● Weak data sparked concerns about economic slowdown, and US tech stocks collectively slumped
According to Jinshi Data, new economic data has once again raised concerns about the health of the economy. The US stock market had a bad start in September, and technology stocks collectively plummeted. The intraday decline was more than 650 points, a drop of 1.6%. The decline was more than 2.2%, and the fear index VIX soared 30%. The decline of 3.3% was the worst day since the global stock market crash on August 5.
● The U.S. Department of Justice issued a subpoena to Nvidia to investigate antitrust violations
According to TechFlow, the U.S. Department of Justice has issued subpoenas to Nvidia (NVDA.O) and other companies to seek evidence that Nvidia has violated antitrust laws. This brings the government's investigation one step closer to formal prosecution.
Nvidia (NVDA.O) responded that customers can choose the best solution.
According to Odaily Planet Daily, Fundstrat co-founder and head of research Tom Lee expects the stock market to be in some turmoil in the next eight weeks, although he expects a pullback could be a buying opportunity for investors. In an interview with CNBC's "SquawkBox Europe" program, Tom Lee said that the next thing to come is the Federal Reserve's September policy meeting, as well as the US election, which will make people nervous. He believes that investors should be cautious in the next eight weeks, but also be prepared to buy on dips. According to CME's "Fed Watch" tool, the market is pricing in a 67% chance that the Federal Reserve will cut interest rates by 25 basis points in September, while others see an opportunity for a 50 basis point cut.
● Analysis: Expectations of further rate hikes by the Bank of Japan curb Bitcoin's gains
According to Odaily Planet Daily, Bitcoin rebounded above $59,000, but the gains were weakened due to hints of further interest rate hikes in Japan. According to the CoinDesk20 index, BTC is still up 1% in the past 24 hours, while the broader cryptocurrency market is up about 0.9%.
A slew of U.S. economic data is due this week, starting with the August manufacturing purchasing managers' index from the Institute for Supply Management (ISM) later on Tuesday. Bank of Japan Governor Kazuo Ueda reiterated that the central bank will raise interest rates further if the economy and inflation develop as expected. Ueda said the economic environment remains accommodative, with inflation-adjusted rates still negative even after a hike in benchmark borrowing costs at the end of July.
● QCP Capital: October may see a seasonal rebound
According to Odaily Planet Daily, QCP Capital's latest analysis pointed out that September is usually a bear market month for cryptocurrencies and other asset classes, but October has historically performed strongly.
Data shows that Bitcoin has achieved positive returns in October in 8 of the past 9 years, with an average increase of 22.9%. This seasonal pattern may explain the recent continued bullish buying in the options market, with 150 December call options with an exercise price of $80,000 observed again in early Asian trading. QCP suggests that investors may accumulate Bitcoin during the September pullback and take profits in October or at the end of the year.
● Penpie protocol hacked, loss exceeds $27 million
According to Cointelegraph, the Penpie protocol was hacked on September 3, 2024, with losses exceeding $27 million. On-chain investigations showed that the attack transaction came from an address ending in "bb7".
● ZKsync wallet address bridge funds dropped significantly, Matter Labs laid off 16% of its employees
According to TechFlow, based on the ZKsync Dune panel, on September 3, only 2 wallet addresses bridged funds into ZKsync, with a value of 0.01 ETH, a significant drop from before.
On August 17, 2023, a record of 5,618 wallet addresses bridging funds into ZKsync in a single day was set, with a value of more than 37,986 ETH.
Earlier news, ZKsync development company Matter Labs announced that it would lay off 16% of its employees, a total of 24 people.
