Bitcoin News Today: Monero Under 51% Attack, Bitcoin Hits $124,457 All-Time High

Monero (XMR), the privacy-focused cryptocurrency, became the victim of a 51% attack last week when Qubic mining pool briefly controlled more than half of the network’s hashrate. This allowed for a six-block chain reorganization, raising concerns over double-spending and transaction censorship. The incident caused XMR’s price to drop nearly 10%, pushing it to a three-month low of $247. Kraken suspended XMR deposits as a precaution, while Qubic founder Sergey Ivancheglo defended the attack as a necessary step to test the network’s resilience. Experts, including Ledger CTO Charles Guillemet, have highlighted the vulnerability of proof-of-work blockchains with centralized mining power [1].

In contrast, Bitcoin (BTC) reached an all-time high of $124,457 on August 14, 2025, marking a 32% increase for the year. The surge was driven by anticipation of Federal Reserve rate cuts and pro-crypto policy under U.S. President Donald Trump, which includes the recent executive order allowing crypto in 401(k) retirement plans. Institutional adoption also played a role, with spot Bitcoin ETFs seeing $547.82 million in inflows over the past week [1].

The altcoin market displayed mixed performance, with some tokens outperforming Bitcoin. Skale Network (SKL) surged 118.83%, followed by OKX’s OKB at 111.85%, Raydium (RAY) at 30.05%, and Aerodrome (AERO) at 60.28%. Despite these gains, the Altcoin Season Index remained at 41, below the 75 threshold needed for a full altcoin season, indicating continued Bitcoin dominance [1].

Ethereum (ETH) remained in focus, with its price hovering near its all-time high before retreating slightly over the weekend. The token reached a weekly high of $4,782 but dropped to $4,280, down 5.82% in the past 24 hours. High open interest in short positions suggests bearish sentiment, with net short positions on ETH reaching an all-time high [1].

Other notable developments included Do Kwon pleading guilty to fraud charges related to the Terra collapse, and the launch of Central Asia’s first spot Bitcoin ETF in Kazakhstan by Fonte Capital. Additionally, Eden Network, a MEV protocol, announced its shutdown and the distribution of its 2,000 ETH treasury to EDEN token holders [1].

A major development in the fintech space was the revelation that Stripe is building a new layer-1 blockchain called “Tempo” in collaboration with Paradigm. The project aims to create a high-performance, Ethereum-compatible blockchain tailored for payments. Led by Paradigm’s Matt Huang, Tempo is part of Stripe’s broader strategy to expand into the stablecoin and blockchain payments sector, following its recent acquisitions of Bridge and Privy [1].

Looking ahead, the crypto market faces potential volatility as key macroeconomic events unfold. Bitcoin may experience selling pressure due to increased exchange deposits, while Ethereum’s performance will be closely watched amid record short positions and a large unstaking queue. The Jackson Hole symposium on August 23, featuring a speech by Federal Reserve Chair Jerome Powell, is expected to provide clarity on interest rate policy and its impact on risk assets like crypto [1].

Sources: [1] Weekly Wrap: Monero Hits by 51% Attack, Bitcoin Hits New High, Altcoin Movements, and More (https://coinmarketcap.com/community/articles/68a309fd0305013001d8e273/)