August 25

Current Bitcoin Price: $21,540

Bitcoin price is in the mid $21,000s to begin yet another day, as volatility remains low for the entire week so far.

Top-20 altcoins have also remained somewhat stagnant, as Ethereum rises 1%, BNB gains less than 1% and Shiba Inu is the biggest gainer with a 3% advance.

President Joe Biden has unveiled his federal student loan forgiveness plan, promising up to $10,000 (and in some cases, $20,000) in forgiveness for borrowers making less than $125,000 per year.

The estimated total cost of the program is reported to be around $500 billion, according to the Committee for a Responsible Federal Budget (CFRB). The magnitude of the move has been criticized for its potential to exacerbate already-rampant inflation.

Crypto exchange Coinbase has announced liquid staking for Ethereum, which will issue claim tokens on Ether staked via its platform.

These tokens, named cbETH, will be transferrable and can be used throughout the crypto ecosystem. The token is similar to staking service Lido's stETH, which also enables more "movement" of staked Ether.

Bitcoin Depot, the world's largest Bitcoin ATM operator, plans to go public on Nasdaq via a special purpose acquisition company (SPAC) merger with GSR II Meteora. The deal is estimated to be worth around $885 million.

SPAC mergers have accounted for more than half of all initial public offerings (IPOs) in 2020-2021, with the SEC intending to increase scrutiny in the area. The deal is not expected to close until Q1 2023.