Market Update 08/19/2024

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I. Market News

1. The Fed may cut interest rates by a total of 92 basis points this year.

2. Goldman Sachs: Expected to have 3 consecutive 25 basis point interest rate cuts starting in September.

3. Data report: 40 funds worldwide hold more than 1.07 million BTC.

4. IMF economist proposes electricity tax to reduce environmental impact of crypto mining and AI.

5. Total stablecoin market cap exceeds $168 billion, and USDT market cap is nearly $117 billion.

6. Number of active addresses on Base reached 12 million in the past 30 days.

7. VanEck: Bitcoin mining farms can earn $13.9 billion annually. 20% of which comes from AI training rentals.

8. More than 50% of survey respondents believe that NFTs will not recover in this cycle.

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II. Project Update

1. DOGS adds airdrop withdrawal option and extends withdrawal request time. TGE will be held on August 23.

2. Robin Linus publishes BitVM V2 whitepaper to raise the standard of Bitcoin ecosystem construction.

3. Vitalik bought the domain name ENS dacc.eth and the market value of the Meme with the same name increased 7x to $5 million in 15 minutes.

4. Saga: Airdrop Vault 4 is open.

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III. Investment Update

1. No new projects invested today