Good Thursday! Hereâs a rundown of todayâs key developments:
U.S. Presidential Debate Influences Crypto Market
The recent U.S. presidential debate between Donald Trump and Kamala Harris triggered a "sell-the-news" reaction in the crypto market. Bitcoin's price dropped 2.6% from approximately $57,700 to $56,100 immediately following the debate, though it later recovered. Analysts from Bitfinex noted that a Trump victory is generally seen as favorable for risk assets like crypto. Meanwhile, PolitiFi memecoins tied to Trump and Harris also declined. Harris' performance led to a brief increase in her chances of winning on the Polymarket platform, tying with Trump before he regained the lead.
Indonesian Exchange Indodax Hit by $20M Exploit
Indonesian crypto exchange Indodax has suffered a significant security breach, resulting in a loss of over $20.5 million from its hot wallet. Cyvers data scientist Yosi Hammer reported that 160 critical issues were detected, starting with a transfer of 660 ETH. Indodax's website and app are currently down for maintenance, but the exchange asserts that client funds in both crypto and rupiah are secure.
Matter Labs Appoints Former Solana Exec
Matter Labs, the developer behind ZKsync, has hired Meghan Hughes, previously VP of Marketing at the Solana Foundation, as its new Chief Marketing Officer. Hughes, who has a background with Google, Facebook, and Stripe, will help enhance Matter Labsâ market presence and narrative. Hughes sees parallels between Solanaâs early days and Matter Labsâ mission to scale Ethereum.
Caroline Ellison Seeks Leniency in Sentencing
Caroline Ellisonâs attorneys have requested no additional jail time for her role in the collapse of FTX, proposing a sentence of time served with supervised release. They cited her cooperation with investigations and testimony at Sam Bankman-Friedâs trial, which aided in recovering hundreds of millions of dollars. Ellison is scheduled for sentencing on September 24 in New York.
Bitcoin Mining Difficulty Reaches New High
Bitcoin mining difficulty increased by 3.6% this morning, hitting a new all-time high following a record network hash rate. This adjustment, which occurs every 2,016 blocks, ensures the average block time remains around 10 minutes. Despite a drop in miner revenue post-halving, U.S. public miners have boosted their hash rate, upgrading equipment and expanding capacity.
In the Next 24 Hours
ECB's interest rate decision at 8:15 a.m. ET on Thursday
U.S. PPI and jobless claims data at 8:30 a.m. ET
ECB President Christine Lagarde speaks at 10:15 a.m. ET
ETHSafari continues in Kenya, and the Dubai AI & Web3 Festival wraps up
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