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Bitcoin (BTC) dropped to weekly lows at the Aug. 17 Wall Street open as upcoming Federal Reserve comments unsettled risk assets.

Dollar climbs as Fed minutes due

Data from Cointelegraph Markets Pro and TradingView tracked a more than 2% daily decline in BTC/USD, which hit $23,325 on Bitstamp.

Already showing signs of weakness, the pair slid further as United States equities began trading, hours before the Federal Open Markets Committee (FOMC) was due to release minutes from its latest meeting.

While not involving a decision on interest rates, the meeting was cued to give an insight into the Fed’s thinking in terms of the next rate tweak due in September.

“The important event tonight with the FOMC minutes, through which information can be received whether the FED is going to be hawkish or dovish,” Cointelegraph contributor Michaël van de Poppe summarized in his latest Twitter update.

Manchester United Fan Token (MUFC) is a dead coin and not related to the sports franchise, but one Elon Musk tweet was enough to revive it on Aug. 17.

Fake Man U token pumps after Elon Musk's tweet

To clarify, MUFC is not an official Manchester United crypto token. It came to life in August 2021 after a team of programmers, who said to be hardcore fans of the Manchester United, falsely claimed that holding MUFC would give them influence on the football club's decisions.

The team later conducted an "airdrop" round of 10,000,000,000 MUFC in November 2021, promising to provide 10,000 MUFC to users who follow its official social media handles. The prospects of getting free MUFC tokens helped its price rally to as high as $1.

But the project turned out to be vaporware, eventually leading MUFC down by 100% after November. It was deemed extinct until a tweet from billionaire entrepreneur Elon Musk on Aug. 17 revived it from oblivion.

The Tesla CEO tweeted that he would buy the Manchester United football club, which he later admitted was a "long-running joke."

Manchester United Fan Token (MUFC) is a dead coin and not related to the sports franchise, but one Elon Musk tweet was enough to revive it on Aug. 17.

Fake Man U token pumps after Elon Musk's tweet

To clarify, MUFC is not an official Manchester United crypto token. It came to life in August 2021 after a team of programmers, who are said to be hardcore Manchester United fans, falsely claimed that holding MUFC would give buye influence on the football club's decisions.

The team later conducted an "airdrop" round of 10,000,000,000 MUFC in November 2021, promising to provide 10,000 MUFC to users who followed its official social media handles. The prospects of getting free MUFC tokens helped its price rally to as high as $1.

But the project turned out to be vaporware, eventually leading MUFC down by 100% after November. It was deemed extinct until a tweet from billionaire entrepreneur Elon Musk on Aug. 17 revived it from oblivion.

The Tesla CEO tweeted that he would buy the Manchester United football club, which he later admitted was a "long-running joke."

High-profile security incidents continue to be a theme in 2022 as the Acala Network joined a long list of stricken platforms to fall prey to exploits.

Acala’s aUSD token, which acts as the native stablecoin for the Polkadot and Kusama blockchains, saw its value plummet 99% after a misconfiguration of the iBTC/aUSD liquidity pool was exploited after its launch on Aug. 14. Initial estimates from Acala noted that 1.2 billion aUSD were minted without the necessary collateral - seeing the token’s value depeg from its 1:1 USD ratio to a bottom of $.01.

Acala put its network in maintenance mode to freeze funds and eventually managed to recoup a significant portion of the uncollateralized tokens. The Acala community proposed and voted on a referendum to identify and destroy the erroneously minted tokens to return its USD peg to parity at $1.

1,288,561,129 aUSD minted on 16 specific accounts were returned to the network’s honzon protocol to be burnt. Another 4,299,119 erroneously minted aUSD remaining in the iBTC/aUSD reward pool were also destroyed.

While the cryptocurrency community considers whether the Acala Network took the right decision to essentially freeze its network, the stablecoin was able to be re-pegged in a short turnaround with the community playing its role in the chosen path to undo the exploit.

EOS rose approximately 20% to reach $1.66 on Aug. 17 and was on track to log its best daily performance since May 2021.

Initially, the EOS rally came in the wake of its positive correlation with top-ranking cryptocurrencies like Bitcoin (BTC) and Ethereum (ETH), which gained over 2% and 3.75%, respectively. But the upside move was also driven by a flurry of uplifting updates emerging from the EOS ecosystem.

EOS incentive program launch

On Aug. 14, the EOS Network Foundation (ENF), a not-for-profit organization that oversees the growth and development of the EOS blockchain, opened registrations for its upcoming "Yield+" incentive program.

The Yield+ is a liquidity incentive and reward program to attract DeFi applications that generate returns for their users. In doing so, the service attempts to compete with its top blockchain rivals in the DeFi space, namely Ethereum, Cardano (ADA), and Solana (SOL).

Since the beginning of Yield+ registration, the total value locked (TVL) inside the EOS pools has increased from 94.71 EOS to 102.18 EOS, showing a temporary spike in demand for the tokens. The TVL will likely increase in the days leading up to the reward activation on Aug. 28.

EOS rose approximately 20% to reach $1.66 on Aug. 17 and was on track to log its best daily performance since May 2021.

Initially, the EOS rally came in the wake of its positive correlation with top-ranking cryptocurrencies like Bitcoin (BTC) and Ether (ETH), which gained over 2% and 3.75%, respectively. But, the upside move was also driven by a flurry of uplifting updates emerging from the EOS ecosystem.

EOS incentive program launch

On Aug. 14, the EOS Network Foundation (ENF), a nonprofit organization that oversees the growth and development of the EOS blockchain, opened registrations for its upcoming Yield+ incentive program.

The Yield+ is a liquidity incentive and reward program to attract decentralized finance (DeFi) applications that generate returns for their users. In doing so, the service attempts to compete with its top blockchain rivals in the DeFi space, namely Ether, Cardano (ADA), and Solana (SOL).

Since the beginning of Yield+ registration, the total value locked (TVL) inside the EOS pools has increased from 94.71 EOS to 102.18 EOS, showing a temporary spike in demand for the tokens. The TVL will likely increase in the days leading up to the reward activation on Aug. 28.