Latest Crypto News and Market Updates – August 22

1. Market Awaits Powell’s Speech

Bitcoin (BTC), Ethereum (ETH), and Solana (SOL) are slightly down. Last night, all three major U.S. stock indexes closed in the red, dragging down crypto-related equities. Notably, ETH-focused funds BMNR and SBET dropped over 7%.

2. OKX Token Surges 5x In Just 2 Weeks

OKX price reached 234 USD with a market cap of around 5 billion USD. Although not extremely high, the rapid 5x growth in just two weeks has raised concerns. OKX Star issued a warning about potential market manipulation among exchange tokens, urging investors to stay cautious.

3. Kanye West Pushes Ahead With YZY Token

YZY Token fell to 0.82 USD, with a market cap of 820 million USD. Hyperliquid became the first exchange to list YZY contracts. Meanwhile, “Machi Big Brother” is stuck in a long position, highlighting the token’s high volatility.

4. AERO Rallies Back To 1.4 USD Thanks To Upbit

The surge comes as Upbit prepares to list spot trading for AERO. As the leading DEX on Base Chain, AERO now has a 1.2 billion USD market cap, maintaining stability and strong investor interest.

5. BIO Extends 3-Week Winning Streak

BIO Token has been on a continuous uptrend, reaching a market cap of 580 million USD. Its staking mechanism and gameplay launcher have fueled strong community expectations.

6. Bitcoin And Ethereum Spot ETFs See Continued Outflows

Spot ETF outflows for Bitcoin and Ethereum persist, signaling bearish sentiment. As ETFs act as a “thermometer” for U.S. investor confidence, this trend is considered a negative indicator.

7. Irys Secures $10 Million In Series A Funding

Irys, a data chain project integrated with the AR ecosystem, successfully raised 10 million USD in a Series A round. With strong fundamentals, the project is drawing attention in the blockchain infrastructure space.

8. Fed Rate Cut Expectations Cool Down

According to CME data, the probability of the Fed cutting rates by 0.25% in September has dropped to 71.5%, down from 82.4% yesterday. This shift has dampened overall market sentiment.

9. Market Trend Analysis

 - Bitcoin (BTC): Short-term bearish bias with strong buyer-seller tension. Key support lies at 110,000 – 112,000 USD, awaiting Powell’s speech for direction.

 - Ethereum (ETH): Showing relative strength, with high leverage trading activity indicating market divergence.

 - Exchange Tokens: Exchange-related tokens remain hot, led by OKB attracting strong inflows. In contrast, Solana (SOL) continues to see outflows.

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.