In August, the Ethereum network reached a significant milestone, recording a year-high of over 1.8 million transactions, as nearly 30% of the Ether supply gets staked. This surge comes amid favorable regulatory guidance for staking from U.S. authorities. Meanwhile, Bitcoin faced a downturn, losing over 5% in value amidst a dramatic flash crash on August 24, triggered by a sale of 24,000 BTC worth $2.7 billion, which wiped out approximately $500 million in leveraged positions. In light of these events, Bitcoin's dominance slipped from 60% to 57%. Furthermore, 13 U.S. states now have regulations on crypto ATMs, aiming to prevent fraud targeting seniors. Companies like Strategy and Metaplanet acquired substantial amounts of Bitcoin this month, with Strategy purchasing 3,511 BTC and Metaplanet acquiring 1,859 BTC. Cybercriminals also exploited decentralized finance, stealing $53 million in August, highlighting ongoing security challenges within the space. A report indicates Bitcoin now constitutes 1.7% of the global money supply, emphasizing its growing role in the financial landscape.

Source 🔗