Last week, the cryptocurrency market experienced numerous events, including security attacks on certain assets and new price records.
Monero Attack
The cryptocurrency Monero faced a security threat as the Qubic mining pool executed a 51% attack, briefly gaining control over more than half of the network's hashrate. This led to a six-block chain reorganization and raised concerns about potential double-spending and transaction censorship.
The attack was confirmed by SlowMist and Ledger CTO Charles Guillemet. As a result, the price of XMR plummeted nearly 10% to a three-month low of $247, prompting Kraken to suspend deposits as a precaution. Qubic's founder, Sergey Ivancheglo, claimed the move was to strengthen Monero's defenses against future threats.
Bitcoin Hits New High
Bitcoin surged to a new all-time high of $124,457 on August 14, 2025, driven by growing expectations of Federal Reserve rate cuts and pro-crypto policy under President Donald Trump. The cryptocurrency's 32% gain this year has been fueled by strong institutional inflows, with spot Bitcoin ETFs recording $547.82 million during the last week.
One major driver behind Bitcoin's rise was Trump's recent executive order enabling crypto in 401(k) retirement plans.
Altcoin Dynamics
Last week, the altcoin market showed mixed performance with notable gains in specific tokens, although Bitcoin's dominance remained strong. According to CoinMarketCap, the Altcoin Season Index was at 41, indicating a Bitcoin-dominated market rather than a full altcoin season, as it remained below the 75 threshold needed for an official altcoin season.
Throughout the week, several altcoins significantly outperformed Bitcoin, with Skale Network (SKL) leading with a 118.83% surge, followed by OKB at 111.85%, and others like Raydium (RAY) at 30.05% and Aerodrome (AERO) at 60.28%.
The past week was marked by important events in the cryptocurrency scene, from attacks on network security to establishing new price records, highlighting the dynamic and unpredictable nature of the market.
