XRP (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/xrp/usd">XRP</a>) rallied 8% in a single <a href="https://www.benzinga.com/crypto/cryptocurrency/25/08/46983906/ripple-acquires-rail-for-200-million-to-expand-stablecoin-payments-infrastructure">day after Ripple</a> and the U.S. Securities and Exchange Commission officially ended their years-long legal battle. The settlement drew heavy trading activity, with many traders calling it a turning point for the token.



<figure class="wp-block-table"><table class="has-fixed-layout"><tbody><tr><td>Cryptocurrency</td><td>Ticker</td><td>Price</td><td>Market Cap</td><td>7-Day Trend</td></tr><tr><td>XRP</td><td>(CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/xrp/usd">XRP</a>)</td><td>$3.31</td><td>&nbsp;$196.8 billion</td><td>+11.3%&nbsp;</td></tr><tr><td>Bitcoin</td><td>(CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>)</td><td>$116,643.75</td><td>&nbsp;$2.3 trillion</td><td>+1.2%&nbsp;</td></tr><tr><td>Ethereum</td><td>(CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/eth/usd">ETH</a>)</td><td>$3,905.11</td><td>&nbsp;$471.6 billion</td><td>+7.3%&nbsp;</td></tr></tbody></table></figure>



Trader Notes: Crypto trader Galaxy sees XRP breaking above $3.30 as "very bullish" and signals the uptrend has resumed.



<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"><div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="500" data-dnt="true"><a href="https://twitter.com/search?q=%24XRP&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$XRP</a> Breaking $3.3 again is very bullish. Uptrend has resumed. <a href="https://t.co/zd2Zcn6oWA">pic.twitter.com/zd2Zcn6oWA</a>&mdash; Galaxy (@galaxyBTC) <a href="https://twitter.com/galaxyBTC/status/1953671606577791262?ref_src=twsrc%5Etfw">August 8, 2025</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</div></figure>



Another trader CW <a href="https://x.com/CW8900/status/1953691557103907179">says</a> XRP's Phase 4 rally may be starting, potentially pushing prices toward $21.50. CrediBULL Crypto observes XRP's structure looks solid; dips into the green zone are strong swing-buy opportunities targeting range highs.



<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"><div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="500" data-dnt="true">Structurally <a href="https://twitter.com/search?q=%24XRP&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$XRP</a> looks pretty solid here. I think any dips into the green zone are a good opp to swing for the range highs. <a href="https://t.co/pNkxss4VGY">https://t.co/pNkxss4VGY</a> <a href="https://t.co/feXbk2mYt7">pic.twitter.com/feXbk2mYt7</a>&mdash; CrediBULL Crypto (@CredibleCrypto) <a href="https://twitter.com/CredibleCrypto/status/1953579313707856024?ref_src=twsrc%5Etfw">August 7, 2025</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</div></figure>



Statistics: Korean traders were particularly aggressive buyers after the news. Dom <a href="https://x.com/traderview2/status/1953571860399964660">noted</a> over 10 million XRP net purchased on Korean exchanges in just 20 minutes, surpassing Binance's activity, but cautioned that news-driven pumps often fade quickly.



Whale Alert <a href="https://x.com/whale_alert/status/1953608434777047178">tracked</a> 16.7 million XRP, worth $55.4 million, that moved from an unknown wallet to Coinbase shortly after the announcement.



With the conclusion of the legal case, XRP&#8217;s trading volume in the past 24 hours spiked by 146.3%, attracting high interest from traders. CoinGlass data shows derivatives trading volume and open interest surged 165.5% and 17.1% respectively in a single day.



Community News: With the lawsuit dismissed, a major regulatory overhang for XRP is gone, potentially opening the door for greater U.S. institutional participation. The case, filed in 2020, had loomed over the token for five years.



CrediBULL <a href="https://x.com/CredibleCrypto/status/1953586295571460478">reminded</a> traders that when the SEC sued in 2020, many called XRP's end — but the token has since multiplied 13x. He consistently advocated that "XRP is global."



Read Next:&nbsp;



<ul class="wp-block-list">
<li><a href="https://www.benzinga.com/crypto/cryptocurrency/25/08/46890232/xrp-down-5-in-1-week-what-is-going-on">XRP Down 5% In 1 Week: What Is Going On?</a></li>
</ul>



Photo: Shutterstock

XRP Surges 8% As Ripple-SEC Case Concludes — Traders Ancitipate Multi-Phase Rally

Chinese financial authorities have reportedly ordered domestic brokerages and research institutions to halt the promotion of stablecoins, asking them to cancel seminars and refrain from<a href="https://www.benzinga.com/markets/cryptocurrency/25/01/43244653/bitcoin-ethereum-solana-crash-heres-why-chinas-low-cost-ai-model-deepseek-may-be-to-blame"> publishing any related research. </a>



This move, which took place in late July and early August, is part of a broader effort by Beijing to curb speculative behavior and fraudulent schemes associated with dollar-pegged digital tokens, according to <a href="https://www.bloomberg.com/news/articles/2025-08-08/china-tells-brokers-to-stop-touting-stablecoins-to-cool-frenzy">sources </a>cited by Bloomberg.



While regulators have acknowledged the utility of stablecoins in cross-border finance, they remain wary of their unchecked growth within China's borders.



Officials have expressed concerns that stablecoins, typically backed by fiat reserves and U.S. Treasurys, could be repurposed for unauthorized fundraising or other illicit activity, particularly in the absence of clear oversight.



Local governments had already issued warnings earlier this summer. 



In early July, Shenzhen authorities flagged a rise in scams falsely marketed as stablecoin investment opportunities, prompting renewed caution among retail investors.



Despite China's nationwide ban on most cryptocurrency operations, digital asset activity persists in less formal channels. 



Over-the-counter trading remains active, with analytics firm Chainalysis estimating approximately $75 billion in such flows during the first three quarters of 2024.



The regulatory messaging from Beijing comes as it advances its own digital currency agenda.



The People's Bank of China has launched an international operations center for the digital yuan (e-CNY) in Shanghai, signaling ambitions to expand the state-backed digital currency into global financial corridors.



In contrast to Beijing's restrictive posture, Hong Kong continues to pursue an independent regulatory framework that includes licensing stablecoin issuers, part of its strategy to establish itself as a global crypto hub within its separate legal system.



Meanwhile, in the U.S., stablecoins are gaining institutional acceptance. 



In July, President Donald Trump signed the GENIUS Act, the country's first comprehensive stablecoin legislation, reflecting Washington's preference to <a href="https://www.benzinga.com/crypto/cryptocurrency/25/07/46321038/buckle-up-visa-stablecoins-process-800-billion-in-transactions-per-month-report-finds">regulate rather than restrict.</a>



Read Next:



<ul class="wp-block-list">
<li><a href="https://www.benzinga.com/crypto/cryptocurrency/25/08/46910308/bitcoin-at-crossroads-tom-lee-sees-1-million-polymarket-bets-on-dip">Bitcoin At Crossroads: Tom Lee Sees $1 Million, Polymarket Bets On Dip</a></li>
</ul>



Photo: Skorzewiak on Shutterstock.com

Stablecoins Under Fire In China, While US Enacts A Federal Stablecoin Law

Cryptocurrency markets advanced Friday morning, fueled by <a href="https://www.benzinga.com/crypto/cryptocurrency/25/08/46984531/trump-opens-401k-plans-to-crypto-cracks-down-on-crypto-banking-discrimination">favorable regulatory developments</a> that spurred ETF inflows and strengthened institutional adoption sentiment.



