According to BlockBeats, the United States is set to release its August non-farm employment data this Friday. Economists compiled by Bloomberg predict that the number of new jobs will range between 100,000 and 208,000, with a median estimate of 163,000. The unemployment rate is expected to gradually decrease to 4.2%. As economic growth remains the primary focus of the market, these figures could significantly impact market sentiment.Previously, the non-farm employment data for July led to a widespread decline in the capital markets at the beginning of August. Federal Reserve Chairman Jerome Powell, speaking at the annual central bank meeting in Jackson Hole, Wyoming, stated that the future policy direction is clear. However, he emphasized that the timing and pace of interest rate cuts will depend on new data, evolving outlooks, and the balance of risks.

GraFun, a memecoin launchpad and trading platform on the BNB Chain, has joined Season 8 of Binance Labs’ MVB (Most Valuable Builder) Program. The platform introduces a Fair Curve feature, designed to promote fair launches and foster long-term investments in memecoins.
Chainlink successfully launched data streams on the Solana blockchain. This advancement enables Solana users to access high-frequency, sub-second market data supported by Chainlink’s reliable, decentralized infrastructure, enhancing data accessibility within the ecosystem.
FTX is in a legal battle with KuCoin as its subsidiary, Alameda Research, is suing KuCoin to recover $50 million in locked funds. Alameda claims KuCoin refused to release assets that were initially valued at $28 million but have since appreciated.
pSTAKE Finance has expanded its offerings by launching the $PSTAKE token on the Sui Layer 2 blockchain. This expansion is made possible via the cross-chain bridging protocol, Wormhole $W. The new $PSTAKE/SUI liquidity pool is now live on the Cetus platform, broadening the reach and functionality of pSTAKE’s DeFi service.
Optimism has made a significant commitment to the Kraken exchange by agreeing to provide $42.5 million worth of OP tokens. This Layer-2 deal not only involves token distribution but also paves the way for Kraken to adopt Optimism’s OP Stack, signaling a collaborative effort towards scaling and enhancing Ethereum’s capabilities.
MANTRA has formed a new partnership with Google Cloud, aimed at integrating USDT on the Aptos blockchain. This integration is expected to deliver low gas fees, described as “costing only a fraction of a penny.” Additionally, Tether recently showcased a preview of its Local AI development kit, emphasizing its reliance on peer-to-peer technology.
Consensys has decided to reduce its workforce by 20%, as announced by CEO Joe Lubin. The decision is attributed to the challenging macroeconomic environment and the company’s prolonged regulatory disputes, both of which have created financial headwinds for the blockchain technology firm.
These updates reflect the ongoing evolution and adaptation within the blockchain and crypto industries as companies navigate technological advancements, legal battles, partnerships, and economic pressures.

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The global market sell-off has hit the crypto space hard, and Dogecoin (DOGE) cofounder Billy Markus, known as Shibetoshi Nakamoto on X, responded in his usual humorous style. As semiconductor and associated stocks, including Nvidia, took a beating, the ripple effect was felt across major cryptocurrencies. Nvidia’s 9.5% drop on Tuesday wiped nearly $300 billion off its market cap, marking the largest single-day loss for a U.S. stock in history.

The sell-off extended to digital assets, with Bitcoin (BTC) and Ethereum (ETH) down nearly 5%, and other cryptocurrencies like Polygon (MATIC) and Toncoin (TON) falling between 8% and 10%. Dogecoin also wasn’t spared, reflecting the broader market decline.

Markus summed up the mood with a cheeky tweet: “Can’t wait to lose more money today ᕕ( ᐛ )ᕗ,” capturing the sentiment of many investors facing the downturn. Known for his witty takes, Markus’s blend of humor and market reality continues to strike a chord with the crypto community.

Market Overview: Liquidations and Economic Woes

The market slump comes amid economic concerns, with the ISM manufacturing index’s August results falling short of expectations, adding to fears about economic health. This backdrop has driven investors away from riskier assets, leading to significant liquidations. CoinGlass data reveals crypto market liquidations reached $178 million in the last 24 hours, with long liquidations accounting for $132 million and shorts costing $46 million.

Despite the sell-off, signs of a potential rebound are starting to emerge, but caution remains the watchword for investors navigating these volatile markets.

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