Latest Crypto News and Market Updates – August 20

1. Market Continues To Decline

Bitcoin (BTC) dropped below $113,000, while Ethereum (ETH) fell under $4,100. The U.S. tech stock market also turned red, with many crypto-related stocks losing more than 5%.

2. Heavy Losses From High-Leverage Long Positions

Taiwanese entrepreneur and influencer Jeffrey Huang (Machi Big Brother) is facing an unrealized loss of around $13.68 million. He made extremely risky long bets: ETH (25x), BTC (40x), HYPE (10x), and PUMP (5x).

3. Market Sentiment Reverses

The Fear & Greed Index dropped to 44, moving from the “Greed” zone into “Fear,” signaling growing investor concern across the market.

4. Token Holding Strong

Despite the market downturn, OKB remained stable around $124 with a market cap of approximately $2.5 billion. The X Layer chain continues to draw attention, though the community considers MEME tokens difficult to trade.

5. All Eyes On Jerome Powell’s Speech

Analysts believe the recent sell-off may just be a risk-hedging move. Investors are closely watching Federal Reserve Chairman Jerome Powell’s upcoming speech at Jackson Hole, scheduled for 10:00 AM ET on August 22.

6. SEC Shifts Its Stance

The Chairman of the U.S. Securities and Exchange Commission (SEC) stated that only a very small number of crypto tokens should be classified as securities. This marks a major shift in the regulator’s approach to crypto oversight.

7. LBank Exchange Plans For IPO

Crypto exchange LBank is reportedly preparing for a public listing in the U.S. However, investors remain cautious as Bullish—recently listed—has dropped for three consecutive sessions, with its market cap down to $8.7 billion.

8. Ethereum As A Yield-Generating Asset

SharpLink revealed that it is staking all the ETH it recently purchased and has already earned 1,388 ETH in staking rewards, further positioning Ethereum as a sustainable yield-generating asset.

9. AI-Powered Market Analysis

 - Bitcoin (BTC): Short-term bearish signals, with strong capital outflows. Key support level around $112,000.

 - Ethereum (ETH): Under pressure but still supported by large whale long positions. Market remains in tight consolidation.

 - Altcoins: Mixed performance as capital rotates among major tokens. Investors are waiting for Powell’s speech and the latest Fed data for further direction.

Disclaimer: The content above reflects the author’s personal views and does not represent any official position of Cobic News. The information provided is for informational purposes only and should not be considered as investment advice from Cobic News.