<figure class="wp-block-table"><table class="has-fixed-layout"><tbody><tr><td>Cryptocurrency</td><td>Ticker</td><td>Price</td></tr><tr><td>Bitcoin</td><td>(CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>)</td><td>$116,832.44</td></tr><tr><td>Ethereum</td><td>(CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/eth/usd">ETH</a>)</td><td>$3,908.71</td></tr><tr><td>Solana</td><td>(CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/sol/usd">SOL</a>)</td><td>$177.28</td></tr><tr><td>XRP</td><td>(CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/xrp/usd">XRP</a>)</td><td>$3.32</td></tr><tr><td>Dogecoin</td><td>(CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/doge/usd">DOGE</a>)</td><td>$0.2231</td></tr><tr><td>Shiba Inu</td><td>(CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/shib/usd">SHIB</a>)</td><td>$0.00001294</td></tr></tbody></table></figure>



Notable Statistics:



<ul class="wp-block-list">
<li>IntoTheBlock data shows that Bitcoin and Ethereum large transactions decreased by 2.4% and dropped 15.7%, respectively, in a single day. Daily active addresses dipped 1.7% and grew 1.3%, respectively.</li>



<li>Coinglass data shows 103,582 traders were liquidated in the past 24 hours for $300.68 million.&nbsp;</li>



<li>SoSoValue data shows net inflows of $280.7 million from spot Bitcoin ETFs on Wednesday. Spot Ethereum ETFs saw net inflows of $222.3 million. &nbsp;</li>
</ul>



Trader Notes: Crypto trader Jelle sees Bitcoin is forming a power-of-three setup. If $116,000 holds through the weekend, the next target is $130,000.



<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"><div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="500" data-dnt="true"><a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw">#Bitcoin</a> is forming a power of three setup again! Hold $116k over the weekend, and I&#39;m targeting $130,000 next. <a href="https://t.co/9icH3UuUZz">pic.twitter.com/9icH3UuUZz</a>&mdash; Jelle (@CryptoJelleNL) <a href="https://twitter.com/CryptoJelleNL/status/1953732967244689479?ref_src=twsrc%5Etfw">August 8, 2025</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</div></figure>



Another trader, Titan Of Crypto <a href="https://x.com/Washigorira/status/1953748597440229413">added</a> Bitcoin is testing the top of its rising wedge. While the momentum is building, bulls are eyeing a breakout.



Crypto trader CW <a href="https://x.com/CW8900/status/1953691557103907179">anticipates</a> the start of the Phase 4 rally for XRP soon.



Michael van de Poppe highlighted Ethereum swept short-side liquidity; sees a pullback to $3,700–$3,750 as a solid day trade entry targeting above $4,100.



<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"><div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="500" data-dnt="true">Great move of <a href="https://twitter.com/search?q=%24ETH&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$ETH</a>, taking all the liquidity on the short side. If this goes back to $3,700-3,750, might be good for a daytrade targeting $4,100+. <a href="https://t.co/T3Jldw69AW">pic.twitter.com/T3Jldw69AW</a>&mdash; Michaël van de Poppe (@CryptoMichNL) <a href="https://twitter.com/CryptoMichNL/status/1953742730427085239?ref_src=twsrc%5Etfw">August 8, 2025</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</div></figure>



Cold Blooded Shiller <a href="https://x.com/ColdBloodShill/status/1953540513031762060">sees</a> Solana heading toward the key $250 level—if broken and held, it could see rapid upside with minimal resistance.



Crypto trader AkadoSang <a href="https://x.com/AkadoSang/status/1953737969401311540">noted</a> Dogecoin is in a clear uptrend, printing higher lows and higher highs within an ascending channel since the recent local bottom.



Read Next:



<ul class="wp-block-list">
<li><a href="https://www.benzinga.com/crypto/cryptocurrency/25/08/46976260/galaxy-ceo-mike-novogratz-predicts-monster-pool-of-capital-into-bitcoin-with-trumps-401k-crypto-plan">Galaxy CEO Mike Novogratz Predicts &#8216;Monster Pool Of Capital&#8217; Into Bitcoin With Trump&#8217;s 401(k) Crypto Plan</a></li>
</ul>



Photo: Shutterstock

Bitcoin Steadies Above $116,000 As XRP, Dogecoin Surge On Regulatory Boost, ETF Inflows

Block Inc.&#8216;s (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XYZ#NYSE">XYZ</a>) investment in Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) has surged in value, with the company&#8217;s holdings now worth nearly a billion dollars.



What Happened: According to the company&#8217;s <a href="https://www.benzinga.com/markets/earnings/25/08/46982165/block-stock-climbs-after-q2-earnings-report-heres-why">second quarter 2025</a> financial disclosures, the value of its Bitcoin treasury has grown over 81% year-over-year, and the company has recorded a significant &#8220;remeasurement gain&#8221; for the quarter under new accounting rules for crypto assets.



The company&#8217;s investment, held for long-term purposes, saw its value increase from $514.584 million as of June 30, 2024, to $931.656 million as of June 30, 2025, about 81.05% higher over a year.



The 10Q filing shows that this valuation jump was accompanied by a notable remeasurement gain of $212.17 million in the second quarter of 2025, which reflects a sharp contrast to the $70.12 million remeasurement loss recorded in the same period last year.



The shift in reporting is due to the company&#8217;s accounting for its Bitcoin as an &#8220;indefinite-lived intangible asset,&#8221; under the <a href="https://www.benzinga.com/general/market-summary/25/05/45515900/mstrs-new-bitcoin-accounting-standard-to-drive-financial-swings-make-earnings-volatile-says-expert-after-lawsuit-hits-strategy">new accounting rules</a>. 



According to <a href="https://www.coingecko.com/en/public-companies-bitcoin">CoinGecko</a>, this makes Block a company with the 12th largest BTC treasury worldwide.



Strategy Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MSTR#NASDAQ">MSTR</a>), formerly MicroStrategy, MARA Holdings Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MARA#NASDAQ">MARA</a>), Cantor Equity Partners Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CEP#NASDAQ">CEP</a>), Riot Platforms Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/RIOT#NASDAQ">RIOT</a>), and Trump Media &amp; Technology Group Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/DJT#NASDAQ">DJT</a>) have the top five largest BTC Treasuries worldwide.



See Also: <a href="https://www.benzinga.com/news/politics/25/08/46953745/paul-krugman-slams-donald-trump-for-calling-jobs-report-rigged-says-every-accusation-is-a-confession">Paul Krugman Slams Donald Trump For Calling Jobs Report ‘Rigged,' Says ‘Every Accusation Is A Confession'</a>



Why It Matters: The company also holds a smaller amount of Bitcoin for operational purposes, which is purchased and sold to facilitate customer transactions on its Cash App platform.



The value of this operational Bitcoin grew from $573.302 million to $514.584 million between March 31, 2024, and June 30, 2024, reflecting the dynamic nature of its customer-facing business.



Block stated that this operational Bitcoin is held for a relatively short time, and changes in its fair value are not material to the company.



Block <a href="https://www.benzinga.com/markets/earnings/25/08/46982165/block-stock-climbs-after-q2-earnings-report-heres-why">reported earnings</a> of 62 cents per share, which missed the analyst consensus estimate of 68 cents. Its revenue came in at $6.05 billion, which missed the analyst consensus estimate of $6.24 billion and is down from revenue of $6.15 billion from the same period last year.



Price Action: XYZ stock jumped 9.16% in premarket on Friday after rising 0.95% on Thursday and 5.5% in after-hours. It was down 11.41% year-to-date but 25.55% higher over the past year.



