Crypto Market Update: Bitcoin, Ethereum Crash and Major Headlines

The ever-dynamic digital asset space saw some more turbulence today, leaving investors wondering: What Happened in Crypto Market Today? According to CoinMarketCap, the overall market capitalization has dropped by 1.86% to now stand at $3.96 trillion, with a 24-hour volume of $178.19 billion. Caught in the greed zone over the past few days, the market appeared nervous today, with the Fear and Greed Index reading a doubtful 56.

Source: Fear and Greed Index

Now, at press time, a price crash in Bitcoin has brought the coin to $117,443.76, down 1.32% intraday, while Ethereum price crash has hit harder, plummeting 5.08% to $4,404. Let’s look at the factors of today's drop and other major developments on the sentiment landscape.

Gemini IPO Filing : Winklevoss Twins Aim for Nasdaq

The day’s highlight came from Gemini, founded by Cameron and Tyler Winklevoss. The exchange filed for an IPO with Nasdaq under the ticker GEMI . According to the filing, Gemini recorded $282.5M losses on revenues of just $68.6M in the first half of 2025, compared to a $41.4M loss last year.

The Gemini IPO will be led by Goldman Sachs, Citi, Morgan Stanley, and Cantor. The funds raised are planned for operations and debt repayment. Gemini’s ecosystem spans its GUSD stablecoin , custody services, staking, OTC trading, and a Mastercard-backed credit card. If approved, Gemini will become the third publicly listed exchange after Coinbase and Bullish, further raising curiosity about the future of listed crypto firms.

Grayscale Dogecoin ETF & SharpLink Q2 Earnings Report

Another big story was Grayscale filing to convert its Dogecoin Trust into the Grayscale Dogecoin ETF (GDOG) , to be listed on NYSE Arca if the SEC approves. This comes after spot Bitcoin and Ethereum ETFs won approval earlier this year. DOGE briefly rose 2% to $0.2326 following the filing. Experts believe this could bring more liquidity and institutional attention, boosting Dogecoin’s use beyond memes.

Meanwhile, the SharpLink Q2 Earnings report disappointed markets. The company reported a $103M net loss , compared to a $12M profit last year. Revenue dropped 30% to $1.4M, and heavy write-downs on LSE holdings added pressure. Its stock fell 15% , closing at $19.85. Still, SharpLink holds 728,804 ETH worth $3.23B , with analysts noting Ethereum could recover to $7K–$8K if momentum returns.

Paul Atkins SEC Push & UAE Flights Crypto Adoption

In regulatory news, Paul Atkins SEC launched Project Crypto , aiming to make the U.S. a global hub for digital assets. Backed by President Trump’s executive order to allow crypto in the $9T retirement market, the plan includes frameworks for tokenization, custody, NFTs, and startup sandboxes. Analysts are calling it a shift as historic as the Buttonwood Agreement that shaped U.S. markets centuries ago.

On the global side, airlines in the UAE such as Emirates, Air Arabia, Travala, and Alternative Airlines have started accepting payments in Bitcoin , Ethereum, Tether, and AE Coin. For travelers wondering How book flight with crypto UAE , this new move makes it possible. Travala already reported a 46% jump in bookings paid with tokens. The UAE flights crypto adoption is backed by VARA, though the IMF warns volatility risks still exist without stronger stablecoin usage.

What Next for Digital Assets?

Looking ahead, key U.S. economic events will influence investor mood. The FOMC Meeting Minutes on August 20 , Powell’s speech on August 22 , and the yearly CPI release could bring fresh swings. Traders are watching carefully to see if these events worsen the question of why is crypto down today or spark a rebound.

Conclusion

Today showed how fragile digital assets can be when big headlines meet global uncertainty. From the Gemini IPO Filing to Grayscale Dogecoin ETF news, and from SharpLink losses to UAE flights crypto adoption , updates kept traders guessing. The coming week will decide if this was a small setback or the start of a larger shift.

Disclaimer: This article is for informational purposes only and should not be taken as financial advice. Please consult a professional before making investment decisions.