losing year since launch.
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Assets Grew 9 Times More Than New Money
The flow figures understate what actually moved. Combined assets across both products rose by about $23 billion last week, compared with $2.6 billion in creations.
Stripping out flows, the implied gain in the underlying holdings reached 22.9% for Bitcoin and 29.2% for Ethereum. Three sessions from August 19 to August 21 produced most of it.
Revaluation, therefore, did the heavy lifting. Bitcoin traded near $77,125 at press time, while Ethereum changed hands at $2,423.
Altcoin Funds Extend the Run
Other major US altcoin spot ETFs also posted net inflows over the same week. XRP (XRP) ETFs led with $39.78 million and set a record for weekly trading volume at $271.74 million.
Crypto ETF Performance in August. Source: BeInCrypto/SoSoValue
Solana (SOL) products followed with $28.34 million, marking an eighth consecutive week of inflows. Chainlink (LINK) funds drew $13.35 million, their second-largest week since launching in December. Assets closed at a record $171.59 million.
Hyperliquid (HYPE) products added $3.89 million and also finished at record assets of $360.39 million. Dogecoin (DOGE) funds trailed the group with $654,416.
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BounceBit will permanently shut down its Layer 1 blockchain after an attacker moved 286.5 million BB out of nine mainnet accounts. The project will reissue the token as a BEP-20 asset on BNB Chain.
The team said the attacker compromised no private keys, wallets, or hardware devices. The unauthorized transfers came from a protocol-level authorization vulnerability.
Why BounceBit Will Not Restart Its Chain
BounceBit Chain ran on the Evmos stack, which lets smart contracts call protocol-native modules directly. One of those modules handles vesting and lockup accounts.
A funder account should be debited only after it authorizes the transfer. Along the smart-contract path, that binding was bypassed, and a second permission check ran against the wrong account. The attacker could therefore designate any account as the funding source without the holder’s consent.
The attacker ran 14 transactions over 4 hours and 52 minutes on 19 and 20 August, using two accounts and 15 single-use contracts. Block production stopped at height 20,702,857, roughly 42 minutes after the final transfer.
Meanwhile, Evmos itself has been discontinued. BounceBit said moving its fork to a successor codebase would demand a full rebuild, re-audit, and revalidation rather than a routine upgrade.
“Importantly, BounceBit CeDeFi Strategy, Promo Vaults, Prime, and RWA products are not affected,” the post read.
The exploit follows a security incident at MANTRA, which froze its network this week due to a vulnerability in an upstream dependency.
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What the Snapshot Means for BB Holders
The team will set the balances from block 20,697,260. None of the BB tokens that moved during the incident exist on the reissued token.
BB transfers made during the 5-hour-34-minute window will be reversed. Buyers will have those purchases undone, while sellers will receive the BB they sent back. Staked and unbonding balances count toward the snapshot.
BounceBit plans to credit reissued altcoins automatically to matching BNB Chain addresses. There is no claim site.
“We know this is disruptive, nothing is expiring and nothing is being rushed,” the team said.
BB Price Performance. Source: BeInCrypto Markets
BB traded near $0.0111 on Saturday, up 16% over 24 hours, per BeInCrypto Markets data. The token hit a record low of $0.0079 on August 20, about 31% below its level before the attack.
That leaves BB roughly where it started the week. The stolen supply amounts to about 13.6% of the 2.1 billion maximum, worth nearly $3.2 million at current prices.
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Bitcoin traded near $77,260 on Saturday, according to market data, after reaching an intraday high close to $79,500 before a sudden flash crash rattled the market.
The asset climbed more than 22% over the past week, but a technical signal is starting to raise caution among traders.
bitcoin:native highest 4h RSI in 7+ yearsbtw absurdly high rsi is good for long term, not for short term pic.twitter.com/0I6HO6gs7s
— Krown (@KrownCryptoCave) August 22, 2026
What the RSI Shows and Why It Matters
The relative strength index (RSI) measures price momentum on a scale of 0 to 100 and is considered overbought above 70. On the 4-hour chart, the indicator now sits at its highest level in more than seven years.
Analyst Krown noted early Saturday that this RSI extreme is good for the long term, but not for the short term. Readings above 80-90 reflect temporary exhaustion of demand.
Historically, those levels tend to precede short-term corrections or consolidations, though they do not necessarily mark the end of an uptrend.
Crypto Market Performance. Source: X/@KobeissiLetter
The market already saw an initial shock in the early hours of Saturday. Bitcoin retreated sharply from around $79,500 down to a low near $76,300, in what traders described as a flash crash.
“$BTC is holding above its weekly bull market support band. A weekly close above this zone is needed for more upside in Bitcoin,” crypto analyst Ted said on X.
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Bitcoin (BTC) Price Performance. Source: BeInCrypto
The move liquidated more than $500 million in long positions within minutes. It formed part of total liquidations exceeding $1.35 billion over the past 24 hours, according to market data.
Analysts Split on What Comes Next for Bitcoin Price
Views among widely followed analysts remain split. Shardi B warned that the daily RSI sits at one of its highest levels in history and recommended caution.
Others note the indicator stood at 84, close to resistance zones that have historically punished late buyers. Several point to the possibility of a local top or a significant pullback that would test the current price structure.
“Low timeframe wave count has been pretty tricky on bitcoin since the start of our expansion because of the extended 5th subwave to the upside, but I think it might be time for a pullback/local top if the initial move is finally complete,” analyst CredibleCrypto noted.