Benzinga&#8217;s Edge Stock Rankings&nbsp;indicate that XYZ maintains a strong price trend in the long, short, and medium terms. However, the stock scores moderately on growth rankings. Additional performance details are&nbsp;<a href="https://www.benzinga.com/premium/ideas/benzinga-edge-3/#:~:text=Turn%20Market%20Chaos,when%20markets%20rebound" target="_blank" rel="noreferrer noopener">available here</a>.<a href="https://www.benzinga.com/premium/ideas/benzinga-edge-3/#:~:text=Turn%20Market%20Chaos,when%20markets%20rebound" target="_blank" rel="noreferrer noopener"></a>



<figure class="wp-block-image size-large"><a href="https://www.benzinga.com/premium/ideas/benzinga-edge-3/#:~:text=Turn%20Market%20Chaos,when%20markets%20rebound"><img loading="lazy" decoding="async" width="1024" height="151" src="https://editorial-assets.benzinga.com/wp-content/uploads/2025/08/08060818/EDGE-XYZ-New-1-1024x151.png" alt="" class="wp-image-1020181" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2025/08/08060818/EDGE-XYZ-New-1-1024x151.png 1024w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/08/08060818/EDGE-XYZ-New-1-300x44.png 300w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/08/08060818/EDGE-XYZ-New-1-768x113.png 768w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/08/08060818/EDGE-XYZ-New-1.png 1270w" sizes="(max-width: 1024px) 100vw, 1024px" /></a></figure>



Price Action: The SPDR S&amp;P 500 ETF Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPY#NYSE">SPY</a>) and Invesco QQQ Trust ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QQQ#NASDAQ">QQQ</a>), which track the S&amp;P 500 index and Nasdaq 100 index, respectively, were higher in premarket on Friday. The SPY was up 0.34% at $634.40, while the QQQ advanced 0.33% to $571.12, according to&nbsp;<a href="https://pro.benzinga.com/dashboard" target="_blank" rel="noreferrer noopener">Benzinga Pro</a>&nbsp;data.



Read Next:



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<li><a href="https://www.benzinga.com/markets/earnings/25/08/46990699/block-ceo-jack-dorsey-credits-ai-for-super-bullish-outlook-faster-product-launches-raises-full-y">Block CEO Jack Dorsey Credits AI For &#8216;Super-Bullish&#8217; Outlook, Faster Product Launches—Raises Full-Year Profit Guidance To $10.17 Billion</a></li>
</ul>



Disclaimer:&nbsp;This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.



Photo courtesy: T. Schneider / Shutterstock

Block's Bitcoin Holdings Surge Under New Accounting Rules—Now Worth Nearly A Billion Dollars

Eric Trump announced on Wednesday that American Bitcoin (ABTC) is set to make its debut on NASDAQ. This announcement was made via X, signaling a significant milestone for the Trump family-backed Bitcoin mining firm.



<h2 class="wp-block-heading">American Bitcoin&#8217;s NASDAQ Listing: A Game Changer? </h2>



The post stated, &#8220;American Bitcoin (ABTC): Next stop NASDAQ!&#8221; This move follows a series of strategic developments by American Bitcoin, including a <a href="https://www.benzinga.com/crypto/cryptocurrency/25/06/45876652/trump-family-backed-bitcoin-mining-firm-acquires-23-million-worth-of-btc-signals-more-accumulation-in-the-future">substantial acquisition</a> of Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) worth $23 million. 



The mining firm, supported by Eric Trump and Donald Trump Jr., has been actively increasing its Bitcoin holdings, as reported in a recent SEC filing.



<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"><div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="500" data-dnt="true">American Bitcoin (ABTC): Next stop NASDAQ! <a href="https://t.co/uhaJzV0vfz">pic.twitter.com/uhaJzV0vfz</a>&mdash; Eric Trump (@EricTrump) <a href="https://twitter.com/EricTrump/status/1953600035155063197?ref_src=twsrc%5Etfw">August 7, 2025</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</div></figure>



Earlier this year, Gryphon Digital Mining Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GRYP#NASDAQ">GRYP</a>) <a href="https://www.benzinga.com/news/small-cap/25/05/45347101/gryphon-digital-to-take-trump-affiliated-american-bitcoin-public-in-merger-deal-stock-soars">announced a merger</a> with American Bitcoin, a subsidiary of Hut 8 Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/HUT#NASDAQ">HUT</a>). This merger is set to facilitate American Bitcoin&#8217;s public listing on NASDAQ under the ticker &#8220;ABTC.&#8221; The merger deal was structured as a stock-for-stock transaction, although the financial details remain undisclosed.



<h2 class="wp-block-heading">Shareholders Begin Voting on Merger</h2>



Gryphon Digital Mining said on Wednesday that shareholders had started voting ahead of a special meeting on August 27, 2025, to decide on a planned stock-for-stock merger with American Bitcoin Corp. The board urged investors to back all proposals. If approved and other conditions were met, the deal was set to close in early September, with the new company keeping the &#8220;American Bitcoin&#8221; name and run by American Bitcoin's leadership. Shareholders of record on July 25 had received voting details by mail and online, with Okapi Partners offering help. The companies also warned the deal could face risks or delays.



<h2 class="wp-block-heading">How This Merger Could Transform Crypto Investments</h2>



The upcoming NASDAQ listing of American Bitcoin marks a pivotal moment for the Trump-affiliated venture, potentially increasing its visibility and investor interest. The merger with Gryphon Digital Mining is expected to bolster American Bitcoin&#8217;s market presence and operational capabilities. This development aligns with the firm&#8217;s ongoing strategy of Bitcoin accumulation.



<h2 class="wp-block-heading">The Market&#8217;s New Bitcoin Player: What To Expect</h2>



Investors and market analysts are closely watching how this move will affect the broader cryptocurrency market and the stocks involved. The anticipation surrounding American Bitcoin&#8217;s NASDAQ debut reflects the growing interest in cryptocurrency ventures and their potential to reshape financial markets.



Photo Courtesy: Maxim Elramsisy On Shutterstock.com



Read Next: 



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<li><a href="https://benzinga.com/markets/economic-data/25/08/46956295/us-dollar-down-10-since-trump-took-office-paul-graham-warns-youve-become-poorer-without-11-" target="_blank" rel="noreferrer noopener">US Dollar Down 10% Since Trump Took Office — Paul Graham Warns &#8216;You&#8217;ve Become Poorer&#8217; Without 11% Net Worth Gain</a></li>
</ul>



This story was generated using <a href="https://www.benzinga.com/author/benzinga-neuro">Benzinga Neuro</a> and edited by <a href="https://www.benzinga.com/author/shivdeep-dhaliwal" target="_blank" rel="noreferrer noopener">Shivdeep Dhaliwal</a>

Eric Trump Teases American Bitcoin Stock Market Listing: 'Next Stop NASDAQ'

President Donald Trump signed two executive orders on Thursday advancing the role of digital assets in the U.S. financial system. One order allows 401(k) retirement plans to include cryptocurrencies, while the other targets what the administration calls discriminatory banking<a href="https://www.benzinga.com/crypto/cryptocurrency/25/08/46960703/trump-wants-to-put-bitcoin-in-your-401k-will-it-work"> practices against crypto firms.</a>



The first <a href="https://www.bloomberg.com/news/articles/2025-08-07/trump-to-sign-order-easing-path-for-private-assets-in-401-k-s">order </a>directs the Department of Labor to reassess its guidance, which currently restricts alternative asset exposure in employer-sponsored retirement plans.



The move, aimed at revising regulatory interpretations under the Employee Retirement Income Security Act (ERISA), also instructs the Securities and Exchange Commission and Treasury Department to consider regulatory updates that could expand retail access to digital assets through accredited investor pathways.



This directive builds on Trump's earlier crypto-related actions, including a strategic digital asset reserve and a national initiative to promote U.S. crypto leadership. 



