1.QCP: The US August non-farm payrolls report was lower than expected, and a large number of put option selling behaviors appeared on the trading platform
QCP Capital released its latest report, the US non-farm payrolls report for August showed 142,000 new jobs, lower than the expected 165,000, and the unemployment rate was 4.2%, in line with expectations. The market initially reacted positively to this, and risk assets rose. But as the market began to digest the expectation of a rate cut in September, the optimism reversed sharply. After the release of the non-farm payrolls data, the market expected a 50 basis point rate cut probability of 55%. In addition, despite the sharp drop in cryptocurrency prices overnight, the options market was relatively calm. The trading platform even saw a large number of put options sold. As spot prices consolidated before the weekend, short-term volatility is declining.
Read the original article
2. New York judge requires SEC to provide some documents in Coinbase case, but excludes Gensler testimony
A New York judge partially agreed to Coinbase's request for documents from the U.S. Securities and Exchange Commission (SEC), ordering the SEC to hand over key documents such as internal memos related to the "Howey Test," but excluded the participation of current and former SEC committee members and rejected a subpoena request for SEC Chairman Gary Gensler.
Read the original article
3. Blur founder: The on-chain ecosystem is much better than the 2019 bear market
Blur and Blast founder Pacman tweeted that the 2019 bear market was actually depressing, there was no heat anyway, and crypto had no users at the time. Today we have DeFi, Perp DEXs, NFTs, stablecoins with returns, and most importantly, there are still quite a lot of users on the chain, and they are very active (in terms of transaction volume and scale). Although it is difficult to predict whether the price of the currency will rise or fall in the next few days or weeks, this field will continue to exist. New category leaders emerge in every cycle, and these new leaders are almost always established in a bear market (Blur was also established in a bear market) This is not intuitive, but times like this are where the best opportunities are.
Read the original article
4.River: US companies expect to purchase $10.3 billion worth of Bitcoin in the next 18 months
A recent report from Bitcoin technology company River predicts that in the next 18 months, about 10% of US companies will convert 1.5% of their cash reserves (about $10.35 billion) into Bitcoin. The report pointed out that traditional corporate financial strategies rely on cash and short-term equivalents, but these often fail to outperform inflation, resulting in the depreciation of reserves. Since 2020, companies with a 3% Bitcoin allocation have been able to better withstand inflation.
Read the original article
5. Wu Shuo Zhou’s Selection: CZ is banned from participating in Binance operations for life, Black Wukong investors criticize Web3 games, Zhao Dong’s release from prison is fake news and news Top 10
Top 10 News of the Week
1. Zhao Dong’s release from prison is probably fake news link
People familiar with the matter told Wu that the online rumor about Zhao Dong being released from prison was probably fake news.
Zhao Dong was taken away by Hangzhou police for investigation in June 2020. The Supreme People's Procuratorate issued a notice earlier that on March 24, 2022, Zhao was sentenced to seven years in prison and a fine of RMB 2.3 million. After the verdict, Zhao appealed. On September 5 of the same year, the Hangzhou Intermediate People's Court of Zhejiang Province ruled to dismiss the appeal and uphold the original verdict. The court pointed out that the use of virtual currency as a medium to realize the exchange of RMB and foreign exchange constituted the crime of illegal business operation.
According to an earlier court ruling, Zhao Dong should be released from prison in 2027.
2. Xuhui District, Shanghai, co-signs the "Guidelines for the Disposal of Virtual Currency in Criminal Proceedings" link
Lü Hao, member of the Party Leadership Group and Deputy Chief Prosecutor of the Xuhui District Procuratorate of Shanghai, and Yu Shengming, Deputy Secretary of the Party Committee and Deputy Director of the Xuhui District Public Security Bureau, jointly signed the "Standardized Guidelines for the Handling of Virtual Currency in Criminal Proceedings". This move provides more detailed and clear regulations on the entire process and each link involved in handling virtual currency cases, including inquiry and evidence collection, seizure and custody, and transfer and disposal, providing specific guidelines for the legal handling of virtual currency involved in the case.
3. "Black Myth: Wukong" investor: I will never invest in Web3 games link
Wu Dan, the first investor of Black Myth: Wukong, said: "At any time. I just said that you should pay attention to the team and not be deceived by some new directions. I have seen a large number of game industry entrepreneurs doing Web3 after Web3 came out, and I would never invest in those people. First of all, they don't love games, so how can they make good games? It's a very simple truth. In two or three years, AIGC will become a big variable, and by then it should bring about a new round of changes in investment ideas. But at present, AIGC has not really taken shape. It has improved efficiency to a certain extent, but it is not enough."
