Monero (XMR) faced downward pressure last week following a 51% attack on its blockchain. The Qubic mining pool temporarily had a majority of the hashrate on the Monero network and was able to engage in a six-block reorganization. It brought doubts about whether there was a risk of double-spending and centralization.
Due to the attack, the price of Monero fell almost 10% to a three-month low of $247. As a reaction, Kraken suspensions followed suit. The firm stopped the entry of all XMR to safeguard user assets. The founder of Qubic, Sergey Ivancheglo, stated that the action was done to evaluate the reliability of the network. Furthermore, according to industry experts, when mining power becomes centralized, the proof-of-work systems remain susceptible.
On August 14, 2025, Bitcoin (BTC) reached a new all-time high of $124,457. The rise indicated a 32% growth over the year, with an increased anticipation of a Fed rate cut. The so-called pro-crypto policies under the Trump administration, including a recent executive order permitting Bitcoin investments in 401(k) retirement plans, are also a factor in the Bitcoin rise.
The interest among institutions also stimulated Bitcoin's growth, and over the past week, spot Bitcoin ETFs attracted an inflow of $547.82 million. These were key developments that created demand for the digital asset. Participants in the market are watching out for the possibility of selling pressure as a result of higher activity in exchange deposits.
The altcoin market exhibited mixed performance, with the Skale Network (SKL) increasing by 118.83% and the OKB (OKX) increasing by 111.85%. Raydium (RAY) and Aerodrome (AERO) added 30.05% and 60.28% respectively. These gains, however, coincided with a low valuation of the Altcoin Season Index (of 41) that did not indicate a complete altcoin market cycle of 75 or more valuation. Bitcoin continued to be at the top in terms of cumulative market value.
Ethereum (ETH) was at an all-time high, reaching a weekly high of $4,782, but it then dropped to $4,280. Traders' bearish sentiment was also present during the token's downward movement, which was also accompanied by a record growth in short positions. The volatility in the near term is also an issue due to Ethereum's large unstaking queue.
Also Read: Why Monero And AVAX Holders Are Rushing To Buy Into The Next Big Crypto