Hashdex's Gerry O'Shea described the latest order as an opportunity for retirement plan sponsors to engage digital asset experts on safe and structured inclusion of crypto in long-term portfolios.



In a second executive <a href="https://www.whitehouse.gov/fact-sheets/2025/08/fact-sheet-president-donald-j-trump-guarantees-fair-banking-for-all-americans/">order</a>, Trump moved to prohibit federal regulators from using &#8220;reputational risk&#8221; as a reason to block or discourage banks from servicing crypto companies.



This language, used by agencies like the Federal Reserve, has come under scrutiny by lawmakers and the crypto industry, who argue it has been misused to justify account closures and restrict banking access.



Also Read: <a href="https://www.benzinga.com/crypto/cryptocurrency/25/08/46964483/proshares-introduces-leveraged-etf-targeting-circles-2x-daily-stock-returns">ProShares Introduces Leveraged ETF Targeting Circle&#8217;s 2x Daily Stock Returns</a>



Critics have long argued that such actions amount to a form of "Operation Choke Point 2.0," a reference to a 2013 initiative that limited financial services for industries seen as risky. 



Trump's new order seeks to eliminate that discretion, aligning with prior pledges by the Federal Reserve, OCC, and FDIC to stop using reputational risk as a supervisory standard.



Republican lawmakers praised the order. 



House Financial Services Chair French Hill (R-AR) called it "an important step" toward protecting Americans from politically motivated financial discrimination.



Senator Cynthia Lummis (R-NY) added that it brings "transparency and accountability" to what she characterized as an overreach under the Biden administration.



Both orders underscore a broader policy pivot under Trump aimed at normalizing crypto as part of mainstream financial systems. 



While the Biden-era Labor Department had cautioned against speculative risks in retirement crypto allocations, Trump's administration is instead positioning digital assets as central to innovation and investor choice.



Read Next: 



<ul class="wp-block-list">
<li><a href="https://www.benzinga.com/crypto/cryptocurrency/25/08/46966593/bitcoin-and-the-magnificent-seven-are-they-still-in-sync-or-set-to-diverge">Bitcoin And The Magnificent Seven: Are They Still In Sync Or Set To Diverge?</a></li>
</ul>



Photo: Shutterstock

Trump Opens 401(k) Plans To Crypto, Cracks Down On Crypto Banking Discrimination

CleanSpark, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CLSK#NASDAQ">CLSK</a>) released its third-quarter results after Thursday's closing bell. Here's a look at the details <a href="https://www.benzinga.com/pressreleases/25/08/n46979108/cleanspark-reports-third-quarter-fiscal-2025-results">from the report.&nbsp;</a>



<ul class="wp-block-list">
<li><a href="https://www.benzinga.com/quote/clsk">Check out CLSK stock price and chart in real-time here.&nbsp;</a></li>
</ul>



The Details:&nbsp;Cleanspark reported quarterly earnings of 78 cents per share, which beat the analyst consensus estimate of 10 cents.



Quarterly revenue came in at $198.64 million, which beat the Street estimate of $191.54 million and is up from revenue of $104.1 million from the same period last year.



Read Next:&nbsp; <a href="https://www.benzinga.com/markets/earnings/25/08/46911280/palantirs-alex-karp-tells-haters-to-read-em-and-weep?utm_source=articleShare">Palantir&#8217;s Alex Karp Tells Haters To &#8216;Read &#8216;Em And Weep&#8217;</a>&nbsp;



CleanSpark reported the following balance sheet highlights at the end of the third quarter:



<ul class="wp-block-list">
<li>Cash:&nbsp;$34.6 million</li>



<li>Bitcoin:&nbsp;$1.08 billion&nbsp;&nbsp;</li>



<li>Total Current Assets:&nbsp;$1.21 billion</li>



<li>Total Mining Assets (including prepaid deposits &amp; deployed miners):&nbsp;$985.9 million</li>



<li>Total Assets:&nbsp;$3.1 billion</li>
</ul>



&#8220;This was the most successful quarter in CleanSpark&#8217;s history, and it reflects the strength of our strategy, the discipline of our execution, and the tireless commitment of our team,&#8221; said&nbsp;Zach Bradford, CEO of CleanSpark. 



&#8220;We reached 50 EH/s of operational hashrate in June, becoming the first public company to do so exclusively with American infrastructure, while achieving record basic EPS of 90 cents and nearly $200 million in revenue. We also grew our bitcoin treasury to over $1 billion in value, all without raising capital through equity offerings since November 2024,&#8221; Bradford added.



CLSK Stock Price: According to data from<a href="https://pro.benzinga.com/?gspk=YWRhbWVja2VydDUzMzY&amp;gsxid=zBMR4PKmcgBw"> Benzinga Pro</a>, CleanSpark stock was up 1.21% at $10.85 in Thursday's extended trading.&nbsp;



Read More:&nbsp;



<ul class="wp-block-list">
<li><a href="https://www.benzinga.com/trading-ideas/movers/25/07/46643712/hims-hers-stock-could-rocket-to-meme-stock-fame-if-short-sellers-feel-the-squeeze">Hims &amp; Hers Stock Could Rocket To Meme Stock Fame — If Short Sellers Feel The Squeeze</a></li>
</ul>



Photo: Shutterstock

CleanSpark Reports Better-Than-Expected Q3 Results: Details

Ripple (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/xrp/usd">XRP</a>) on Thursday announced an agreement to acquire Rail, a stablecoin-powered global payments firm, <a href="https://www.benzinga.com/topic/xrp">for $200 million.</a>



The <a href="https://www.businesswire.com/news/home/20250807771714/en/Ripple-to-Acquire-Rail-for-%24200M-Expanding-Leadership-in-Stablecoin-Payments">deal </a>is designed to strengthen Ripple's position in enterprise blockchain-based payments by integrating Rail's back-end infrastructure and virtual account capabilities into its existing suite of regulated services.



Rail specializes in enabling international business payments using stablecoins and is forecasted to process over 10% of the $36 billion in projected B2B stablecoin flows this year. 



By combining forces, Ripple and Rail aim to create a comprehensive platform for stablecoin-based payments, targeting enterprise customers who require streamlined access to crypto-native transaction rails.



Ripple currently offers a payment infrastructure with over 60 regulatory licenses and supports digital asset liquidity across assets like RLUSD and XRP. 



With Rail's addition, the company plans to provide expanded stablecoin pay-in and pay-out options, automated treasury tools, and reduced barriers to entry for clients who may not want to hold crypto directly.



Also Read: <a href="https://www.benzinga.com/crypto/cryptocurrency/25/08/46969808/transak-adds-support-for-usde-synthetic-dollar-now-available-via-fiat-on-ramp">Transak Adds Support for USDe, Synthetic Dollar Now Available Via Fiat On-Ramp</a>



Ripple President Monica Long said the acquisition reflects the company's strategy to meet growing global demand for digital asset settlement. 



"Stablecoins are becoming a core part of the global payments landscape," she noted, adding that the integration will help businesses move money more efficiently across borders.



The joint platform will offer services such as third-party and internal treasury payment support, access to high-value liquidity, and API-based integration for always-on operations. 



Clients will also benefit from a built-in multi-bank partner network that increases resiliency and redundancy in global coverage.



Rail CEO Bhanu Kohli emphasized that Ripple's involvement would help accelerate the adoption of stablecoin infrastructure among enterprises.



"Together, we're excited to bring our innovation to the millions of businesses that move money internationally," he said.



This acquisition follows Ripple's broader expansion strategy, with over $3 billion invested in M&amp;A and strategic growth to date. 