4. Bank of Japan Governor: If the economy and prices perform in line with the Bank of Japan's expectations, the central bank will continue to raise interest rates link
Bank of Japan Governor Kazuo Ueda reiterated on Tuesday that the central bank will continue to raise interest rates if the economy and prices perform in line with the central bank's expectations. Economists still believe that the Bank of Japan will raise interest rates again before the end of the year, with 41% of respondents believing that December is the most likely time. Ueda reiterated that even after the July rate hike, the economic environment remains loose and real interest rates continue to fall sharply.
5. Bitcoin miners’ revenue in August hits a new low this year link
Bitcoin miners' revenue hit a new low in August, with subsidies and fees totaling $851.36 million, of which $20.76 million came from on-chain fees. Mining revenue in August was $99.75 million less than in July, and on-chain fees contributed by users were $4.14 million less than the previous month. Between block heights 855,014 and 859,303, Bitcoin miners mined a total of 4,289 blocks, Foundry USA mined 1,248 blocks, accounting for 29.10%, and Antpool mined 1,074 blocks, accounting for 25.04%.
6. DeFi protocol fees totaled $288 million in August, the lowest level since February link
In August 2024, DeFi protocol fees totaled $288 million, down 24.4% from July and the lowest level since February. Lido topped the list with $76.18 million in fee income, followed by Uniswap, Jito and PancakeSwap. Independent market researcher Nick Ruck said that more and more traders are turning to memecoin, and the sustainable yield of DeFi protocols is declining. During the same period, DeFi total revenue fell 19.7% to $59.53 million from $74.15 million in July. In addition, Bitcoin miners' revenue also saw a monthly decline, with total revenue of $851 million, a month-on-month decrease of 10.5%.
7. 96% of NFTs are considered “dead” and about 43% of NFT holders are currently losing money link
NFT Evening released its latest report, and the NFT market is facing a serious recession. Data shows that 96% of NFTs are considered "dead", that is, no trading volume, sluggish sales for 7 days, or no activity on Twitter. In addition, about 43% of NFT holders are currently in a loss, with an average loss of 44.5%. The report also pointed out that the average lifespan of NFTs is only 1.14 years, which is 2.5 times shorter than the average lifespan of traditional crypto projects. 2023 was the year with the highest number of NFT deaths, with nearly one-third of NFTs "dead" that year.
8. CZ is banned from participating in Binance management for life but still retains the rights of a major shareholder link
Binance CEO Richard Teng confirmed that CZ will be banned from running Binance for life. But on the other hand, Richard Teng said that CZ is obviously the largest shareholder and will retain all shareholder rights. As a shareholder, he will pay attention to the performance of the company. If things do not meet his expectations, as an investor, he always has the right to replace, nominate a new board of directors or a new CEO. Earlier reports were that the Department of Justice asked CZ to be banned from participating in the company's operations for three years.
9. Trump pledges to embrace “future industries” such as cryptocurrency and artificial intelligence link
In a public speech at the Economic Club of New York on Thursday, Trump reiterated that if re-elected as president, he would make the United States the world's cryptocurrency capital and embrace "future industries" such as cryptocurrency and artificial intelligence. In an hour-long speech, Trump outlined his plan to reform the U.S. economy after his re-election, including cutting regulations and promoting the growth of domestic energy production. Trump also said that he would adopt Musk's suggestion to set up a government efficiency committee to audit federal government spending and identify waste, and accept Musk's proposal to lead the committee.
Musk tweeted: "I look forward to serving America, if given the opportunity. No pay, no title, no recognition."
10. Telegram CEO responds to French arrest, says he is ready to exit markets that are incompatible with its platform principles link
Telegram founder and CEO Pavel Durov spoke for the first time through the Telegram platform after being arrested in France. He not only denied the reasons for the arrest, but also expressed his readiness to withdraw from markets that are incompatible with Telegram's principles. Durov emphasized: "If we cannot reach an agreement with the regulators of a country on the balance between privacy and security, we are ready to leave the country at any time. We have done this many times." He mentioned Russia and Iran as examples. "We are ready to leave markets that are incompatible with our principles because we are not for money. Our motivation is to bring benefits to people and defend fundamental rights, especially where these rights are violated." Last month, Durov was arrested at the Paris airport and accused of assisting in the dissemination of child pornography and drug trafficking. At present, he has been released by the French authorities, but he needs to be subject to judicial supervision and stay in France temporarily.
Key financing events
Samsung Next invests in Sony blockchain Soneium development team Startale Labs link
Vape-to-Earn Project Puffpaw Built on Berachain Raises $6 Million in Seed Round Led by Lemniscap Ventures link
Web3 security company Hypernative announces $16 million Series A funding link
Scroll ecosystem project Pencils Protocol completes new round of financing, post-investment valuation reaches $80 million link
Hong Kong stablecoin issuer IDA completes $6 million seed round of financing link
Ethereum L2 Solution Kroma Announces Series A Funding Link
Web3 game developer Legend of Arcadia completes $4 million seed round of financing link
For more industry funding events, visit crypto-fundraising.info.
