GBPJPY

Ethereum, that darling of decentralization, decided to outdo itself once again, shattering records like a clumsy toddler knocking over grandma’s china cabinet. It soared past $4,880, leaving Bitcoin trailing in its wake like an older sibling trying not to look jealous while inching up 4.2% to $117,220. Meanwhile, poor XRP limped along at $3.05, caught between hope and despair, much like a moth circling a flickering streetlamp. 🔥

Should this madness take root, the Philippines would join the select few nations hoarding digital phantoms alongside gold and foreign reserves-a decision, no doubt, that future generations will either hail as genius or lament as tragic delusion.

They reckon lots of people are suddenly terribly keen on XRP, whatever that is. A bit like everyone suddenly wanting pickled onions for breakfast, wouldn’t you say? 🤔

The ambitious reform package consists of a duet of noteworthy parts. Firstly, there is an auspicious change in the taxation ensemble, akin to dressing cryptocurrencies in the finery of equities. Secondly, a splendid legal amendment that redefines crypto not merely as digital trinkets but as bona fide financial instruments, permitting the FSA to exert their understated influence through insider-trading rules and a tapestry of investor protections.

The U.S. Securities and Exchange Commission (SEC) posted on X (yeah, that’s Twitter now, keep up) on Aug. 22 that their Crypto Task Force is on a “nationwide series of events” called “Crypto Task Force: On the Road.” 🗺️🚗 Sounds like a bad reality show. They said:

Just last week, Bitcoin [BTC] attempted a daring escape but was met with the cold embrace of low liquidity, plunging a solid 10% since its latest foolhardy attempt at glory on August 14th. Think of it as a liquidity drought – the market’s way of saying “fear not, the bear is just taking a nap, probably with a tub of popcorn.”

This downturn, my dear readers, is a lamentable loss of momentum, as if the very winds of fortune have turned against you. According to the esteemed CryptoQuant’s QuickTake platform, the decline is tied to Binance’s antics, that grand stage of crypto drama. 📉

The ripple effect (pun intended) was immediate and palpable. XRP holders and the broader crypto community erupted in celebration, as if a long-lost friend had finally returned home. The air was thick with relief and anticipation, a sentiment best captured by John E Deaton:

Over on Solana, the DEX crowd’s been busier than a squirrel with a nut stash. Meteora, that upstart exchange, didn’t just ride the YZY wave-it surfed it into the record books. August 21st? That day, Meteora’s trading volume hit $1.182 billion, enough to make Raydium, the old guard, blush like a schoolgirl. 🏆

According to the wise folks at XWIN Research Japan, Bitcoin’s on-chain data is giving off some serious “something’s wrong here” vibes. Meanwhile, Ethereum is out here like an athlete in peak form, running ahead of the pack. Even as the broader crypto market loses steam, ETH is standing strong. It’s the underdog who just might win the race.