The deal is expected to close in the fourth quarter of 2025, subject to standard regulatory approvals and closing conditions.



Read Next:



<ul class="wp-block-list">
<li> <a href="https://www.benzinga.com/crypto/cryptocurrency/25/08/46967141/coral-protocol-beats-microsoft-backed-rival-by-34-on-key-ai-benchmark">Coral Protocol Beats Microsoft-Backed Rival By 34% On Key AI Benchmark</a></li>
</ul>



Photo: Stanslavs/Shutterstock

Ripple Acquires Rail For $200 Million To Expand Stablecoin Payments Infrastructure

Cryptocurrency markets are trading higher on Thursday, with Bitcoin reclaiming the $117,000 level. The rally comes as optimism builds around President Donald Trump's proposal to <a href="https://www.benzinga.com/crypto/cryptocurrency/25/08/46960703/trump-wants-to-put-bitcoin-in-your-401k-will-it-work">include crypto assets in 401(k) retirement plans</a>, boosting broader investor sentiment.



<figure class="wp-block-table"><table class="has-fixed-layout"><tbody><tr><td>Cryptocurrency</td><td>Ticker</td><td>Price</td></tr><tr><td>Bitcoin</td><td>(CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>)</td><td>$117,325.42</td></tr><tr><td>Ethereum</td><td>(CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/eth/usd">ETH</a>)</td><td>$3,861.97</td></tr><tr><td>Solana</td><td>(CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/sol/usd">SOL</a>)</td><td>$171.35</td></tr><tr><td>XRP</td><td>(CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/xrp/usd">XRP</a>)</td><td>$3.08</td></tr><tr><td>Dogecoin</td><td>(CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/doge/usd">DOGE</a>)</td><td>$0.2168</td></tr><tr><td>Shiba Inu</td><td>(CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/shib/usd">SHIB</a>)</td><td>$0.00001263</td></tr></tbody></table></figure>



Notable Statistics:



<ul class="wp-block-list">
<li>IntoTheBlock data shows that Bitcoin and Ethereum large transactions increased by 3.6% and dropped by 6.5%, respectively, in a single day. Daily active addresses increased by 7.8% and decreased by 3.4%, respectively.</li>



<li>Coinglass data shows 96,836 traders were liquidated in the past 24 hours for $285.70 million.</li>



<li>The top gainers in the past 24 hours include Mantle (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/">MNT</a>), Pendle (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/">PENDLE</a>) and Conflux (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/cfx/usd">CFX</a>).</li>
</ul>



Notable Developments:



<ul class="wp-block-list">
<li><a href="https://www.benzinga.com/crypto/cryptocurrency/25/08/46969808/transak-adds-support-for-usde-synthetic-dollar-now-available-via-fiat-on-ramp">Transak Adds Support for USDe, Synthetic Dollar Now Available Via Fiat On-Ramp</a></li>



<li><a href="https://www.benzinga.com/crypto/cryptocurrency/25/08/46958926/anthony-scaramucci-thinks-this-ethereum-killer-networks-moment-is-coming-here-is-why">Anthony Scaramucci Thinks This &#8216;Ethereum Killer&#8217; Network&#8217;s Moment Is Coming — Here Is Why</a></li>



<li><a href="https://www.benzinga.com/crypto/cryptocurrency/25/08/46964483/proshares-introduces-leveraged-etf-targeting-circles-2x-daily-stock-returns">ProShares Introduces Leveraged ETF Targeting Circle&#8217;s 2x Daily Stock Returns</a></li>



<li><a href="https://www.benzinga.com/crypto/25/08/46943833/vlad-tenev-says-robinhood-revenue-could-become-rather-large-amid-tokenization-push-as-hood-stock-surges-13-over-a-month">Vlad Tenev Says Robinhood Revenue Could Become &#8216;Rather Large&#8217; Amid Tokenization Push As HOOD Stock Surges 13% Over A Month</a></li>



<li><a href="https://www.benzinga.com/crypto/cryptocurrency/25/08/46918914/us-tariffs-on-asian-mining-rigs-slow-bitcoin-growth-as-firms-eye-canada-domestic-production">US Tariffs On Asian Mining Rigs Slow Bitcoin Growth As Firms Eye Canada, Domestic Production</a></li>
</ul>



Trader Notes: Crypto trader CJ noted Bitcoin is at a key level, currently trading above equal highs. If there&#8217;s another upward spike followed by rejection, it could be a deviation, potentially leading the price back down to the range or the previous week's low. However, if price breaks cleanly higher, the $114,000–$115,500 zone may act as new support before further upside.



<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"><div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="500" data-dnt="true"><a href="https://twitter.com/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$BTC</a> Crucial level here. Trading above equal highs. If we put in another spike to the upside that rejects and this ends up as a deviation, I think there&#39;s a chance we come back down to the range low / previous week low. IF we get a clean break to the upside, then I&#39;d look at… <a href="https://t.co/5LPKme8qcW">pic.twitter.com/5LPKme8qcW</a>&mdash; CJ (@CJ900X) <a href="https://twitter.com/CJ900X/status/1953532126407569793?ref_src=twsrc%5Etfw">August 7, 2025</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</div></figure>



MaxBecauseBTC <a href="https://x.com/MaxBecauseBTC/status/1953535601124245703">observed</a> Bitcoin as constructive, but there are some warnings –



<ul class="wp-block-list">
<li>Caution: The price is retesting the underside of the 30-day rVWAP and a major supply zone (high-volume node).</li>



<li>Bullish signs: A drop below $114,000 triggered liquidations and long exits, followed by a quick reclaim of the monthly open, showing resilience.</li>



<li>Key level: A move above $118,000 (supply node) could open the door to new highs rapidly.</li>
</ul>



Crypto Bully <a href="https://x.com/BullyDCrypto/status/1953522006303158644">highlighted </a>that Bitcoin is in a wait-and-watch phase, forming a new range. There is strong resistance at around $116,500, which could result in a bearish retest. Dips toward $111,000–$112,000 may offer good long entries if order flow supports it. He also added that he is currently considering only long setups on BTC; potential altcoin shorts may be explored if Bitcoin shows weakness later.



Glassnode data <a href="https://x.com/glassnode/status/1953475469636149302">shows</a> that the spent volume by Bitcoin's short-term holders in profit has dropped to 45%, below the neutral threshold. This indicates a balanced market, modest profit-taking, but no strong directional conviction from short-term investors. The market sentiment remains cautious and indecisive.



Read Next:&nbsp;



<ul class="wp-block-list">
<li><a href="https://www.benzinga.com/crypto/cryptocurrency/25/08/46960703/trump-wants-to-put-bitcoin-in-your-401k-will-it-work">Trump Wants To Put Bitcoin In Your 401(k), Will It Work?</a></li>
</ul>



Photo: PeopleImages.com &#8211; Yuri A On Shutterstock.com

Bitcoin Reclaims $117,000 As Ethereum, XRP, Dogecoin Rise

Nate Geraci, president of NovaDius Wealth Management, outlined the latest developments in the <a href="https://www.benzinga.com/crypto/cryptocurrency/25/08/46913842/how-ethereum-treasury-companies-beat-out-etfs-standard-chartered">crypto ETF arena</a>, asserting that BlackRock is expected to file for spot XRP (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/xrp/usd">XRP</a>) and Solana (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/sol/usd">SOL</a>) ETFs — possibly as early as this October.



What Happened: In an appearance on the Thinking Crypto <a href="https://www.youtube.com/watch?v=6XMpxVlQilA">podcast</a> on Wednesday, Geraci emphasized the SEC's recent approval of in-kind creation and redemption mechanisms for crypto ETFs as a pivotal regulatory shift. This step enhances ETF efficiency and reduces costs, although it has largely gone unnoticed by retail investors.



