Weekly Crypto News September 2-6, 2024: US Non-Farm Worker Wages Jump in August and Other Updates!
2024-09-08
Bittime - This week features a variety of attention-grabbing economic and industry events. Starting from the US employment report to the latest developments in the world of digital assets and crypto.
Various economic indicators continue to provide a picture of the global situation affecting markets, especially in the US, which will be very important ahead of the presidential election next November.
Additionally, there is a lot of interesting news from the technology industry, including video games and crypto tokens.
Weekly Crypto News will discuss a series of events that occur in the world of crypto and economics. Keep reading this article to find out more.
Salary Non-Farm Employment in US Rises Slightly in August, Unemployment Rate Declines
Despite the declining unemployment rate, hiring in the US remained moderate in August. This has the potential to spark debate over how big the Federal Reserve should cut interest rates.
Data released on Friday by the Bureau of Labor Statistics showed that non-farm employment in the US increased by 142,000 in August, after two months of downward revisions.
June and July saw downward revisions of a cumulative total of 86,000 jobs. The unemployment rate fell to 4.2 percent in August.
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After this data was released, US bond yields fell, while S&P 500 futures continued to weaken, and the US dollar extended its losses. Markets reacted less positively to the report, suggesting that there are further concerns about the resilience of the US economy.
This report shows that the labor market is starting to lose momentum. Although layoffs remain low, many companies are delaying expansion plans due to high borrowing costs and uncertainty ahead of November's presidential election.
Hiring in the health care and social assistance sectors drove job growth, followed by increased hiring in the construction and government sectors.
The diffusion index, which measures the extent of job growth, increased, but the participation rate remained unchanged at 62.7 percent in August. The participation rate for workers aged 25-54 weakened for the first time since March.
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Regarding crypto, the price of Bitcoin soared to IDR 883.5 million ($57,000) after this report was released, before finally falling again to nearly IDR 837 million ($54,000). This shows how sensitive the crypto market is to macroeconomic data.
Other Interesting Updates
Hong Kong Digital Asset ETF Surpasses HK$2 Billion, OSL Partners Holds Over 60% Market Share.
Roblox Launches Game Model That Supports Payment with Robux Tokens and Dollars.
Pudgy Penguins Launches Soul Bound Token Club for 1000 Day Holders
Tether Issues USDT Worth $80 Million and Redeems $15 Million.Invesco Spot Bitcoin ETF Transferred 4,060 BTC to Multiple Anonymous Addresses
Aligned Layer Project Will Launch First Product, Fast Mode, After Audit.IoTeX Project, Network3, Starts Mining with Estimated Payback Time of 120 Days.
Spot Bitcoin ETF Sees $170 Million in Net Outflows for 8th Consecutive Day.
Ether ETFs Have Total AUM of $6.094 Billion with a Net Asset Ratio of 2.33%.
Bitmain Investment's BTC L2 Project, BEVM, Drives Progress in On-Chain Arithmetic Finance (HashFi).
Su Zhu, co-founder of Three Arrows Capital, confirmed that he had taken a long position on Ethereum (ETH) at IDR 34.7 million ($2,240). Meanwhile, Kyle Davies, his partner, previously went into liquidation.
Total gray positions in the crypto market fell below IDR 310 trillion ($20 billion), reflecting a decline in sentiment among institutional investors.
Meme coin WUKONG on the Ethereum network soared more than 9500% in just 4 hours after Elon Musk's tweet. Currently, the price of the token is trading at IDR 38.39 ($0.0024771), indicating major volatility in the meme coin ecosystem.
Su Ye, founder of Arkstream Capital, confirmed his attendance at the 2024 FAT Awards, a prestigious award highlighting innovation and leadership in the blockchain technology sector.
4E Exchange reported that the crypto market plummeted along with the fall of the three major indices in the US. Stablecoin-based financial products are seen as a potential hedging option amidst this market uncertainty.
The total capitalization of the cryptocurrency market fell below IDR 31,000 trillion ($2 trillion), experiencing a decline of 5.5% in the last 24 hours. This decline reflects significant selling pressure across the crypto sector.
Uniswap launched a security reward program for version 4 of their protocol, with a total reward of IDR 36.425 billion ($2.35 million) for those who managed to find security holes in the system.
Addresses linked to Alameda were found to have moved around IDR 120.9 billion ($7.8 million) in USDT and ETH, raising speculation about the activity possibly being related to an internal reorganization or restructuring of assets.
Block Scholes reports that options data shows a more bearish market trend in the short term, but this uncertainty is expected to subside towards the end of September.
