Volatility hits cryptocurrency markets after US jobs report
The cryptocurrency market experienced a brief recovery after the
US jobs report, with bitcoin (COIN:BTCUSD) reaching a peak of
$56,995 before falling below $54,000. At the time of writing,
bitcoin was trading at $53,973.37.
The nearly 4% drop in BTC impacted other cryptocurrencies as
well. Dogecoin (COIN:DOGEUSD) dropped over 7%,
Ethereum (COIN:ETHUSD) by more than 5%,
Ripple (COIN:XRPUSD) and
Chainlink (COIN:LINKUSD) fell by over 4%.
Cardano (COIN:ADAUSD) dropped more than 3%.
Binance Coin (COIN:BNBUSD),
Solana (COIN:SOLUSD), TON (COIN:TONCOINUSD), and
Bitcoin Cash (COIN:BCHUSD) fell up to 3%.
Polkadot (COIN:DOTUSD) and
Avalanche (COIN:AVAXUSD) dropped over 1%.
The volatility triggered $50 million in liquidations, primarily
affecting leveraged traders. Major US indices also fell, with the
Nasdaq down 2.53% and the S&P 500 losing 1.74%.
The crypto fear & greed index fell to 22, signaling “extreme
fear,” while analysts warned of a bitcoin correction below $50,000,
though BTC still had support at $55,000 and $52,000.
Bitcoin, down over 12% since August and 24% since its March
peak, struggled to gain momentum. September’s history of negative
volatility heightened traders’ concerns. Although the decline
aligns with previous cycles, there’s long-term recovery potential
with bullish patterns emerging. In the short term, analysts like
Arthur Hayes predict more downward pressure.
JPMorgan (NYSE:JPM) highlights the lack of major catalysts,
making prices more sensitive to macroeconomic factors. Despite
this, trading volumes increased in August, with stablecoins showing
growth. Bitcoin and ether ETFs, however, disappointed.
Record bitcoin ETF outflows total $211 million in a day
On September 5, bitcoin ETFs faced significant outflows,
totaling $211.1 million. This marks the seventh consecutive day of
outflows, with no inflows recorded. Fidelity (AMEX:FBTC) was the
hardest hit, losing $149.5 million, followed by Bitwise (AMEX:BITB)
with $30 million, Grayscale (AMEX:GBTC) with $23.2 million, and the
Grayscale mini trust (AMEX:BTC) with $8.4 million. Since August 27,
over $1 billion has exited as bitcoin’s price dropped from $62,000
to $55,500.
Ethereum ETFs faced smaller outflows, totaling $0.2 million,
with the Grayscale ETF (AMEX:ETHE) seeing $7.4 million in outflows.
However, there was a $7.2 million inflow into other ETH ETFs. Total
outflows for ethereum ETFs reached $562.5 million, as ETH prices
declined by 36.44% over the past 6 months.
Ethereum Foundation promises financial report after controversy
The Ethereum Foundation (COIN:ETHUSD) is set to release a new
financial report in response to criticism over its spending. Justin
Drake revealed on the subreddit r/ethereum that the foundation
spends around $100 million per year and holds $650 million in
assets, with a gradually decreasing budget. Recently, the
foundation transferred 35,000 ETH ($94 million) to Kraken, sparking
discontent in the community. Aya Miyaguchi explained that the funds
are used for grants and salaries and promised that future transfers
would be gradual and planned.
VC funding for crypto sees resurgence in August
In August, venture capital funding for crypto projects grew to
$633 million, a 15% increase from July. Most investments were
directed toward blockchain infrastructure development. Luca
Prosperi of M^0 Labs believes that interest in blockchain will
continue, especially after the peak in AI investments. The return
of VC interest in the crypto sector suggests a potential future
recovery and a clear shift in investment priorities.
Cryptocurrency could meet AI economy’s needs
Analysts at Bernstein suggest that cryptocurrency could solve
micropayment challenges in the AI economy. The current financial
system is not efficient for the very small transactions needed by
AI agents, such as data streaming. Cryptocurrency offers a solution
with global digital payments, fast settlement, and low costs, ideal
for machine-to-machine transactions. This would enable AI agents to
have financial autonomy, overcoming the limitations of traditional
payment methods.