However, despite procedural readiness, some already-approved ETFs (like those from Grayscale and Bitwise) are still delayed, likely due to internal SEC politics — particularly resistance from Commissioner Caroline Crenshaw. Geraci suggested that the Commission is holding back broader ETF expansion to await a more comprehensive regulatory framework.



He noted a potential turning point with emerging pro-crypto voices at the SEC, such as Paul Atkins, who is signalling greater openness to diverse crypto products — including those beyond Bitcoin and Ethereum.



Also Read: <a href="https://www.benzinga.com/crypto/cryptocurrency/25/08/46964483/proshares-introduces-leveraged-etf-targeting-circles-2x-daily-stock-returns">ProShares Introduces Leveraged ETF Targeting Circle&#8217;s 2x Daily Stock Returns</a>



Why It Matters: Geraci believes BlackRock's ETF strategy naturally extends to multi-chain exposure, citing its tokenized money market fund already launched on both Ethereum and Solana. This cross-chain deployment indicates a profound belief in a multi-chain future and positions XRP and Solana as logical next steps for ETF inclusion. The October deadline could be when BlackRock files for the ETFs.



He also anticipates the approval of staking within Ethereum ETFs soon, pointing to increasing institutional pressure and the evolution of precedent-setting financial products.



With over $27 billion flowing into spot Bitcoin and Ethereum ETFs so far this year, including $5 billion into Ethereum ETFs over a 20-day streak, the demand for diversified crypto ETF offerings is undeniable.



Regulatory Double Standards



Geraci criticized the regulatory inconsistency at the SEC. While ETFs holding up to 15% in illiquid private assets are permitted, ETFs that would hold 85% BTC/ETH and only 15% XRP/SOL are still facing delays. Moreover, futures-based XRP and Solana ETFs are already live, further highlighting the contradiction.



Geraci concluded that the U.S. is &#8220;nearing the finish line&#8221; on crypto ETF expansion. With growing legislative momentum, rising financial advisor interest, and mainstream investor awareness, spot ETFs for assets like XRP and Solana appear increasingly likely.



Read Next:



<ul class="wp-block-list">
<li><a href="https://www.benzinga.com/crypto/cryptocurrency/25/08/46907041/tom-lee-ethereum-is-having-a-2017-bitcoin-moment-could-hit-15000-by-end-of-2025">Tom Lee: Ethereum Is Having A &#8216;2017 Bitcoin Moment&#8217;, Could Hit $15,000 By End Of 2025</a></li>
</ul>



Photo: Stanslavs on Shutterstock.com

BlackRock Likely To File For Spot XRP And Solana ETFs By October Deadline, Says Expert

Galaxy Digital CEO Mike Novogratz believes President Donald Trump's proposal to allow crypto assets in <a href="https://www.benzinga.com/crypto/cryptocurrency/25/08/46960703/trump-wants-to-put-bitcoin-in-your-401k-will-it-work">401(k) retirement plans</a> could act as a catalyst for massive inflows into the market, especially into Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) and Ethereum (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/eth/usd">ETH</a>).



What Happened: In a CNBC Squawk Box<a href="https://www.cnbc.com/video/2025/08/07/galaxy-ceo-mike-novogratz-bitcoin-prices-will-keep-climbing-as-long-as-debt-to-gdp-keeps-climbing.html"> interview</a> on Thursday, Novogratz confirmed that crypto is in a clear bull market, driven by increasing mainstream access. "Enjoy it while it lasts," he said, noting that bull markets are inherently cyclical.



Trump's idea to permit crypto exposure in 401(k)s could &#8220;open the floodgates&#8221; for a &#8220;monster pool of capital&#8221; from both retail and institutional investors. Over time, Novogratz anticipates more leveraged crypto products and sophisticated investment vehicles entering the space.



Why It Matters: Novogratz emphasized that Bitcoin's true role is as digital gold — a store of value and hedge against poor monetary policy, not necessarily a medium of exchange. He warned of the risks from ongoing money printing, rising debt-to-GDP ratios, and global fiscal mismanagement, all of which support Bitcoin's long-term value proposition.



As long as governments continue expanding deficits, Bitcoin's appeal as a macro hedge will grow, Novogratz noted.



Also Read: <a href="https://www.benzinga.com/crypto/cryptocurrency/25/08/46959831/bitcoin-ethereum-xrp-dogecoin-turn-higher-on-thursday-strong-accumulation-may-build-solid-support">Bitcoin, Ethereum, XRP, Dogecoin Turn Higher On Thursday – Strong Accumulation May Build Solid Support</a>



Ethereum Outlook



On Ethereum, Novogratz said its strength lies in its role as a base layer for decentralized applications and stablecoins. With more public companies offering Ethereum-linked products, investors are gaining exposure to staking, yield, and DeFi — driving institutional interest.



Stablecoins &amp; Market Dynamics



Novogratz also pointed out that Circle (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CRCL#NYSE">CRCL</a>) is currently leading in the stablecoin space, though heavyweights like JPMorgan and PayPal could soon intensify competition. Stablecoins are central to crypto liquidity and global payments. He added that Coinbase benefits greatly from Circle's USDC, deriving nearly 50% of its USDC-related revenue from the partnership.



Read Next:



<ul class="wp-block-list">
<li><a href="https://www.benzinga.com/crypto/cryptocurrency/25/08/46857761/heres-when-youll-know-if-a-bitcoin-ethereum-rally-in-q4-is-coming">Here&#8217;s When You&#8217;ll Know If A Bitcoin, Ethereum Rally In Q4 Is Coming</a></li>
</ul>



Photo: Shutterstock

Galaxy CEO Mike Novogratz Predicts 'Monster Pool Of Capital' Into Bitcoin With Trump's 401(k) Crypto Plan

U.S. equities slipped midday Thursday as corporate earnings and fresh tariff announcements from President Donald Trump drove divergent <a href="https://www.benzinga.com/movers">moves in heavyweight names. </a>



<ul class="wp-block-list">
<li>LLY is breaking past support. <a href="https://www.benzinga.com/quote/LLY">Check the chart here. </a></li>
</ul>



The S&amp;P 500 dropped 0.3% to 6,328, the Dow Jones Industrial Average slid 0.8% to 43,865, while the Nasdaq 100 held nearly unchanged at 23,307.



Apple Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AAPL#NASDAQ">AAPL</a>) climbed by 3%, on top of the 5.1% gained Wednesday, as investors bet the tech giant could sidestep new import duties. The company pledged an additional $100 billion in U.S. manufacturing investments, building on a previously announced $500 billion.



The steepest intraday loss among mega-cap stocks came from Eli Lilly and Company (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/LLY#NYSE">LLY</a>), which plunged 14%—its worst single-day performance since August 2000.



While second-quarter earnings beat expectations and the company raised guidance, investor focus shifted to new trial data for orforglipron, its experimental oral GLP-1 weight-loss pill. The drug yielded 12.4% average weight loss, below the 13-15% range analysts were hoping for.



The drop erased more than $100 billion in market capitalization.



The chipmaking sector also notable sharp moves after Trump announced a 100% tariff on imported semiconductors Wednesday. Exemptions are reportedly on the table for firms with U.S.-based production or clear investment plans.



Advanced Micro Devices Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AMD#NASDAQ">AMD</a>) soared 5% and Taiwan Semiconductor Manufacturing Co. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TSM#NYSE">TSM</a>) surged 4% after Taiwanese officials confirmed it would remain exempt from the tariff order.