WisdomTree, an ETF provider company, has requested withdrawal of EtherTree Trust S-1 registration documents with the US Securities and Exchange Commission (SEC), signaling uncertainty in demand for Ether-based ETFs.
One of Synthetix's core contributors announced that SNAXchain, a blockchain that will support on-chain governance, will initially only be used for that purpose, but more features are expected to arrive in the fourth quarter of this year.
The Blur founder stated that the current on-chain ecosystem is much stronger compared to the bear market of 2019. He also emphasized that leading projects are often born in the midst of a bear market.
VanEck announced it would close their Ether futures ETF due to lack of demand from investors.
Elon Musk released an AI-based facial portrait of the character 'Black Myth: Goku', showing the rise of AI synthesis technology in the entertainment industry.
Coinbase and Robinhood shares saw ratings upgrades from analysts at Barclays, reflecting investors' optimism about both companies' growth potential in the crypto space.
Bitcoin prices fell below IDR 821.5 million ($53,000) in the early hours of the morning before recovering. Meanwhile, the price of Ethereum fell below IDR 34.1 million ($2,200), indicating high volatility in these two major digital assets.
Data shows that James Fickel, a large trader known as “Dead Long”, is again selling ETH for Wrapped Bitcoin (WBTC) in an attempt to repay loans.
The Solana Foundation submitted a proposal to advance open-source data tools, demonstrating their focus on developing an open and transparent ecosystem.
Bank of America estimates that the Federal Reserve will cut interest rates by 25 basis points at each of its next five meetings, a move it hopes will ease pressure on markets.
Carrefour Express in Rouen, France, became the first supermarket in the country to accept payments in Bitcoin, signaling the increasingly widespread adoption of cryptocurrency in everyday life.
Fractal Bitcoin launched a mainnet bootstrap program and airdropped 1 million FB tokens to UniSat and OKEx wallet users, as part of efforts to encourage wider adoption.
The latest data shows that US companies are expected to buy more than IDR 155 trillion ($10 billion) of Bitcoin in the next 18 months, reflecting growing institutional interest in the digital asset.
The Ethernet Social Graph protocol, efp.eth, has been released on test networks, bringing innovation to the way users interact socially on the blockchain.
A US judge postponed a ruling in Donald Trump's hush money case until November 26, likely to draw more attention to the former president's legal proceedings.
The FBI issued a warning about a new Android malware called SpyAgent, which can steal users' private keys. This poses a serious threat to crypto owners who store their assets on mobile devices.
Modular zkEVM Layer2 network, Prom, will launch its version 2 test network on September 9, marking a step forward in more efficient zkEVM blockchain technology.
ZK Nation announced that the ZKsync governance contract is ready to launch on their main site, paving the way for wider adoption of zero-knowledge proof technology.
Fed Governor Goolsbee stated that the general consensus within the Federal Reserve is that there will be some interest rate cuts in the future, easing fears of tighter monetary policy.
Fed Governor Waller was open to deeper interest rate cuts, indicating that the US central bank may take more aggressive steps to stimulate the economy.
The Crypto Fear and Greed Index fell to 22, indicating market conditions are in "extreme fear" currently, an indicator that market participants are still very cautious.
Sun Yuchen announced that SunPump had completed the destruction of IDR 186 billion ($12 million) worth of SUN tokens as part of efforts to reduce token supply.
Donald Trump is scheduled to appear in court to appeal the defamation case involving him.
The Curve founder announced the extension of his veCRV lock-in period until August 31, 2028, strengthening his commitment to the project.
Sonic's test site is now live and will introduce play-to-earn gaming, an innovation that combines gaming and blockchain-based earnings.
Trading volume on centralized crypto exchanges grew about 6.6% year-on-year (YoY) to IDR 18,600 trillion ($1.2 trillion) in August, reflecting increased activity in the market despite global economic uncertainty.
SonicSVM will open sales of IDR 198.4 billion ($12.8 million) worth of HyperFuse nodes, signaling further expansion in blockchain infrastructure.
Data shows that Ether revenue so far this year reached around IDR 23.25 trillion ($1.5 billion), reflecting steady growth in the Ethereum ecosystem.
US quarterly employment data for August showed the addition of 142,000 jobs, slightly below market expectations of 160,000, in a sign of moderation in US economic growth.
US Senator Elizabeth Warren expressed support for the US Justice Department's investigation into NVIDIA (NVDA.O), which is currently under scrutiny for its business practices.
The TON Foundation is offering IDR 372 billion ($24 million) in prizes to encourage DeFi development on the TON network.
Conclusion
This is the Weekly Crypto News 2-6 September 2024 from Bittime. Keep reading the latest articles from Bittime to get the latest updates from other crypto worlds here!
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