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Bitcoin News Roundup for Aug. 6, 2020
With bitcoin prices surging and a quick look at crypto lawsuits, CoinDesk's Markets Daily is back for your latest crypto news roundup!
Updated Sep 14, 2021, 9:40 a.m. Published Aug 6, 2020, 4:00 p.m.
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With bitcoin prices surging and a quick look at crypto lawsuits, CoinDesk's Markets Daily is back for your latest crypto news roundup!
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This episode is sponsored by Crypto.com, Bitstamp and Nexo.io.
Today's Stories:
First Mover: Bitcoin Rises More in One Day Than Stocks Have Gained All Year
Bitcoin prices surged 5% Wednesday, outpacing stocks and gold amid calls for more government stimulus to stem the fallout from the coronavirus pandemic.
Judge Worries Plaintiffs' Lawyers Trying to Line Their Pockets in Block.one ICO Lawsuit
A federal judge in New York criticized some parties to a class-action lawsuit against Block.one for appearing to be involved solely for potential high legal fees.
Investors Suing Over Status ICO Can't Find Execs to Serve Papers
Investors suing crypto firm Status are seeking “alternative means” to serve top executives after they were unable to deliver court papers via traditional means.
Man Accused of Arranging Murder to Avoid Crypto Debt Can't Escape Jail, Brazilian Court Rules
Crypto businessman Danilo Afonso Pechin remains jailed after Brazil's High Court rejected his request for freedom.
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Pudgy Penguins is building a multi-vertical consumer IP platform — combining phygital products, games, NFTs and PENGU to monetize culture at scale.
What to know:
Pudgy Penguins is emerging as one of the strongest NFT-native brands of this cycle, shifting from speculative “digital luxury goods” into a multi-vertical consumer IP platform. Its strategy is to acquire users through mainstream channels first; toys, retail partnerships and viral media, then onboard them into Web3 through games, NFTs and the PENGU token.
The ecosystem now spans phygital products (> $13M retail sales and >1M units sold), games and experiences (Pudgy Party surpassed 500k downloads in two weeks), and a widely distributed token (airdropped to 6M+ wallets). While the market is currently pricing Pudgy at a premium relative to traditional IP peers, sustained success depends on execution across retail expansion, gaming adoption and deeper token utility.
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U.S. listed bitcoin, ether ETFs bleed nearly $1 billion in a day
U.S.-listed spot bitcoin and ether ETFs saw one of their worst combined outflow days of 2026 as falling prices, rising volatility and macro uncertainty pushed investors to cut exposure.
What to know:
- U.S.-listed spot bitcoin and ether ETFs saw nearly $1 billion in outflows in a single session, as crypto prices tumbled and risk appetite faded.
- Bitcoin dropped below $85,000 and briefly neared $81,000, while ether fell more than 7%, prompting heavy redemptions from major ETFs run by BlackRock, Fidelity and Grayscale.
- Analysts say the synchronized ETF selling reflects institutions cutting overall crypto exposure amid rising volatility, hawkish Federal Reserve expectations and forced unwinding of leveraged positions, though some see the move as a leverage shakeout rather than the start of a bear market.