Meanwhile, Intel Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/INTC#NASDAQ">INTC</a>) dropped 3.1% after President Trump called for CEO Lip Bu-Tan&#8217;s resignation



<h3 class="wp-block-heading">Commodities</h3>



<ul class="wp-block-list">
<li>Gold rose 0.6% to $3,390 per ounce</li>



<li>Silver surged 0.8% to above $38 per ounce.</li>



<li>Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) was up 0.5% to $115,000. </li>
</ul>



<h3 class="wp-block-heading">Thursday&#8217;s Performance In Major US Indices, ETF</h3>



<figure class="wp-block-table is-style-stripes"><table class="has-fixed-layout"><tbody><tr><td>Major Indices </td><td>Price</td><td>1-day %chg</td></tr><tr><td>Nasdaq 100</td><td>23,308</td><td>0.0%</td></tr><tr><td>S&amp;P 500</td><td>6,328.63</td><td>-0.3%</td></tr><tr><td>Russell 2000</td><td>2,210.97</td><td>-0.6%</td></tr><tr><td>Dow Jones</td><td>43,865.83</td><td>-0.8%</td></tr></tbody></table><figcaption class="wp-element-caption">Updated by 12:50 p.m. ET</figcaption></figure>



According to&nbsp;<a href="https://www.benzinga.com/pro/?utm_source=BZprocontent&amp;t=be2bearmibe3na1">Benzinga Pro</a>&nbsp;data:



<ul class="wp-block-list">
<li>The&nbsp;Vanguard S&amp;P 500 ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/VOO#NYSE">VOO</a>) eased 0.2% to $580.65.</li>



<li>The&nbsp;SPDR Dow Jones Industrial Average&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DIA#NYSE">DIA</a>) fell 0.7% to $438.80.</li>



<li>The tech-heavy&nbsp;Invesco QQQ Trust Series&nbsp;(NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QQQ#NASDAQ">QQQ</a>)&nbsp;flattened at $568.28.</li>



<li>The&nbsp;iShares Russell 2000 ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IWM#NYSE">IWM</a>) dropped 0.6% to $219.34.</li>



<li>The&nbsp;Utilities&nbsp;Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLU#NYSE">XLU</a>) outperformed, up 1.1%; the&nbsp;Health Care&nbsp;Select Sector SPDR Fund&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLV#NYSE">XLV</a>) lagged, down 1.3%.</li>
</ul>



<h2 class="wp-block-heading">Thursday&#8217;s Stock Movers</h2>



Stocks moving on earnings result included: 



<ul class="wp-block-list">
<li>Eli Lilly and Company down 13.7%</li>



<li>ConocoPhillips (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/COP#NYSE">COP</a>) up 1.5%</li>



<li>Parker-Hannifin Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PH#NYSE">PH</a>) up 3.5%</li>



<li>McKesson Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MCK#NYSE">MCK</a>) down 6.5%</li>



<li>Canadian Natural Resources Limited (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CNQ#NYSE">CNQ</a>) down 2.2%</li>



<li>Sempra (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SRE#NYSE">SRE</a>) up 2.3%</li>



<li>Airbnb Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ABNB#NASDAQ">ABNB</a>) down 8.6%,</li>



<li>Becton, Dickinson and Company (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BDX#NYSE">BDX</a>) up 8.0%</li>



<li>MetLife, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MET#NYSE">MET</a>) down 2.9%</li>



<li>Datadog, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/DDOG#NASDAQ">DDOG</a>) down 2.7%</li>



<li>American International Group, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/AIG#NYSE">AIG</a>) down 3.2%</li>



<li>DraftKings Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/DKNG#NASDAQ">DKNG</a>) down 1.9%</li>



<li>Occidental Petroleum Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/OXY#NYSE">OXY</a>) up 4.2%</li>



<li>Targa Resources Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TRGP#NYSE">TRGP</a>) up 3.4%</li>



<li>Zillow Group, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/Z#NASDAQ">Z</a>) down 1.1%</li>



<li>Ralph Lauren Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/RL#NYSE">RL</a>) down 6.9%</li>



<li>CF Industries Holdings, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CF#NYSE">CF</a>) down 5.5%</li>



<li>Hyatt Hotels Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/H#NYSE">H</a>) up 2.8%</li>
</ul>



Stocks scheduled to report earnings after the market close include Akamai Technologies Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AKAM#NASDAQ">AKAM</a>), Maplebear Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CART#NASDAQ">CART</a>), Consolidated Edison Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ED#NYSE">ED</a>), Expedia Group Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/EXPE#NASDAQ">EXPE</a>), Flutter Entertainment Plc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/FLUT#NYSE">FLUT</a>), Gilead Sciences Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GILD#NASDAQ">GILD</a>), The Goodyear Tire &amp; Rubber Company (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GT#NASDAQ">GT</a>), Live Nation Entertainment Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/LYV#NYSE">LYV</a>), Microchip Technology Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MCHP#NASDAQ">MCHP</a>), Motorola Solutions Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MSI#NYSE">MSI</a>), Manitowoc Company Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MTW#NYSE">MTW</a>), Petrobras &#8211; Petróleo Brasileiro S.A. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PBR#NYSE">PBR</a>), Take-Two Interactive Software Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TTWO#NASDAQ">TTWO</a>) and Wynn Resorts Ltd. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/WYNN#NASDAQ">WYNN</a>).



Now Read:



<ul class="wp-block-list">
<li><a href="https://www.benzinga.com/markets/economic-data/25/08/46961905/jobless-claims-august-fed-interest-rates-labor-market-inflation">Unemployment Claims Rise–And That&#8217;s A Problem For The Fed </a></li>
</ul>



Image: Shutterstock

Apple Jumps, Eli Lilly Crashes On Worst Day In 25 Years: What's Moving Markets Thursday?

Transak announced Thursday the listing of (CRYPTO: USDe), the synthetic dollar issued by Ethena Labs, on its global fiat on-ramp infrastructure.



The move makes USDe, now the third-largest tokenized dollar by market capitalization, directly accessible via local payment methods to users outside the U.S.



With nearly $10 billion in circulation, USDe has risen to the top of the stablecoin ranks, driven by its unique, crypto-native structure.



Unlike traditional stablecoins that rely on fiat reserves or bank-held assets, USDe is maintained through a delta-neutral financial strategy that eliminates dependency on centralized financial infrastructure. 



Transak's integration opens up direct access to USDe using credit cards, Apple Pay, Google Pay, and regional banking systems.



"This integration supports our broader mission to bring USDe to users globally — especially in emerging markets — with reliable infrastructure," said Guy Young, founder of Ethena Labs.



By supporting USDe, Transak continues to position itself as a key player in bridging fiat and decentralized finance.



Transak's infrastructure is already embedded across 450+ wallets, games, and dApps, providing global users seamless entry into crypto through both fiat and local rails.



Also Read: <a href="https://www.benzinga.com/crypto/cryptocurrency/25/08/46964483/proshares-introduces-leveraged-etf-targeting-circles-2x-daily-stock-returns">ProShares Introduces Leveraged ETF Targeting Circle&#8217;s 2x Daily Stock Returns</a>



USDe differs from traditional stablecoins like (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/">USDC</a>) and (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/">USDT</a>) by relying on a delta-neutral model. It holds long positions in ETH while shorting perpetual futures contracts to offset volatility.



The mechanism enables it to maintain a stable $1 peg while generating yield through funding rates, basis spreads, and staking rewards. 



When staked, users receive sUSDe, which currently yields around 10% APY.



Transak CEO Sami Start described USDe as a key innovation in the stablecoin space, especially as demand for non-custodial, censorship-resistant financial tools grows.



"USDe offers purchasing power preservation, decentralization, and access — a combination many users are actively seeking,&#8221; he said.



