Daily Market Wrap | Aug. 20

Hot Topics

• Wyoming launched the Frontier Stable Token, the first fully-reserved U.S. dollar stablecoin by a public entity, on seven blockchains.
• Fed's July 2025 meeting showed dissent, with Bowman and Waller pushing for rate cuts.
• SEC delayed rulings on crypto ETFs, including XRP, Solana, and Truth Social’s Bitcoin-Ethereum fund, to October 2025.
• Fed Vice Chair Michelle Bowman urged banks to adopt crypto and advocated for clear, tailored regulations in a pro-crypto speech.
• Ark Invest bought $21.2M in Bullish and $16.2M in Robinhood shares on Tuesday, despite a broad decline in crypto stocks.

Market Updates

• Bitcoin whales accumulated 20,000 BTC amid a 6.22% price drop to $114,971.
• SkyBridge Capital plans to tokenize $300M of its hedge funds on Avalanche using the ERC-3643 standard, partnering with Tokeny and Apex Group.
• Pump.fun surpassed $800M in revenue, regaining lead over LetsBonk as top memecoin deployers return.