Chris Larsen, co-founder of Ripple, backs Kamala Harris for
president
Chris Larsen, co-founder of Ripple (COIN:XRPUSD), has joined a
group of business leaders endorsing Vice President Kamala Harris in
the presidential race. Larsen, known for his support of responsible
blockchain regulation, emphasized trust in Harris’s leadership in
technology and finance. This endorsement reflects a broader
movement of corporate figures who value policies that promote
innovation and fair regulation, especially in contrast to Donald
Trump’s more deregulation-focused agenda.
Telegram updates FAQ after CEO’s arrest
Following the arrest of Pavel Durov by French authorities,
Telegram updated its FAQ on moderation. On September 6, the
platform removed a section stating it would not process requests
related to private chats, now emphasizing the “report” button for
users to flag illegal content. Durov, arrested on August 24,
pledged to improve moderation, citing the app’s rapid growth and
ease of misuse by criminals. Ton’s price (COIN:TONCOINUSD) reached
$4.89 following Durov’s statement before dropping 1.6% to $4.74 at
the time of writing.
Celebrity endorsements in crypto aren’t guarantees of legitimacy
Celebrity endorsements in cryptocurrency projects can generate
significant visibility but do not guarantee their reliability. SEC
researchers, like Joshua White and Sean Wilkoff, observed that many
of these projects, especially ICOs, are fraudulent, with the number
of scams rising from 26% in 2019 to nearly 40% in 2023. Celebrities
like Shaquille O’Neal and Tom Brady supported projects that failed.
Experts warn that transparency, a strong team, and a clear roadmap
are crucial to assessing legitimacy.
Changpeng Zhao permanently banned from managing Binance
Binance confirmed that Changpeng Zhao (CZ) is permanently banned
from managing the exchange, according to an agreement released on
September 6. Despite CZ holding 90% of the company’s shares and
being able to influence major decisions, he cannot assume executive
positions at Binance. Zhao, who recently launched Giggle Academy
and is investing in blockchain, AI, and biotechnology, has no plans
to take on new executive roles. Binance Kazakhstan also obtained
full AFSA licensing to operate as a regulated trading platform.
Riot Platforms increases bitcoin reserves, faces production drop
Riot Platforms (NASDAQ:RIOT) now holds over 10,000 bitcoins, a
37% increase from last year. However, bitcoin production dropped
13% in August to 322 BTC, and the company sold no bitcoin during
the month. Challenges like high energy costs and halving rewards
are putting pressure on the company. Riot is working to optimize
costs and expand operations, including new facilities in
Kentucky.
Bitcoin mining in Russia boosts revenue and attracts investors
Sergey Bezdelov, director of the Russian Industrial Mining
Association, revealed that the country mined 54,000 BTC in 2023,
generating over $556 million in taxes. The legalization of mining,
approved by the Duma, is expected to attract investors and increase
tax revenue. Russia is expanding its crypto operations, especially
after economic sanctions. Analysts at Chainalysis warn that
exchanges like Garantex and Exved could be used to bypass
international sanctions, moving billions in transactions.
Sonic SVM to sell validator nodes to scale Solana blockchain
The Sonic SVM project, which aims to scale the Solana blockchain
for high-performance gaming, plans to sell up to $12.8 million in
validator nodes on HyperGrid, its decentralized framework. The sale
will take place on September 16, offering 50,000 “Hyperfuse nodes”
across 20 price levels. Proceeds will fund project development.
Node buyers will earn token rewards and contribute to network
security.
CryptoPunk sale highlights NFT value decline
CryptoPunk #6915, a rare ape-themed NFT, sold for about $1.48
million (620 ether) on September 5. Despite the significant price,
it represents a 78% drop from offers of up to $6 million in March
2024. The sale sparked debate in the crypto community about
potential market manipulation and the overall decline in NFT
values, with monthly digital collectible sales down 76% since the
2024 peak.
Magic Eden launches US-exclusive domain amid criticism
Magic Eden announced a new domain exclusively for US users,
offering similar services to its current .io domain but with
additional features. The change has drawn criticism from
cryptocurrency users, who fear that certain features, like
airdrops, may be excluded for US residents. The platform may be
responding to growing US regulatory pressure, similar to OpenSea’s
Wells notice. Despite innovation efforts, the community is calling
for transparency regarding the motivations behind the service
segregation. The Magic Eden Foundation also launched the ME token
for expansion and DApp integration.
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