Crypto markets were shaken this week as over $1.2 billion in liquidations sent Bitcoin tumbling below $108,000 and Ethereum sliding under $4,300, its lowest level in weeks.
Yet, beneath the red, fresh catalysts stirred debate: Cronos’s parabolic rally sparked crash fears, Pyth Network surged 50% after the U.S. government pushed GDP data on-chain, and Coinone debuted Korea’s first Bitcoin staking service.
Meanwhile, regulatory and ETF chatter stayed hot, as Canary Capital filed for a U.S.-made crypto ETF, and analysts weighed whether Pi Network could follow OKB’s supply-cut playbook to rescue its price.
From meme coin swings to institutional milestones, this week’s crypto market news captured both the risks and opportunities driving traders into September. Scroll down for the full recap of the biggest stories shaping the markets.
$1.2B Liquidations Spark Crypto Crash as Fed Worries Mount
The cryptocurrency market fell sharply this week, with Bitcoin dropping to $108,000 and Ethereum to $4,337. Options expiry worth $15B, hawkish Fed signals, slowing AI growth, and bearish BTC chart patterns drove over $1.2B in liquidations, dragging XRP, ADA, DOGE, and SUI more than 5% lower.
Coinone Debuts Korea’s First Bitcoin Staking Service
Coinone has rolled out South Korea’s first Bitcoin staking service, powered by the Babylon protocol. Unlike traditional lock-up models, the exchange offers “flexible staking,” allowing users to earn BABY tokens while maintaining full liquidity to deposit, withdraw, or trade BTC at any time.
Cronos Rally Sparks Crash Fears
Cronos (CRO) has skyrocketed 365% this year, reaching a $12 billion market cap amid hype surrounding the Trump Media fund. However, analysts warn that the surge may be short-lived, with technical indicators showing overbought signals, a possible Wyckoff distribution phase, and risks of a 25% correction toward December’s $0.2286 support.
Pyth Network Surges 50% After U.S. GDP Data Goes On-Chain
Pyth Network (PYTH) jumped more than 50% in 24 hours, briefly topping $0.20, after the U.S. Commerce Department announced it would publish official GDP data directly on-chain using Pyth. Trading volume spiked 3,200% to $813M, boosting confidence in Pyth’s role as a trusted institutional data oracle.
Could a Token Burn Save Pi Network’s Price?
OKX’s OKB token soared nearly 500% after a massive supply cut slashed its maximum tokens to 21 million, fueling talk of whether Pi Network could follow suit. With billions of tokens still being unlocked, analysts suggest that strategic burns of unclaimed, failed KYC, or foundation-held tokens may help alleviate supply pressure. Technical indicators hint that Pi could rally toward $1 if a strong catalyst emerges.
Dogecoin Slides as Traders Debate “Last Dip” Before Breakout
Dogecoin fell 5% to $0.219 this week, weighed down by whale selling and Bitcoin’s retreat under $113K. Despite heavy profit-taking, volume surged 147% to $4.18 billion, hinting at short-term panic. Analysts remain divided: some view $0.20 as a key support level, while bullish charts target $0.28 to $0.41 in the weeks ahead.
Canary Capital Files for First U.S.-Made Crypto ETF
Canary Capital has submitted an S-1 filing for the Canary American-Made Crypto ETF, ticker MRCA, which will track only U.S.-created or operated coins, such as UNI, LINK, and SOL. Unlike traditional ETFs tied to Bitcoin or Ethereum, MRCA focuses on domestic innovation, staking yields, and regulatory clarity. A ruling from the SEC is expected later this year.
