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As of August 13, 2025, the cryptocurrency market is experiencing significant developments across various fronts, including corporate milestones, legal proceedings, and market performance.

Bullish's Successful IPO

Bullish, the cryptocurrency exchange operator and owner of CoinDesk, has successfully priced its U.S. initial public offering (IPO) at $37 per share, surpassing the anticipated range of $32 to $33. This move has raised $1.11 billion from the sale of 30 million shares, valuing the company at approximately $5.41 billion. The IPO reflects strong investor confidence and marks a significant step amid a resurgence in U.S. IPO activity, driven by favorable investor sentiment and crypto-friendly policies under President Donald Trump's administration. Bullish, led by former NYSE president Tom Farley, provides spot, futures, and derivatives trading, and joins other crypto firms like Circle Internet and Figma in making strong public market entries this year. High-profile institutional investors, including BlackRock and Ark Investment Management, have committed to purchase up to $200 million in shares. The company is set to trade on the NYSE under the ticker "BLSH," with JPMorgan, Jefferies, and Citigroup serving as lead underwriters.

Do Kwon's Guilty Plea

Do Kwon, the South Korean entrepreneur behind Terraform Labs and the failed cryptocurrencies TerraUSD and Luna, has pleaded guilty in a Manhattan federal court to two counts of fraud related to the $40 billion collapse of Terraform Labs. The charges involved conspiring to commit commodities, securities, and wire fraud, as well as a separate count of wire fraud. Under a plea deal with U.S. prosecutors, Kwon agreed to serve no more than 12 years in prison, though federal guidelines suggested a 25-year sentence. He will forfeit over $19 million in assets and relinquish his stake in Terraform Labs and its cryptocurrencies. Kwon, who was arrested in Montenegro in March 2023 for using a false passport and extradited to the U.S. in December 2023, accepted responsibility for misleading investors. U.S. Attorney Jay Clayton stated that Kwon exploited the hype around cryptocurrency to orchestrate one of the largest financial frauds in history. Sentencing is set for December 11.

Market Performance

The cryptocurrency market is witnessing notable price movements:

• Bitcoin (BTC): Trading at $120,077, reflecting a 1.36% increase over the past 24 hours.
• Ethereum (ETH): Trading at $4,688.54, marking a 9.31% gain in the same period.
• Binance Coin (BNB): Trading at $854.38, up 6.57%.
• Ripple (XRP): Trading at $3.28, with a 4.79% increase.
• Cardano (ADA): Trading at $0.874791, up 13.03%.
• Dogecoin (DOGE): Trading at $0.249202, marking a 12.13% gain.
• Solana (SOL): Trading at $200.77, up 15.02%.
• Polkadot (DOT): Trading at $4.25, with a 9.82% increase.
• Uniswap (UNI): Trading at $12.11, up 10.29%.
• Litecoin (LTC): Trading at $132.04, marking a 10.74% gain.

These movements are influenced by various factors, including favorable U.S. inflation data and expectations of Federal Reserve interest rate cuts. The U.S. consumer price inflation rose 2.7% year-on-year in July, slightly under expectations, reinforcing central banks' dovish outlooks. President Trump paused tariffs on Chinese imports for 90 days and nominated Stephen Miran to a Federal Reserve board seat, raising concerns about political influence on monetary policy. The dollar weakened amid speculation over continued data transparency, notably regarding the Bureau of Labor Statistics' future reporting.

Strategic Bitcoin Reserve

In March 2025, President Donald Trump signed an executive order establishing a Strategic Bitcoin Reserve to maintain government-owned Bitcoin as a national reserve asset. The reserve is capitalized with Bitcoin already owned by the federal government, estimated to be about 200,000 BTC as of March 2025. This move aims to elevate the digital asset sector and position the U.S. as the "crypto capital of the world." The reserve has provoked mixed reactions, with some economists criticizing the idea, while governments of several states are initiating similar projects.

Regulatory Developments in Hong Kong

In December 2024, Hong Kong gazetted its Stablecoins Bill, which was passed in May 2025. The first stablecoin issuance licenses are expected in early 2026. The Hong Kong Monetary Authority, the regulatory body of stablecoins in Hong Kong, has warned the public to "rein in the euphoria." Guidelines require stablecoin issuers to have strict rules on anti-money laundering, risk management, and corporate governance.

These developments underscore the dynamic and rapidly evolving nature of the cryptocurrency market, influenced by corporate actions, legal proceedings, market performance, and regulatory changes.