1. U.S. August ADP Employment Increase: 99,000 Jobs link

The U.S. reported an increase of 99,000 jobs in August according to the ADP employment data, marking the smallest growth since January 2021, falling short of the expected 145,000. The previous figure was revised down from 122,000 to 111,000. Additionally, in August 2024, U.S. employers announced 75,891 layoffs, the highest in five months and the largest single-month job cut since 2009, excluding the pandemic-driven collapse in 2020.

2. Bank of Japan Governor: Interest Rate Hikes to Continue if Economic and Price Trends Align link

Kazuo Ueda, Governor of the Bank of Japan, reiterated on Tuesday that if the economy and inflation align with the central bank’s expectations, the Bank of Japan will continue raising interest rates. Economists still anticipate another rate hike by the end of the year, with 41% of surveyed experts predicting December as the most likely timing. Ueda emphasized that despite the rate hike in July, the economic environment remains accommodative, and real interest rates continue to decline significantly.

3. Grayscale: Bitcoin May Retest All-Time High by Year-End link

Grayscale Research’s latest report reveals that after brief market fluctuations in August, cryptocurrency valuations generally declined, with Bitcoin performing relatively well, while Ethereum underperformed compared to the broader crypto market. Federal Reserve Chairman Powell’s indication of an upcoming interest rate cut may support Bitcoin and other assets that compete with the U.S. dollar, such as physical gold. The report also highlights key market concerns, including uncertainty around Ethereum’s scaling strategies, the growing capitalization of the stablecoin market, and increasing discussions on digital privacy. Grayscale anticipates that despite recession risks, if the U.S. labor market remains stable, Bitcoin could retest its all-time highs by year-end.

4. Bitcoin Miner Revenue Hits Yearly Low in August link

In August, Bitcoin miners’ revenue hit a yearly low, totaling $851.36 million from subsidies and fees, with $20.76 million generated from on-chain transaction fees. Mining income in August was $99.75 million less than in July, and on-chain transaction fees contributed by users dropped by $4.14 million compared to the previous month. Between block heights 855,014 and 859,303, Bitcoin miners collectively mined 4,289 blocks. Foundry USA mined 1,248 blocks, accounting for 29.10%, while Antpool mined 1,074 blocks, representing 25.04%.

5. DeFi Protocols Record $288 Million in Fees in August, Lowest Since February link

In August 2024, total fees generated by DeFi protocols amounted to $288 million, marking a 24.4% decrease from July and the lowest level since February. Lido led with $76.18 million in fee revenue, followed by Uniswap, Jito, and PancakeSwap. Independent market researcher Nick Ruck noted that more traders are shifting towards memecoins, contributing to the decline in sustainable yields from DeFi protocols. During the same period, total DeFi revenue fell 19.7% from July’s $74.15 million to $59.53 million. Bitcoin miners’ revenue also dropped, totaling $851 million, a 10.5% month-over-month decline.

Crypto Assets TAX Report — Professional,Effortless,Crypto-native. Sponsored by FinTax.

6. 96% of NFTs Now Considered “Dead,” 43% of Holders in Loss link

According to the latest report from NFT Evening, the NFT market is facing a significant downturn. Data reveals that 96% of NFTs are considered “dead,” meaning they have no trading volume, low 7-day sales, or lack activity on Twitter. Additionally, around 43% of NFT holders are currently at a loss, with an average loss of 44.5%. The report also highlights that the average lifespan of an NFT is only 1.14 years, 2.5 times shorter than traditional crypto projects. Notably, 2023 saw the highest number of NFT “deaths,” with nearly one-third of all NFTs becoming inactive.

7. Coinbase Executes First Crypto Trade Between AI Agents link

Coinbase CEO Brian Armstrong tweeted that the first entirely AI-managed cryptocurrency transaction has recently been completed. The AI agents, while unable to access bank accounts, can interact with cryptocurrency wallets. They are now capable of conducting transactions in USDC on Base with humans, merchants, or other AIs. These transactions are instant, global, and free of charge. Brian Armstrong views this transaction as a significant milestone, representing “an important step in AI performing useful work.”

8. CZ Banned for Life from Managing Binance, Yet Retains Major Shareholder Rights link

Binance CEO Richard Teng has confirmed that CZ will be permanently banned from managing Binance. However, Teng noted that CZ remains the largest shareholder and will retain all shareholder rights. As a shareholder, he will monitor the company’s performance and, if it fails to meet his expectations, he retains the right to replace or nominate new board members or a new CEO. Earlier reports suggested that the Department of Justice had requested a three-year ban on CZ’s involvement in the company’s operations.

9. Trump Pledges to Embrace Cryptocurrency and AI as “Future Industries” link

In a public speech at the New York Economic Club on Thursday, Donald Trump reiterated that if re-elected, he plans to make the U.S. the global capital of cryptocurrency, embracing future industries such as crypto and artificial intelligence. During the hour-long address, Trump outlined his economic reform agenda, including reducing regulations and boosting domestic energy production. He also mentioned that he would adopt Elon Musk’s suggestion to establish a Government Efficiency Commission, tasked with auditing federal spending to identify waste, and welcomed Musk’s offer to lead the commission.

Musk tweeted: “If given the opportunity, I look forward to serving the U.S. No compensation, no title, no recognition needed.”

10. Telegram CEO Responds to France Arrest, Signals Possible Exit from Incompatible Markets link

Telegram founder and CEO Pavel Durov, speaking for the first time on Telegram following his arrest in France, has not only denied the grounds for his arrest but also expressed readiness to exit markets incompatible with Telegram’s principles. Durov emphasized, “If we cannot reach an agreement with a country’s regulators on the balance between privacy and security, we are ready to leave that country. We have done so many times before.” He cited Russia and Iran as examples. “We are prepared to exit markets that conflict with our principles because we are not driven by money. Our motivation is to benefit people and defend fundamental rights, especially where these rights are under threat.” Last month, Durov was arrested at Paris airport and accused of facilitating the distribution of child pornography and drug trafficking. He has since been released by French authorities but remains under judicial supervision in France.

Fundraising

• Samsung Next, a subsidiary of Samsung, has invested in Sony blockchain team Startale Labs, which is developing Soneium. link

• The Vape-to-Earn project Puffpaw, built on Berachain, has secured $6 million in seed funding, led by Lemniscap Ventures. link

• Web3 security company Hypernative has announced the completion of a $16 million Series A funding round. link

• Scroll ecosystem project Pencils Protocol has raised additional funds, bringing its post-funding valuation to $80 million. link

• Hong Kong-based stablecoin issuer IDA has completed a $6 million seed round. link

• Ethereum Layer 2 solution Kroma has announced the completion of a Series A funding round. link

• Web3 game developer Legend of Arcadia has secured $4 million in seed funding. link

Learn more, check out crypto-fundraising.info.

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