This listing reinforces the rising popularity of synthetic dollars, particularly among users in emerging economies, where access to traditional USD or banking infrastructure may be limited. 



It also underscores a growing trend toward on-chain, yield-bearing stable assets that function outside the constraints of traditional banking.



USDe is now available via Transak's widget and API, making it easily purchasable across integrated partners&#8217; platforms.



Read Next: <a href="https://www.benzinga.com/crypto/cryptocurrency/25/08/46960703/trump-wants-to-put-bitcoin-in-your-401k-will-it-work">Trump Wants To Put Bitcoin In Your 401(k), Will It Work?</a>



Photo: Shutterstock

Transak Adds Support for USDe, Synthetic Dollar Now Available Via Fiat On-Ramp

Coral Protocol's multi-agent AI system has achieved a 34% performance lead over Microsoft (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MSFT#NASDAQ">MSFT</a>)-backed Magnetic-UI on the GAIA Benchmark, a widely used test to measure AI&#8217;s ability to solve complex, real-world problems. 



The result signals a noteworthy departure from the prevailing industry trend of scaling through ever-larger models.



The London-based open protocol secured the highest verified score for mini-model agents, providing practical validation of NVIDIA's thesis that small, orchestrated models can match or exceed the performance of their larger counterparts. 



Coral's horizontal scaling approach layers specialized agents instead of expanding single large models, increasing overall effectiveness in reasoning, planning, and problem-solving.



&#8220;This breakthrough marks a turning point in AI infrastructure,&#8221; said Caelum Forder, CTO of Coral Protocol. "It's proof that horizontal scaling isn't just possible – it's practical."



The GAIA Benchmark comprises 450 high-difficulty questions designed to test AI systems across various areas, including research, image analysis, and planning.



Also Read: <a href="https://www.benzinga.com/crypto/cryptocurrency/25/08/46964483/proshares-introduces-leveraged-etf-targeting-circles-2x-daily-stock-returns">ProShares Introduces Leveraged ETF Targeting Circle&#8217;s 2x Daily Stock Returns</a>



Coral's agent system, inspired by CAMEL's OWL, uses a graph-based architecture to deploy specialized mini-agents that coordinate via its MCP communication protocol.



Each agent handles tasks such as critique, search, video processing, and problem-solving.



While the AI industry continues to focus on scaling model size, Coral's benchmark-topping result adds weight to emerging views that performance gains can also come from better orchestration of smaller systems. 



The GAIA results suggest these models can deliver faster performance, stronger interconnectivity, and reduced computational overhead.



Forder added, "We have proven that such models can scale beyond their previously known limits and outcompete the incumbents."



Coral Protocol aims to become the infrastructure layer for The Internet of Agents, promoting safe agent collaboration and verifiable interactions in decentralized AI ecosystems.



Read Next: <a href="https://www.benzinga.com/crypto/cryptocurrency/25/08/46918914/us-tariffs-on-asian-mining-rigs-slow-bitcoin-growth-as-firms-eye-canada-domestic-production">US Tariffs On Asian Mining Rigs Slow Bitcoin Growth As Firms Eye Canada, Domestic Production</a>



Photo: Shutterstock

Coral Protocol Beats Microsoft-Backed Rival By 34% On Key AI Benchmark

With U.S. equities nearing fresh highs and expectations for a rate cut gathering pace, investors are reevaluating how Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) fits into the <a href="https://www.benzinga.com/crypto/cryptocurrency/25/08/46960703/trump-wants-to-put-bitcoin-in-your-401k-will-it-work" target="_blank" rel="noopener">broader macroeconomic</a><a href="https://www.benzinga.com/crypto/cryptocurrency/25/08/46960703/trump-wants-to-put-bitcoin-in-your-401k-will-it-work"> landscape. </a>



Historically considered a "risk-on" asset alongside tech stocks, Bitcoin has lately moved in tandem with traditional markets. 



However, several experts believe a structural shift may be approaching, where Bitcoin's behavior begins to reflect more of a long-term hedge than a speculative tech investment.



This potential turning point hinges on how investors interpret monetary easing, regulatory signals, and broader adoption trends. 



Analysts remain divided: will Bitcoin decouple from traditional markets or continue to shadow equities through another risk-on cycle?



Speaking with Benzinga, Benjamin Grolimund, General Manager UAE at Flipster, notes that the short-term link between Bitcoin and equities remains intact.



"In the short term, Bitcoin and equities often move in tandem, classic risk-on behavior ahead of expected Fed cuts," he said. 



Grolimund also suggested that Bitcoin's longer-term behavior may shift. "Historically, post-rate-cut cycles like 2019 and 2020 have seen Bitcoin's beta to equities fall sharply. The narrative shifts from tech-adjacent assets to digital gold, and that changes the correlation profile entirely."



This nuanced shift is echoed by Jonathan Covey, core contributor at ZetaChain, who points out that while stock market highs are fueling crypto inflows, it's more of a parallel play than a rotation. 



"Stocks at record highs are definitely pushing risk-on money into Bitcoin," he said. "Then liquidity discovers and trickles down into the DeFi ecosystem… It's a diversification play on the next wave of tech and AI innovation."



Michael Kong, CEO of Sonic Labs, agrees that for now, correlation remains. 



Also Read: <a href="https://www.benzinga.com/crypto/cryptocurrency/25/08/46913842/how-ethereum-treasury-companies-beat-out-etfs-standard-chartered">How Ethereum Treasury Companies Beat Out ETFs: Standard Chartered</a>



"Bitcoin over the next year should continue its current correlation. Bitcoin is still seen as a ‘speculative' or ‘innovation asset'," Kong noted, while pointing out that this may evolve over more extended time frames.



Yet not all experts are convinced of an immediate divergence. 



Spencer Yang, managing partner at BlockSpaceForce, argues the correlation is holding due to overlapping investor bases. 



"A lot of Digital Asset Treasury Companies essentially target the same investor group that focuses on the Magnificent Seven,&#8221; Yang noted. &#8220;If these investors are bullish on allocating more towards an emerging asset class of innovation, then it's more money coming into the crypto ecosystem."



Shane Molidor, founder of Forgd, suggests that we're in a transitional moment. 



"Bitcoin is clearly traded as a risk asset at times, but it's slowly exiting that category," he said. "What differentiates this cycle is that bitcoin is being adopted in spite of the traditional system, not alongside it."



Meanwhile, compliance and operational burdens continue to weigh on the ecosystem. 



Grolimund noted that rising regulatory costs are disproportionately hurting smaller players. 



"When the regulatory bar is the same for a startup and a global exchange, the cost-to-comply becomes a structural moat," he said.



Covey offered a more grounded take: "Regulatory uncertainty and overhead is a challenge, but not necessarily driving layoffs and failures. It's more so a result of teams that raised big in 2024 and spent on hype with no real product-market fit. Lean projects with real utility that keep shipping win in the long run."



Despite the challenges, optimism about Bitcoin's resilience remains. 



Molidor sees Bitcoin's emerging use case as more than just an inflation hedge. "Bitcoin is being positioned as the anti-fiat trade — not just an inflation hedge, but a hedge against the system itself."



Whether Bitcoin finally diverges from equities or not, one theme is clear: the digital asset is no longer just a tech-driven trade, but an increasing part of a broader conversation around financial system transformation, macro liquidity, and institutional portfolio strategy.



Read Next: <a href="https://www.benzinga.com/crypto/cryptocurrency/25/08/46918914/us-tariffs-on-asian-mining-rigs-slow-bitcoin-growth-as-firms-eye-canada-domestic-production">US Tariffs On Asian Mining Rigs Slow Bitcoin Growth As Firms Eye Canada, Domestic Production</a>



Photo: Shutterstock

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