Yeliz Akmaca 
The crypto market experienced heavy turbulence this week as the Fed, Ripple lawsuit, and new developments shaped investor sentiment.
The week started with a bearish trend, but Fed Chair Jerome Powell’s Jackson Hole speech reversed the momentum. Powell hinted at a possible rate cut in September, noting the labor market is weakening more than expected. This statement boosted the global crypto market cap by 4% within hours, with Bitcoin, Ethereum, and altcoins showing strong volatility.
Ripple Lawsuit Officially Concludes
The long-running Ripple vs SEC lawsuit officially ended on August 22, as the court approved both parties’ joint dismissal. XRP has now been declared a non-security, fueling optimism across the market. Ripple will pay $125 million in penalties, but the main focus has shifted to its pending XRP ETF application, with the next deadline set for October 18.
Former SEC Commissioner Paul Atkins also made headlines, stating that “most tokens are not securities.” His remarks highlighted a potential regulatory policy shift and were followed by the launch of Project Crypto. This initiative aims to balance investor protection with innovation in the digital asset sector.
ETH Prediction, Bitcoin Reserve and YZY Meme Coin
Ethereum reached a multi-year high on August 23. BitMEX co-founder Arthur Hayes predicted that ETH could rally to $20,000, a forecast backed by strong whale activity and institutional demand. Meanwhile, the Philippine Congress introduced a bill to establish a national Bitcoin reserve. The plan directs the central bank to purchase 2,000 BTC over the next five years and hold them for two decades.
This week also saw rapper Kanye West step into crypto with the launch of the YZY meme coin. The token quickly reached a $3 million market cap but collapsed soon after. Reports revealed that six wallets controlled 90% of the supply, sparking pump-and-dump allegations.
Additionally, Tether appointed Bo Hines, former Executive Director of the White House Crypto Council, as Strategic Advisor for Digital Assets and U.S. Strategy. His role will focus on compliance, regulation, and institutional relations.
What’s Next for the Market?
The market regained momentum over the weekend, with several tokens posting double-digit gains. Analysts expect the short-term rally to continue, as major hurdles like the FOMC minutes and Powell’s speech are now behind. However, uncertainty remains since the U.S. Initial Jobless Claims and Q2 GDP data are due next week, which may drive fresh volatility.
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