#BTC Another thing worth considering is this:Are April/May 2026 weakening as a point of rejection or strengthening?The previous two rejections imply slight strengtheningAny upcoming rejection from here will be tellingIf the pullback is visibly shallower than -24% then… https://t.co/mwp2oSYgLD pic.twitter.com/lLEpflnZgN
— Rekt Capital (@rektcapital) August 22, 2026
On the more constructive side, some argue that when RSI reaches these extremes, it is never the end of the move, and that momentum typically continues higher before correcting. A target of $83,000 to $85,000 is being floated for the coming weeks, allowing only for minor pullbacks.
From current levels, the short-term scenarios traders are weighing fall into two camps. An extension toward the $83,000 to $88,000 zone, if the $75,000 to $76,000 support holds.
The majority of the move on #Bitcoin is in, I think.We should easily consolidate here and have another impulse towards $81,000-83,000 and stall from there for the coming months.Result?#Altcoins to be picking up the pace as they've been falling behind. pic.twitter.com/PMYCxKy6kw
— Michaël van de Poppe (@CryptoMichNL) August 22, 2026
Or a deeper correction toward $70,000 to $72,000, should momentum fade following the overbought extreme and the recent flash crash.
The market, therefore, sits at a decision point. The question is whether the extreme RSI reading signals only a healthy pause or the start of a more significant adjustment after the strong weekly rally.
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Anthropic will name negative sentiment towards artificial intelligence (AI) and data centers as a risk factor in its IPO prospectus, people familiar with the matter told CNBC.
The document is expected within weeks. Anthropic filed confidentially in June and has since held preliminary meetings with bankers and investors in San Francisco.
Anthropic Fields Investor Questions Before Public Debut
Companies disclose risk factors to warn investors and to shield themselves legally. Anthropic will point to a public mood that has hardened against new data center projects.
Chief Financial Officer Krishna Rao is fielding questions on competition and margin pressure from open-source models, the sources said. Investors are also asking what happens if data center construction slows.
This question matters because compute capacity tracks directly with revenue at AI labs. Anthropic’s annualized revenue run rate topped $65 billion in July, roughly $25 billion above OpenAI’s level.
The company is valued at nearly $1 trillion in private markets. Investors expect a public float of around $2 trillion. BeInCrypto reported that Anthropic expects its IPO to match or beat SpaceX’s record stock market debut.
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Surveys Show US Opposition to Data Centers Hardening
Polling supports the disclosure. A Gallup survey conducted in March found that 7 in 10 Americans oppose a local AI data center, with 48% strongly opposed.
Opposition has since deepened. A Heatmap Pro poll of 2,045 registered voters, conducted August 8 to 13 by Embold Research, put opposition at 75%, up from 42% a year earlier.
American Opposition Towards Data Centers. Source: Heatmap Pro
Job anxiety runs alongside it. Pew Research found that 71% of adults expect AI to cut US jobs over the next two decades, up from 64% in 2024.
Politicians have responded. Pennsylvania Governor Josh Shapiro signed an executive order imposing strict standards on data center development. In New York, Governor Kathy Hochul has also ordered a pause on permits for large new data centers.
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XRP price suffered a brutal 37% flash crash on Saturday, August 22, as roughly $500 million in leveraged long positions were liquidated across the crypto market within minutes.
The move came just days after XRP had rallied more than 60% over the past week, leaving traders dangerously overexposed.
🩸 MASSIVE CRYPTO FLASH CRASH$500 million worth of late long positions were liquidated as the market plunged:Bitcoin: -$1,935 (-2.5%)Ethereum: -$130 (-5%)Solana: -$11.50 (-11.5%)XRP: -$0.60 (-37%)All of this happened within MINUTES. pic.twitter.com/QsQ24TyGQh
— Crypto Rover (@cryptorover) August 22, 2026
What Triggered the $500 Million Liquidation Wave
A liquidation occurs when an exchange forcibly closes a leveraged position because a trader can no longer cover potential losses, often triggering rapid, cascading price moves. That mechanism drove Saturday’s collapse.
XRP plunged 37%, a drop of roughly $0.60, while Bitcoin fell 2.5%, Ethereum dropped 5%, and Solana slid 11.5% during the same window. Roughly $500 million in long positions were liquidated within minutes as the market plunged.
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Bitcoin, Ethereum, XRP & Solana Price Performance. Source: CoinGecko
A wider timeframe helps illustrate the scale of the event. According to Coinglass data, $1.35 billion was liquidated from the crypto market over the past 24 hours, with the bulk of the activity concentrated on Binance.
“Due to the current decline, a large amount of $XRP long positions have been liquidated. There has been no increase in short positions during this downturn; in fact, short positions are decreasing. It is simply that high-leverage long positions held by retail investors have been liquidated. Even during a bull market, a decline of this scale is inevitable,” crypto analyst CW said on X.
Crypto Market Liquidations – 24 Hours. Source: Coinglass Analysts Call it Manipulation, Others Call It Deleveraging
The crash followed days of euphoria. XRP had surged over 60% in the prior week, briefly topping $1.69, fueled by institutional inflows, regulatory optimism, and a broad market short squeeze.
That rally left the market saturated with leveraged long positions, amplifying any correction that followed. Analysts agree that no clear macro catalyst triggered the drop, no Fed announcement, no major hack.
The most common explanation is structural: high leverage, thin weekend liquidity, and excessively bullish positioning. Some traders describe it as manipulation, while others call it simple, necessary deleveraging that the market needed.
You’re telling me EVERY SINGLE CRYPTO decides to crash at the same exact time?That isn't a organic selling, it’s pure manipulation. We all know who's behind this but no one wants to say it out loud…
— Bark (@barkmeta) August 22, 2026
XRP quickly recovered part of the lost ground, climbing back to around $1.50 in the hours following the crash, according to BeInCrypto data.
Still, the episode reinforced a familiar lesson. In heavily leveraged crypto markets, a move lasting only minutes can wipe out hundreds of millions of dollars and knock thousands of traders out of the game entirely.
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