Crypto Slips Due To US Economic Uncertainty

Alpha Team
September 06, 2024

📉 Bitcoin Falls Amid Economic Worries

Weak Jobs Data Affects Markets: Bitcoin dropped ~4%, influenced by weak US jobs data showing only 99,000 jobs added in August, much lower than the expected 144,000. This signaled economic decline, impacting both crypto and stock markets.

Rate Cut Debate Intensifies: Federal Reserve members are divided on whether a 0.5% rate cut, double the expected, is necessary to avert recession. Odds for such a cut briefly hit 52%, but then fell to 27%, raising concerns of a market overreaction.

Possible Market Reactions: Experts warn that an aggressive rate cut might trigger a market sell-off, despite its potential benefits for Bitcoin. Matt Hougan noted the rarity of such cuts, suggesting the Fed might avoid drastic moves. Read More.

️ On today's Top Picks:

📝 Ethereum Foundation to release financial report soon.
👾 Angel Drainer returns & releases AngelX wallet drainer.
🚀 Symbiotic launches support for Lombard $LBTC.
💰 Balance raises $30m led by a16z crypto & Galaxy Interactive.

Read time: ⏰ 6 minutes

Crypto News

• ⭐️ Crypto Markets Drop amid weak US jobs data & fears of US Federal Reserve rate cuts.

• ⭐️ Ethereum Foundation $ETH to release financial report soon; holds ~$650m with ~10 year runway.

• VanEck closes Ethereum Futures ETF citing previous approval of Ethereum Spot ETF.

• Cosmos $ATOM proposal declaring "No Confidence in the Interchain Foundation (ICF) Leadership..." passes.

• Binance CEO Richard Teng blocks former CEO Changpeng Zhao from running the company; CZ remains majority shareholder.

• Coinbase $COIN sued for allegedly downplaying SEC risks.

Alpha

• Linea Ecosystem Updates by Earndrrop.

• ⭐️ Symbiotic launches support for Lombard $LBTC.

• Lagrange launches Lagrange Expedition Mission 1.0 Landing quest on Galxe.

• Bebop launches upgraded activity page with trade stats overview.

• ICYMI Lombard launches $LBTC Public Beta Access.

Airdrops

• Last Day to claim EigenLayer Season 1 $EIGEN Stakedrop.

• CARV launches Sybil Self-Report amid token airdrop coming soon.

• ICYMI Sonium Sony's L2 Solution by Earndrop.

• ICYMI Scroll posts video on X potentially teasing upcoming airdrop.

• ICYMI Eigen announces $EIGEN Season 2 Stakedrop; claims to go live on or before September 17th.

• ICYMI Linea LXP drop coming soon; complete POH by September 8th.

Finance News

• Siemens issues $330m digital bond via SWIAT private blockchain; issuance apart of a European Central Bank's trial.

• Japan's three major banks (MUFG, SMBC, & Mizuho) to trial cross-border stablecoin transfer platform.

• Robinhood $HOOD pays $3.9m settlement for previously preventing customers from withdrawing crypto.

• US Unemployment Rate drops to 4.2%; Nonfarm Payrolls rises to 142k, lower than expected.

• 54 Nations to attend BRICS Summit 2024; talks of lessening US dollar trade settlements.

• Bank Of America $BAC accused $200m insider trading by whistleblower.

• Verizon $VZ plans to buy Frontier Communications $FYBR for $20b.

Security and Exploits

• ⭐️ Angel Drainer returns & releases AngelX, a new sophisticated wallet drainer.

• ICYMI US FBI warns North Korean hackers are aggressively targeting crypto companies and their employees.

• ICYMI SlowMist releases August Monthly Security Report; ~$316m in losses.

• US Government offers $10m for info on five state-backed hackers.

Token Unlocks

• Neon / 53.91m $NEON / ~$18m / SEP 07
• Hashflow / 13.62m $HFT / ~$2m / SEP 07
• Ethena / 14.89m $ENA / ~$3m / SEP 08
• Xai / 35.88m $XAI / ~$6.4m / SEP 09

Funding

• ⭐️ Balance raises $30m in funding led by a16z crypto & Galaxy Interactive.

• Puffpaw raises $6M in Seed funding led by Lemniscap.

• Vanilla Finance raises an undisclosed amount in funding from HTX Ventures.

• Dropnest raises an undisclosed amount in Strategic funding from the Manta Foundation.

• Arris raises an undisclosed amount in funding.

The Degen Farmer

Top stablecoin yield farms of the day, more than $3,000,000 in TVL. DYOR and step up your farming game!

PROTOCOL	ASSETS	APY
Tangible Arcana (Re.al)	ARCUSD	41.56%
PancakeSwap AMM V3 (Ethereum)	USDCUSDT	33.31%
Anzen V2 (Ethereum)	SUSDZ	23.49%
Merkl (Ethereum)	USDCDYAD	21.70%
MIM Swap (Arbitrum)	MIMUSDT	20.08%
Angle (Ethereum)	USDACORE	18.83%
Vesper (Ethereum)	FRAX	18.75%
Curve DEX (Arbitrum)	USD+USDT+	17.34%

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