Top Crypto Events on 1/8 You Should Know

The crypto market experienced a rollercoaster in the past 24 hours with major movements, regulatory updates, and milestone events. Below is a roundup of the most important crypto news for August 1, 2025.

1. Crypto Market Dips Alongside U.S. Stocks

Crypto prices plunged as the U.S. stock market continued its downward trend. Shares of publicly traded crypto companies also fell sharply, signaling a widespread risk-off sentiment among investors.

2. Trump Signs New Tariff Order

Former President Donald Trump signed an executive order adjusting tariffs on several countries. The move has increased global market uncertainty, negatively affecting crypto investor confidence.

3. SEC Launches “Project Crypto” – Positive News, But Prices Still Fall

The U.S. Securities and Exchange Commission (SEC) announced the launch of Project Crypto aimed at fostering on-chain finance. SEC Chair confirmed efforts to create a regulatory framework that enables simultaneous trading of crypto assets and traditional securities.

4. Top ETH Holders – Institutional Rankings

New rankings of institutional Ethereum (ETH) reserves show:

 - $BMNR: 625,000 ETH

 - $SBET: 438,000 ETH

 - The Ether Machine

In total, 64 major institutions are currently holding large amounts of ETH, reflecting strong long-term confidence in the network.

5. $PENGU Soars on ETF and Policy News

Token $PENGU surged after its CEO revealed involvement in U.S. crypto policy development and submitted an application to launch a hybrid ETF featuring both tokens and NFTs.

6. $ZORA Plummets 30% on Base Network

$ZORA lost over 30% of its value in just two days. Despite the price drop, token creation on the Base network remains high, surpassing projects like Letsbonk and Pumpfun.

7. Ethereum Celebrates 10-Year Anniversary

Ethereum marked its 10th anniversary with a commemorative NFT dubbed the “Torch of Memory.” The minting event cost over $584,000 in gas fees, with participation from more than 660,000 wallets.

8. $ENA Rebounds 5% After Heavy Drop

$ENA gained 5% after a recent dip, fueled by a $3.1 billion inflow into USDe over the past 20 days. This pushed the ecosystem’s total market cap above $8.5 billion.

9. Stablecoin Law Takes Effect in Hong Kong

Hong Kong officially enforced its new Stablecoin Law on August 1. The Bank of China and Standard Chartered are expected to be among the first institutions to receive stablecoin licenses.

10. Crypto Giants Report Strong Profits

 - Tether posted a Q2 profit of $4.9 billion.

 - Coinbase reported $1.43 billion in profit, despite a 39% decline in trading revenue. Growth in institutional services drove the positive results.