The crypto world sleeps less, and so do the headlines. From Bitcoin’s rally to Elon Musk’s political pause, Kanye West’s YZY memecoin woes, BlacRock’s Bitcoin dominance, and short market spike, here are the top crypto news stories that shook this week.
Pennsylvania moves to block public officials from holding crypto
Pennsylvania lawmakers unveiled the HB1812 bill to ban crypto profiting for government officials like state legislators, commissioners, regulators, governors, and mayors while in office.
Elon Musk puts the brakes on plans for America Party
Elon Musk declared about the America Party in July 2025; however, he has reportedly put a pause on the plans to launch the party to maintain a connection with Vice President JD Vance and other prominent Republicans.
Rapper Kanye West’s YZY memcoin dips soon after launch
Kanye West launched his memecoin YZY on August 20 just to see it drop in value. The token built on Solana is a part of YZY Money, a broader initiative aiming to bring a decentralized financial landscape. However, its price nosedived due to insider trading allegations. Reportedly, traders quickly sold their YZY tokens after locking in profits, leading to a price decline.
Bitcoin jumped from $112K to $115K
The crypto market saw a deep hit with Bitcoin clicking at $112,000, and Ethereum blinking red at $4,253, on Friday. However, as the market went up due to Fed Chair Jerome Powell suggesting an expected interest rate cut in September, Bitcoin climbed to $115K, and Ethereum reached $4,747, at press time.
Eric Trump to visit Tokyo for crypto push
Crypto billionaire and son of the US president, Donald Trump, Eric Trump, will visit Japan for the Metaplanet shareholder meeting as part of his crypto initiatives. Metaplanet appointed Eric as a strategic advisor back in May 2025.
$215.78 million liquidated as 5,451 traders hit hard
Nearly 5,451 traders liquidated cryptocurrencies yesterday, causing $215.78 million wipeout. When millions of crypto liquidate, market volatility increases.
BlackRock becomes the largest known institutional BTC custodian
According to CryptoQuant, BlacRock’s iShares Bitcoin Trust (IBIT) has become the largest known Bitcoin holder, overtaking leading exchanges. The company currently holds nearly 742,450.6 BTC, as of August 11.
“I think we’ll see $1M per Bitcoin by 2030” – Coinbase CEO
Coinbase CEO Brian Armstrong pours in bullish remarks on Bitcoin, saying the digital gold will reach $1 million by 2030 following emerging regulatory clarity in the US and growing interest in crypto ETFs.
This week, more developments rolled out than in the previous week. Political shake-ups, billion-dollar bets, high liquidation, and mild market recovery indicate more events are coming on the way. Moreover, stablecoin adoption is on the rise, with BNB Chain’s stablecoin market cap surging, MetaMask launching mUSD, Ripple preparing to roll out RLUSD in Japan, and more developments underway. What’s more, Coinbase projects that the stablecoin market could reach $2.1 trillion by 2028.
Stay tuned as AltCoin Desk brings you more updates.
