The digital asset market started the week with a slight correction. As of 07:35 Moscow time, the flagship cryptocurrency is trading near the $62,838 mark, showing a decline from Saturday's highs. Over the past 24 hours, the asset fluctuated between $62,505 and $64,189. Ethereum also opened the week in the red, holding around $1,754.
Among the top 10 by market cap, TRON shows the best daily performance (+0.22%), while Ethereum leads the weekly gain with a 10.39% increase. The largest 24-hour drop was recorded for Dogecoin (-3.05%). In the top 100, the growth leaders are Zcash (+7.50% daily) and MemeCore (+71.61% weekly). Bonk lost the most ground among others (-8.42%).
Key morning events: Kraken wins $22 million arbitration, Secret Network relocates, Strike updates lending
Kraken's parent company, Payward, has won an arbitration dispute against former auditor Mazars USA for $22 million. The lawsuit was triggered by the sudden termination of the audit amid the "Operation Choke Point 2.0" in 2022, which caused reputational damage to the exchange. Mazars confirmed there were no claims against Kraken's management, citing uncertainty due to the SEC lawsuit. After Gary Gensler stepped down as SEC chairman, this lawsuit, like many others, was dismissed. Payward is now seeking a final court ruling on the awarded amount.
Privacy-focused Layer 1 blockchain Secret Network plans to migrate from the Cosmos ecosystem to Arbitrum, an Ethereum Layer 2 solution. Developers cite growing security risks associated with outdated code, which is becoming increasingly vulnerable to analysis by advanced AI models. The trigger was a bridge hack in June, resulting in the theft of $4.7 million. The team also notes an outflow of liquidity and developers from Cosmos. A snapshot of SCRT balances is scheduled for September 1, based on which a new ERC-20 standard token will be issued on Arbitrum. The market reacted negatively: the SCRT token crashed by 24% in a day.
Financial services platform Strike has launched a "volatility-protected" bitcoin-backed loan. CEO Jack Mallers stated that even with a sharp drop in BTC, the client's collateral remains untouched, as the product excludes margin calls and forced liquidations. Offer terms: an interest rate of up to 14.2% per annum, a six-month term, and a maximum loan-to-collateral ratio of 45%. For example, with BTC collateral worth $100,000, you can get up to $45,000. The product is a response to criticism of Strike's first lending service, which triggered a wave of liquidations in May 2025. If a payment is overdue, the client has 10 days to deposit funds; otherwise, Strike may begin selling off the collateral.
Cryptalist analytical commentary: The migration of Secret Network is a symptom of a deeper problem: the Cosmos ecosystem is losing its position as a hub for innovation. The departure of key projects towards more liquid and technologically advanced networks like Arbitrum is a signal that cannot be ignored. As for the Strike product, its "volatility protection" is more of a marketing gimmick than a technical innovation. The complete absence of forced liquidations during a BTC price drop poses a huge risk for the lender, which is likely compensated by the high interest rate and stricter conditions in case of default. Investors should carefully examine all the details before using such an offer.